The Federal Tax Credits Blog

Archive for February, 2009

Question: Did you know Taxpayers Get Second Chance at Stimulus in 2009?

eligibility for this tax break is based on your income etc. as reported on your federal income-tax return for either 2007 or 2008. Thus, if you weren’t eligible based on your 2007 return or received less than the maximum amount, you still might qualify for a “recovery rebate credit” on your 2008 return, to be filed in 2009, Internal Revenue Service officials say.

http://finance.yahoo.com/taxes/article/106140/Taxpayers-Get-Second-Chance-at-Stimulus

Answer: I got laid off at the end of 2007, so I might qualify in 2008.

Thanks.

Tennessee political movers

We present The Tennessean’s 2009 list of the state’s top political players: conservatives, liberals and a few in between.

Consumer News: Federal Tax Credit

As a homeowner, when your financial situation prevents you from being able to keep up with your mortgage payments, there are a number of options to choose from. Among these is the short sale option. Due to the state of the economy, short sales have become increasingly common among Orange County homes and in some cases, it is the most recommended course of action for homeowners facing financial hardships.

Orange County property management professionals define a short sale as a legally binding agreement to sell the home for less than the amount owed on the mortgage.

One of the advantages of a short sale is that it reduces the negative impact on your credit. A short sale must be approved by the seller’s current lender(s). The process typically takes a minimum of 45 days for the lender to approve the short sale. The Mortgage Forgiveness Act of 2007, which has been extended to 2010, protects OC real estate home owners from debt collectors seeking monies owed beyond the sales price of primary residences.

Qualifying for a Short Sale

Any form of financial hardship may qualify a home owner for a short sale. A short sale is the best option for home owners facing difficult financial times in certain cases. Rather than walking away from a negative asset or losing your home to a bank foreclosure, a short sale will have a less severe impact on your credit. For more information regarding short sales on Orange Count and Newport Beach homes, contact your local short sale negotiators to learn more.

Housing Handout

Did the home buyer tax credit really work?

The homebuyer tax credit has been EXTENDED and IMPROVED video

Having a business calls for a lot of decision making especially in advertising techniques. You know for a fact that the success of your business depends on how good your products are, and how you let others know about them. Printing services answer to a lot of advertising needs most companies have today.

Without proper advertising campaigns, no matter how good your products are, you will be limited to just a few customers, which is not good if you are aiming for a big company success.

But with the number of printing services available today, it would be fairly difficult to decide which would be most effective in your advertising. Of course you want to choose the advertising technique that could stand on its own, by showcasing your products and services efficiently.

Here are two printing services that would surely let your products be known to your clients.

Catalogs

Leaflets

If you do not have enough budget to have a catalog printed, leaflets are another good way to offer your products and services to clients.

So think of your catalogs and leaflet printing services and avail the most you can out of them. Deliver what you are selling right to your clients’ door and make that sale without trying too hard.

The stories that shaped us in 2009

Many of the stories that shaped 2009 will continue to have profound effect on Bozeman and the country for years to come.

G20 Pittsburgh Day One, Fascist Police State security out in force

Question: I have a home loan question please!?

Okay so I was pre-approved for a FHA home loan. I am a first time home buyer and was unaware that opening a new line of credit would hurt my credit or my home loan process. i met with my lender yesterday and he told me just to write a letter explaining the situation and why i did what i did.
does anyone know what this type of letter is called (thought it was a Hardship letter at first but then found out that was for people in debt) …i want to write it in the correct format and make sure i include everything that’s needed. THANKS!

Answer: I cant believe they didn’t tell you not to open any new credit, they should have…ours did when we were getting our home. Even with a letter they can still deny you the loan, It is up to the underwriter. You should never open new credit, run up existing credit, make any big purchases etc. I hope this doesn’t effect your home buying purchase. It is called a letter of explanation. Tell them you were not informed that opening new credit would effect your decision on your house and that you will not be using the new credit so it doesn’t effect your debt to income ratio. Good Luck

The 4 Best Real Estate Investments for 2010, Part II

By Daily Reckoning. yesterday’s edition of the Daily Reckoning, next year is going to be the most exciting one real estate investors have seen in a decade. I’ve got my eye on four spots, in particular – diverse opportunities around the globe, each of which represents an excellent value play. Read more » »

Federal Housing Tax Credit explained

Question: Does the new Stimulus car-tax credit apply only to new cars purchased in 2009? What if I purchased in late 08?

Answer: The IRS has yet to write the rules, but most likely it will only apply to purchases in 2009.

It’s not a credit, but will allow you to deduct the sales tax even if you deduct your state and local income taxes. It’s a small bone for most folks, worth a couple hundred or so in most cases.

New-car tax credit program is about to expire

MISHAWAKA ̶ We’ve heard a lot this year about Cash for Clunkers ̶ a government incentive to trade in old gas guzzlers for new, more environmentally friendly vehicles. But did you know there’s also a tax break if you buy a new car before the end of the year?

BLACKBERRY, STIMULUS, AREA 51 AND ECONOMY 911