Hey gang, we’re about 15 minutes away from the start of our live chat with Steve Albert, a tax partner with Glass Jacobson in Owings Mills.  Albert has represented clients before state and federal officials, so if you need to make right with the IRS, he’s the guy to talk to.   But Albert can tackle any other tax question you might have, too.   Meanwhile, take the poll below while we wait to start.

Let’s get started. Our guest today is tax guru Steve Albert.  Steve, welcome and thanks for joining us today.

Eileen,

In order to reduce tax for 2009, if you have the ability to contribute to a pension plan, that would reduce taxes.

Dear Fred,

I am the bearer of bad news.

The first-time homebuyer credit of $8,000 is available for purchased between January 1, 2009 and before December 1, 2009.   The first-time homebuyer credit is reduced for modified AGI between $75,000 and $95,000 ($150,000 and $170,000 for joint filers).  Neither the individual nor the spouse could have any interest in a primary residence within a 36 month period prior to the purchase.

Dear WD,

The Internal Revenue Service has issued procedures to follow to be a “Whistleblower”.   You should contact the IRS Whistleblower office.   There can be rewards of as high as 30%. This is according to IR-2007-201.   This is filed on Form 211, Application for Award for Original Information.   The Internal Revenue Service keeps your identify private.