Sunday, March 29, 2009

Village Trustee Named Acting Norridge President

Norridge Village Trustee Ronald Oppedisano is now the acting village president.

According to a report in the Pioneer Press, following the March 20 death of Village President Earl Field and funeral services Wednesday, Oppedisano was chosen to serve as acting village president during a special meeting Thursday night at Village Hall. The motion was made by Trustee Dennis Stefanowicz and seconded by Trustee Dominic Falagario.

Oppedisano most recently served as the Chairman of the Streets, Sidewalks and Alleys, and Information Technology Committee.

In addition, as a Trustee, Ron also serves on the Law and Ordinance Committee and on the Village Properties, Environment and Economic Development Committee; and he has led the way for the formulation of a Master Plan for the future development of our Village. Ron is also a member of the Emergency Telephone System (911) Board.

For more information on Oppedisano, click here

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Tuesday, March 10, 2009

First -Time Homebuyer Credit Form

As part of the American Recovery and Reinvestment Act of 2009, the IRS has officially released Form 5405 -- better known as the First-Time Homebuyer Credit Form.
True to tax code standards, the 10-field form is accompanied by 3 pages of instructions. Form 5405 is a helpful, go-to resource for home buyers with questions about the tax credit. For example, the form distinguishes tax consequences for homes bought in 2008 versus 2009, and clearly defines the term "first-time home buyer".
In addition, Form 5405 highlights the math behind the tax credit.

In general, the First-Time Homebuyer Credit is equal to the lesser of:
$8,000 for homes bought in 2009
10 percent of the home's purchase price

Married couples filing separately are entitled to half of the expected credit, and homes sold within 3 years are subject to a credit repayment in the year the home ceases to be the "main home".

Form 5405 is a comprehensive reference. However, be sure to check with your accountant for specific questions about your personal returns and how the First-Time Homebuyer Credit may impact your finances. There is no substitute for professional, paid advice.
Download the form here!
For more information vital to first-time buyers, click here!

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