The Federal Tax Credits Blog

Archive for April, 2008

Conventional medical equipment financing and leasing is still available in today’s financial markets. In this article, we are going to address some application only programs that are available up to $125,000 and full documentation packages up to $250,000.

In today’s market, many lenders have either run out of money to lend or must liquidate their off lease inventories to generate working capital. Addtionally, some lenders are no longer in business due to these difficult economic times.

This economic crisis has affected everyone including banks and lenders. The available programs described here include you locating your own medical equipment and bringing to a conventional lender for financing

The requirements for application only programs up to $125,000 are the following:

“A” Credit requires the following: Up to $125,000

“B” Credit requires the following: Up to $75,000

The rates on A and B paper will be slightly different.

Additionally, a filled out lease application dated and signed by the owners and summary page of the last three months business bank statements will get the lending process started.

A copy of an invoice, purchase order etc would be required from the qualified dealer. Additionally, other information might be required but this is taken on a case by case basis.

For financing up to $250,000, these are the following requirements:

Additionally, the details of this program is listed below if a Corporation of any kind)

1. 2 current years corporate tax returns (COMPLETE WITH ALL SCHEDULES AND ATTACHMENTS)

2. Last 2 years profit & loss statements

3. Last 2 years balance sheets

4. Year to date profit & loss statements

5. Year to date balance sheets

6. 2 current years personal tax returns for ALL owners (COMPLETE WITH ALL SCHEDULES AND ATTACHMENTS)

7. Current signed and dated personal financial statements for ALL owners 8. COMPLETE application with ALL owners information and signatures

(if a Sole. Prop.)

1. 2 current years personal tax returns (COMPLETE WITH ALL SCHEDULES AND ATTACHMENTS)

2. Current signed and dated personal financial statements

3. Last 2 years profit & loss statements

4. Last 2 years balance sheets

5. Year to date profit & loss statements

6. Year to date balance sheets

7. COMPLETE application with ALL owners information and signatures

Once again, a signed and dated lease application would be required to get the financing process started. A copy of an invoice, purchase order etc would be required from the qualified dealer. Additionally, other information be might be required but this is taken on a case by case basis.

This application only and full documentation program would apply to following types of healthcare professionals:

Cardiologists, Radiologists, Dentists, Urologists, Veternarians, Surgeons, Physical Therapists, Neurosurgeons, OB/Gyns, Oncologists, Physical Therpists, Plastic Surgeons, Oral Surgeons, Proctologists, Oral Surgeons, Family Practioneers, All MD’s, Cardiovascular Surgeons, etc

Addtionally, the types of medical equipment that would qualify under this application only and full documentation financing programs would be:

X Ray equipment, Bone Imaging, Cat Scans, Cardiac Monitors, MRI and Imaging equipment, Lasers and Monitors, Ultrasound equipment, Radiology equipment, Surgical tables and lights, anestheshia machines and vaporisers, microscopes, medical equipment equipment etc

In these difficult economic times, their is still conventional lending available for the qualfied applicant….

Happy hunting for your medical equipment and related financing..

US Government 2009 June Out of Control

Do you need tax help? Do you need help with the IRS or state and need someone to save you? Or is tax season coming around and you didn’t like the job your last tax preparer did? Maybe you just don’t have time to do it yourself anymore, or this is your first time? How would you go about to find the perfect tax professional?

First we must consider what the “perfect tax preparer” is. What do you want? Everybody wants at least three things from a tax professional:

Of course, in this economy, most people don’t have money to spare! That means that most likely, you want a fourth thing from that tax professional. But of course, you want your dealing with that professional to be pleasant–as unpleasant as taxes are. I know. When I got that first paycheck…”WHAT??? I lost 10% of my paycheck in withholdings to the IRS?” So lets add to our list:

How do you find that “perfect tax professional”-The Perfect Tax Professional is honest and fits the guidelines above. Here are some tips.

Now that you know what you want, its time to search, It’s well worth it to get a trustworthy tax professional that you can use for years to come. You must decide whether you want to use a big tax company, or a small one. Small tax companies can; but not always are; more personal and less expensive. They may not be as reliable or quick as a larger entity however. If you happen to have tax professionals available locally, check them out first. There is nothing quite like that same-town feel.

Since you want your tax problems solved right, quickly and confidentially, you need to find an experienced and trustworthy profession or firm. Because you want a pleasant and personal, after you find several professionals with good client testimonials and 10+ years of experience: visit or call them up and inquire about their services. If they or their staff seems friendly and knowledgeable, mark them as your potential preparer. Talk to their clients, if possible, and see what sources recommend them.

If you’re looking for someone online, look at their web page. If it has blatant advertisements, or exaggerated self-promotion, move on. If the tax professional has a video they did themselves, watch it so you can get an idea who is behind the email or phone. It’s common sense! Ask yourself “Does this company look like one I want to deal with, one who may fit the bill above?”. Of course you probably want to check out their prices as well. If the prices aren’t listed contact them and ask.

You can also use free tools like Macafee site advisor (check site report) to check what the web page is linked to. If the web page is directly linked to all kinds of other tax sites, one company or person probably owns them all. Move on. Don’t trust companies that link to bad or dishonest sites either.

I commend you on your wise decision to help yourself and save yourself trial and hardship in the future.

Recent Tax News

Briefly: Dec. 30

Read about what’s happening in and around Plymouth.  

Window Quilt Video Brochure

Question: Can you give me information on solar energy?

I would love to use some solar energy in my home. What can you tell me about how much it costs to begin? Is there some sort of federal tax credit? What all do I need to buy (panels, batteries, etc)? Can a homeowner do the installation or must it be done by a professional? Would also appreciate any websites for retailers of solar energy items. Thank you very much for any information.

Answer: When I was gainfully employed, prior to experiencing the bliss of retirement, I worked for a hardware store that marketed a solar energy system for single family residences.

The cost profile (this stuff is expensive) suggested that, if you planned to live in your home for 19 years post-installation, you would amortize the cost.

There were federal and California state tax credits available at the time, as well as a rebate from Pacific Gas and Electric (primary utility provider in No. Calif.) which produced a net cost near $20K.

You need to determine if your local power company is obligated to buy back surplus power from your solar system first. If they are not legally required to do so, that will make amortization more difficult.

Tax Breaks Aim To Encourage Telework Programs

Wondering how remote access technology can benefit your company’s bottom line? Don’t forget to factor the potential tax benefits into your calculations.

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How to Qualify for Home Window Replacement Tax Credit