Those aspiring to own real estate who didn’t think they’d make the deadline for a tax credit now have eight thousand more reasons to buy: On Nov. 6, the government extended the $8,000 tax credit for first-time homebuyers for another six months. Instead of expiring on Nov. 30, buyers now have until April 30, 2010 to sign a contract for a home.

In addition, the Worker, Homeownership and Business Assistance Act of 2009 authorized a tax credit of up to $6,500 for existing homeowners trading in for new digs. Both credits are aimed at getting people who would have bought a place in the next few years to hurry it up a little. The government’s hoping that driving up home sales will help shore up the economy.

We checked in with three people you’ll be seeing a lot of if you decide to take advantage of these deals — a Realtor, a mortgage expert and an accountant — to find out how you can maximize your financial savings if you decide to buy.

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My name is Rachel Kaufman, and I don’t understand taxes.

I thought I was doing everything right until tax season. That’s when my tax prep software told me I owed thousands of dollars for my small – by all standards – writing business. Thousands I … didn’t exactly have. Sure, I’d been saving some money to pay the IRS, and I thought it’d be enough, but there I was, scrambling to find a hefty chunk of extra cash. About $2,000 extra.

I realized I didn’t know as much as I thought I did.

Read the rest at http://money.cnn.com

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