The Federal Tax Credits Blog

Archive for April, 2009

Question: Earned Income Credit – home-schooled child turned 19 before the end of 2006, does our school still qualify?

My son was homeschooled thru July, turned 19 in August. Tax book says he still qualifies up until age 24 if “full-time” student for at least 5 months of the year, but is not specific about which “full-time” school actually qualifies. Haven’t had a problem with homeschool and tax forms all of these years until now. We live in Texas. I have searched the web as much as possible and cannot find an answer – help, please…

Answer: Full time student means in a post secondary educational institution, College, University.
Home schooling does not qualify
Call the Internal Revenue Service for more clarification at
1-800-829-1040

Faith briefs

Grief support * Bottom Line Counseling Ministry, 63 Pin Oak Drive in Rock Spring, Ga., will host a weekly GriefShare recovery/support group beginning Tuesday. Among the sessions are “The Effects of Grief,” “When Your Spouse Dies” and “Using the Holidays T

Good Intentions 2of3 Minimum Wage, Licensing, and Labor Laws with Walter Williams

Question: If I purchased my home in 2009 from my grandmother, but she is a real estate broker, can i get tax credit?

I purchased my home in 2009 from my grandmother. She was the owner but is also a liscensed real estate agent who owns her own firm. Do i qualify for the 2009 tax credit?

Answer: No purchasing from relatives disqualifies you regardless of her position

Cities, counties take back corporate tax breaks

Cash-strapped communities have a message for corporations that promised jobs in return for tax breaks: A deal’s a deal.

Unlike other diets, the Volumetrics diet does not limit the amount of food consumed. Severe food limitation does not result in long-term weight loss, according to Barbara Rolls, nutritionist and creator of the Volumetrics diet.

Dieters who limit their food intake will be always hungry, unsatisfied, and most likely will come back to old eating habits. The crux of the Volumetrics diet is that it includes foods that offer the sense of satiety. There are no good of bad foods, according to Rolls. She thinks that foods must be divided into four categories according to their energy density.

The energy density refers to the number of calories found in a certain amount of product.

If you consume foods with high energy density, you will probably gain weight. However, if you consume foods with low levels of energy density, you may eat more and feel fuller.

The first of the four categories includes foods with very low levels of energy density, such as vegetables without/poor in starch, fat-free dairy products, and tomato soups.

The second category includes foods with low levels of energy density, such as fruits and vegetables, cereals, or pasta.

The third category includes cheese, pizza, salads with chicken meat and dressings, and ice cream. These foods usually have moderate levels of energy density.

The foods with high energy density include biscuits, butter, peanuts, and oils.

The Volumetric diet’s author recommends high fiber products and healthy fats from fish. Sweets, fats, and alcohol are allowed, but they should be consumed in moderate amounts.

(c) ProjectWeightLoss.com 2009. All rights reserved.

Schnitzer Steel Reports First Quarter 2010 Financial Results

PORTLAND, Ore.—-Schnitzer Steel Industries, Inc. today reported diluted earnings per share from continuing operations of $0.23 for its fiscal 2010 first quarter ended November 30, 2009.

Barack Obama TOWN HALL MEETING in Fairless Hills, PA-Part 5

Question: What happens after the Nov 30th deadline of the $8000 credit for first time home buyers?

So it seems that the housing market has somewhat stabilized nationwide and even seen an uptick in certain areas of the nation.

It is also reported that at least half of the sales have been first time home buyers taking advantage of the $8000 tax credit.

What happens after Nov 30th when the deadline to buy a house to get the credit expires?

Will the housing market crash yet again? It seems that the idea of getting 8000 dollars in free money would make people who wouldn’t buy a house in normal circumstances, buy a house regardless due to the instant gratification of free cash.
Considering these facts, should we even think of buying a home until Nov 30th passes?

Answer: There is another bill being considered that will extend it for another year, up the amount to $15,000 ( or 10% if house is less than $150,000 ) and many of the restrictions now in place will be lifted.
Senator Johnny Isakson from GA introduced it. He had one earlier that was voted down, but this one is being seriously considered.

D.R. Horton showcases amenities

D.R. Horton showcases amenities

First-Time Homebuyer Credit 2009 – Get the Facts

Question: I have a question about the proposed legislation for the extension of the housing tax credit.?

If the new legislation is passed and the income limitations are removed, would I be able to claim the credit even though I purchased my house earlier in the year?

Answer: Since nothing has been passed in to law there’s NO possible way to answer the question.

The odds of another credit are not that hot. Sales tend to slump during the winter months anyway, so I’d speculate that no action will be taken until late Winter or early Spring. That of course is only a guess.

The odds of a larger credit or higher income limits or removal of the first time buyer requirement are even less.

The odds that it would be retro-active to any purchases in 2009 are pretty much zero. Congress surprised everyone when the current credit was back-dated to January 1, 2009. That proves that anything CAN happen, but don’t hold your breath!

Deficit fight could get ugly: Layton

PAUL MORDEN The Observer NDP Leader Jack Layton says he worries about what fighting the federal deficit could bring out in Finance Minister Jim Flaherty.[...]