The Federal Tax Credits Blog

Archive for May, 2009

Question: Where can I cash my income tax check?

I have a ORLN federal credit union account will they cash it there the same day cause someone told me they make u deposit it a wait 5 -7 business days??? what about Sears??

Answer: sears…30bucks
walmart 3 no matter the amount

Richardson backs temporary tax hike to fix budget

SANTA FE, N.M.—Gov. Bill Richardson will support a temporary tax increase to help balance next year’s state budget, but he opposes raising personal income or capital gains taxes and rolling back business tax incentives.

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Ivory Homes – If I own a home, will I still benefit from the $8,000 federal tax credit?

Question: First time home buyer Tax Credit – USA?

I signed a contract for building a new home on December 6 2009 and put 6.5% down on the purchase price at the time of contract, and the construction is due before June 30. I wanted to know if I can apply for the tax credit beginning 2010 (January) even before closing the on the house?

Answer: Yes, you qualify for the new home buyers credit. Even though the house doesn’t exist yet, it will still be completed during the guidelines. Consult your accountant for further details on how to claim the credit on your 2011 tax returns. The only stipulation is that you can’t claim it until the house is occupied!

Part II 2009 Year in Review

May June consecutive year that Dexter has received this national recognition. July August August…

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Home Buyers Eligible For Tax Credits

Question: How much are the repair cost for Hybrid vehicles in the long run (regardless of the brand)?

I am in the market for a new car and I was considering buying a hybrid. Mainly because of all the benefits and the model i am interested in buying is eligible for a $3400 tax credit. However, I am the type of person to buy a new car and drive it for years (of course keeping up on maintenance).

I still wonder how much are the repair cost (minor and major) for the long run after the glitz and glamor and the warranty expires and the car has 150,000+ miles on it. I can imagine it may be expensive to repair or replace some of the technical hybrid components in these vehicles. I already know that many independent shops do not service hybrid vehicles because of all the advance equipment.

The model I am considering is the 2010 Mercury Milan hybrid

http://www.mercuryvehicles.com/2010milan/

Answer: At this point, that’s pretty much an unknown, and some small shops won’t have a clue as to what to do with them. Those that are battery operated, with a small gasoline engine to drive an alternator to keep the battery charged will be simply enough if it’s the gasoline engine that’s the problem, but for anything else it would need to go to the dealer for repair.

In my primary business, which is towing, I don’t care what’s under the hood, I can tow it where you want it.

One study indicates this:

SAN DIEGO, Feb. 9 /PRNewswire/ — Audatex North America Inc. today released the Winter 2009 volume of its industry trends publication, Audatex Directions.

The feature article in this latest issue provides an in-depth exploration of the factors that drive hybrid repair costs. Audatex vehicle and repair data shows that, on average in 2008, the Toyota Prius cost 8.4 percent more to repair than gasoline-powered economy imports, while hybrid vehicles that have gasoline counterparts averaged 3.8 percent more to repair than their counterparts.

You can read the full article here: http://www.reuters.com/article/pressRelease/idUS106774+09-Feb-2009+PRN20090209

Woes afforded Markell no break-in period

Governor’s first year forced tough moves

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In the wake of the UBS AG fallout and IRS Offshore Settlement Initiative, the IRS continues its pursuit of tax evaders with undisclosed offshore accounts with their requests of FBAR (Foreign Bank Account Reporting) of suspected violators.

What can be expected from the IRS?

In 2009, a highly publicized investigation into Swiss bank UBS AG and U.S. account holders was launched by the IRS and U.S. Department of Justice against those who failed to come forward with their assets to the U.S. Government. However, the investigation did not end with UBS. To encourage taxpayers to come forward, the IRS instituted the Offshore Settlement Initiative Voluntary Disclosure Program (the Initiative) where undisclosed offshore account holders could disclose their foreign assets in exchange for reduced penalties. However the deadline to take part in the Offshore Settlement Initiative has since passed. The IRS has made it is known that offshore tax evasion will remain a top priority. So, those U.S. taxpayers with undisclosed offshore accounts that failed to meet the Offshore Settlement Initiative deadline of October 15, 2009 can expect to be contacted by the IRS.

As the IRS continues its pursuit, Taxpayers may receive a Form 6564 or Information Document Request (IDR). These IDRs will focus on offshore bank accounts. In order for IRS examiners to validate a tax return they will need to secure the necessary books, papers, and other information. The Information Document Request is a formal and structured process for the IRS to request and secure information from taxpayers, including information regarding offshore bank accounts. Although less formal than a subpoena, an IDR still carries with it consequences for failure to comply and can lead to deeper inquiry and possible sanction.

The IRS will focus Information Document Requests on U.S. taxpayers with offshore assets and accounts that failed to disclose these interests to the U.S. government on their Form 1040, U.S. Individual Tax Returns, and file a corresponding Form TD F 90-22.1, Foreign Bank Account Reporting (FBAR). If IRS agents discover that a taxpayer has not reported an interest in an offshore account or income accruing on such accounts during the course of an audit, the IRS may impose steep penalties including the greater of $100,000 or 50% of the offshore account balance for willful failure to file an FBAR for each account. These penalties, compounded with interest and fraud penalties, can essentially wipe out the taxpayers foreign assets.Additionally, taxpayers could be subject to criminal prosecution and jail time for tax evasion.

The issues surrounding these IDRs are exceptionally delicate and should be met with caution. Taxpayers who have been issued an Information Document Request by the IRS are best served by calling on a tax attorney who is adept at resolving disputes with the IRS quickly. An attorney can direct the taxpayer how best to respond to an Information Document Request and will be able to plan with his attorney the best strategy for a course of action. Otherwise the Internal Revenue Service can seek considerable penalties and possible criminal prosecution against those U.S. Taxpayers believed to be hiding money in undisclosed offshore accounts

Thousands incorrectly use stimulus tax benefits

Thousands of American taxpayers incorrectly claimed more than $500 million in tax benefits under the Obama administration’s tax break for first-time homebuyers, a government watchdog report says.

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IRS TAX TIPS: Home Energy Credit (ASL, Captions & Audio)

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I was only faced with questions I wasn’t able to answer, getting hung up on, and faced with nothing but rejection.

When I was officially shunned by everyone that I knew, all my upline told me to do was to go out and buy some opportunity leads.

This only led me to some more rejection and spending a bunch of money.

Now I was out of money, and had nothing to show for it.

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This life saver I speak of was Mike Dillard’s 7 Day Free Video Boot Camp.

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Enjoy,

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Remarks by Assistant Secretary for Financial Institutions Michael S. Barr CFED Asset Learning Conference

Hello, it is great to be here with all of you. What an amazing assemblage of people who care deeply about all Americans being able to save, build assets, and invest in their future and our country’s future. The feeling of power and energy in this room is palpable.

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