The Federal Tax Credits Blog

Archive for August, 2009

The best and only way to go is to buy new motorcycle parts as they are sold for half the price of new parts. Some salvage yards buy their bikes from insurance companies, dealerships and other individuals all over the country. They specialize in old parts for Honda, BMW, Suzuki and also Vespa. From 60s-80s motorcycles and ATV salvage. Missouri salvage yards not only have parts but also accessories for all major brands of motorcycles. You save money with Missouri Motorcycle salvage yards on used ATV and dirt bike parts for older models, new and used Japanese motorcycle parts and accessories. Bikes are often sent to salvage yards when an expensive critical part fails. This leaves many other good parts like brakes, shock and engine parts available.

This is even more critical if your motorcycle is a vintage as many of the parts that you need to replace are hard to find and expensive through regular dealership. The Motorcycle Salvage Yards in Missouri are dedicated to providing you with used parts at reasonable prices for your old or new motorcycle, whatever the model or make. It’s available where you can choose from a wide range of tines, turbo engines and much more. They are always updating their inventory. Some places also have special offers available if you purchase your parts during certain times. They not only provide us with parts at discounted prices, sometimes even half the usual price but they help to keep the environment clean. They recycle the parts and legally dispose at your motorcycle. This is a lot cheaper and more affordable than actually going out to buy a part from a regular dealer. It’s also available where you can actually buy a motorcycle that was in an accident and the salvage yard has remodeled it and now has it for sale.

Pet project hailed: Joplin woman’s efforts for pets recognized

What started as a New Year’s resolution more than a decade ago has put a Joplin native in the company of Oprah Winfrey, Hillary Clinton, Michelle Obama, Maria Shriver and Bette Midler.

Question: Canadian in France income tax – foreign tax credits?

I am a Canadian and have been living in France for the last 4 years. I am now filing both French and Canadian income taxes, although I don’t have “significant ties” to Canada I prefer to file just so that there is a record and to keep contributing to my RRSP.

In France, on my pay slip, they have the Gross pay and the Net pay, after social charges, CSG, and various other deductions, many of which are required by the government. In France you then declare this Net income minus 10% for deductable expenses as your Taxable income.

Now in Canada, what do I declare as my Income – the Gross or the Net or the Net minus 10% as in France? What else is deductible? And what can I use as Foreign tax credits – the tax paid in france – the CSG and other social charges?

I think the overall tax rate in France has got to be higher than Canada, for a single with no dependants, anyone have any ideas?

Answer: You ask this quesiton after living in France for 4 yrs. How you have been filing your cdn tax returns, if any, for the last 4 yrs?

After 4 yrs away from Canada, it is likely that you no longer have cdn ties: home, social or economic ties, and therefore no longer a cdn resident for tax purposes, because you likely have a house or apartment in France, being paid by a French employer, having french credit cards, etc. In other words, you may be considered as a non resident for cdn taxes purposes. As a cdn non resident, you are only taxable for cdn employment income, for income from carrying on a business in canada, and for income from disposition of taxable cdn property. If you dont have such income FROM CANADA, you dont need to file cdn tax returns.

On the other hand, if you have cdn income, and pay cdn taxes, but the French tax law requires you to report this income in your french tax return, you can claim the french foreign tax credit for the cdn taxes paid. In other words, only one country can tax the amount, and the other country has to provide the tax relief to avoid double taxation.

You may wish to consult the cdn embassy in France for any cdn taxation problems while in France.

Revenue Minister says HST will Lower Income Taxes

Revenue Minister John Wilkinson says many Ontario residents will see their income taxes go down starting Jan. 1. He says 93 per cent of residents will get a one per cent tax cut in the new year, and many will be able to see it when they get their January paycheque. That’s when the provincial rate on the first $37,106 of taxable personal income will fall from 6.05 per cent to 5.05 per cent. The …

Tax Benefits for Senior Taxpayers

Question: Are there certain qualifications a house must have to get the first time home buyer’s tax credit?

My husband and I have decided to buy a home. It will be our first time so we should qualify for the tax credit. However, someone mentioned to us something about there being certain qualifications the home you intend to buy must meet (such as no broken windows, etc). I’ve tried to find this so called list but haven’t been able to. Does this list really exist and if so, what is on it? It sure would be nice to know so that we can take those things into consideration when house hunting.

Answer: No, you can buy whatever you want. The only restriction is that you live in it.

Job loss probably nixes chance to refinance

Q: I am a 59-year-old single woman who was recently laid off from a computer consulting job. I have six years left on a 15-year mortgage at 5.75 percent. The balance is about $70,000. My condominium is worth about $145,000.

First Time Homebuyer Credit Coming to an End

Question: Is the 2008 stimulus being taken back in 2009?

I’m a professional tax payer, and I just got done with classes. Guess what? The practice scenario in which the same couple had a 2000 child tax credit for two children, only had 1000 child tax credit. And the $1800 stimulus payment that they got prior to the new law was taken back on the 2009 tax form, reducing their federal refund from $2000 to $1200. In previous questions, it was said that this wasn’t the case. I know differently. What you need to be asking your representative is, “You got $700 billion bucks from us, so why are you taking the stimulus payment back????”

Answer: If Obama is elected he will take back much more than that from anyone who works.

Okla. to receive $2.6B in stimulus funds

Associated Press – January 2, 2010 2:15 PM ET OKLAHOMA CITY (AP) – Oklahoma is expected to receive more than $2.6 billion from the federal stimulus package, along with additional grant funds in…

2009 Housing Stimulus Tax Credit Overview

Paying property taxes to your city, town, or county is part of a home owner’s responsibilities. Property taxes are computed based on your home’s assessed value. Don’t get confused because the assessed value and appraised value are two different things. To make it simple, the appraised value is simply the market value of a property in today’s market while the assessed value is used by taxing authorities to put a dollar value in the property for taxing purposes.

Most states do offer a property tax reduction for Veterans.

Though each state has its own guidelines, most states measure property taxes by mils (one mil means $1 for every $1,000 value of a home). So for example, if you have a house worth $100,000 with a 3.5 mil property tax the owner will have to pay $3.50 for every $1,000 in value or simply $350. However, regardless of how these taxes are computed, a home owner owes this amount to the government. If you have a mortgage, some lenders require monthly property tax payments as part of the mortgage payments. If this is not your case, then your town will ask you to pay property taxes every 3-6 months wherein you have to pay in full on its due date.

Check with your local taxing authority to find out more.

However, under certain circumstances, more than 30 states have given local property tax relief to veterans. Though not all towns or cities participate, most of the time, veterans can receive a break on property taxes. Property tax relief may come in different forms – like exemptions, abatements, frozen assessment rates, or direct rebates on taxes. New York, for instance, has a number of property tax exemptions for veterans. In South Carolina, a veteran receives an exemption on the first $50,000 of the assessed value. In Maryland, veterans with service-related disabilities receive full exemption from paying property tax liability.

Since each state, town, or city’s guidelines on property tax exemptions for veterans vary, it is best to consult someone from your state’s Department of Revenue office to learn more.