Valley Oak Financial is a Toys For Tots Drop-Off Site

Christmas is right around the corner. To get into the season of giving, Valley Oak Financial is participating in the U.S. Marine Corps Toys For Tots program. If you donate regularly or if this is your first year to donate, our office is a toy collection location. We will be accepting donations of new, unwrapped toys on behalf of Toys For Tots until December 18, 2009.

The mission of the U.S. Marine Corps Reserve Toys for Tots Program is to collect new, unwrapped toys during October, November, and December each year, and distribute those toys as Christmas gifts to needy children in the community in which the campaign is conducted.

First-Time Homebuyer's Credit Extended and Expanded

If you thought you weren't going to close on your house in time to receive the First-Time Homebuyer's Credit -- there is good news from the White House. The credit has been extended to cover purchases made before May 1, 2010. You can still claim the credit if you sign a binding contract by that date, but closing must take place by July 1, 2010.

Some changes have been made to the requirements of eligibility as well. The adjusted gross income now phases out at $125,000 for single filers and $225,000 for joint filers. The old phase-out thresholds were $75,000 and $150,000, respectively.

The credit also includes repeat homebuyers who purchase a new principal residence and have lived in their current principal residences for at least five out of the last eight years. The maximum refundable credit for this new expansion to repeat buyers is $6,500.

One rule that is not changing is that a purchaser can treat the purchase as having occurred on December 31 of the previous year, and claim the credit against that year's taxes.

Responding to concerns about fraud and misuse of the credit, legislation also caps the purchase price of eligible homes at $800,000, excludes purchasers under 18 years of age, and tightens other requirements.

For questions regarding the First-Time Homebuyer's Credit, please feel free to contact Valley Oak Financial.

Simplify Paying the IRS

Owing the IRS money may not be the ideal situation that you want to be in on April 15, but for many it is inevitable. Issuing and mailing another check for your 1040 or for 1040 quarterly estimates payments can be cumbersome once you figure all the time you put into running to the post office, calling your CPA, and locating the address to mail your check. Save yourself some time and stress by paying your tax bill by phone or online.

To pay by phone you will need a credit or debit card. Call 1-800-2PAYTAX or 1-888-PAY-1040.

To pay online you have options. To use a credit or debit card only, you can go to www.official payments.com or www.pay1040.com. To pay by electronic funds transfer you can pay via EFTPS at www.eftps.gov or by calling 1-800-555-4477.

Using any of the online options is advantageous because you can schedule reminders to pay or you can schedule your payments in advance. You can also receive payment confirmation for your records. If you owe $25,000 or less in combined taxes, penalties and interest, you can request an installment agreement online at www.irs.gov.

For assistance on paying your tax bill by phone or online or setting up an installment agreement, please feel free to contact Valley Oak Financial.