The Federal Tax Credits Blog

Archive for September, 2009

With each passing year, the advancements in technology are making our lives that much easier. Just 20 years ago, beepers were commonly used when you wanted someone to contact you while you were on the road. It might have taken awhile for you to find a public phone booth, but there was no other alternative. With the advent of the cell phone, that contact was made immediate, even if that person was located on a different continent. Though its use has not as drastically changed the lives of millions of people, the duplex scanner has also made the lives of some people that much easier.

The duplex scanner functions like an ordinary scanner, but it does twice the job in the same amount of time. With an ordinary scanner, you insert a hard copy document and within seconds a digitally produced copy is uploaded onto to your computer. But if the document is double-sided, you have to reinsert it on the flipside to get a copy of that side. In other words, you have to do double the work to get the copy you want.

Not so with a duplex scanner. As its name suggests, with a duplex scanner, you only have to insert the hard document once, and both sides will be copied at the same. In other words, it cuts down your workload in half.

Picture the following case. You work in a busy medical office and it’s your job to upload new patient registration forms. These registration forms are double-sided, so ordinarily you would have to take a half-hour each day to scan and upload each and every double-sided application. But with the duplex scanner, that time would be cut in half, which would leave you more time to take care of other job duties.

And the duplex scanner is small enough that it can be taken from one office to another in case more than one person needs to use it. And with its lightweight (just over one pound), you won’t hurt your back carrying it from place to place.

The duplex scanner is one device that’s here to stay.

New Tulalip homes almost ready

Eight homes will be ready to move into by January. The Tulalip Tribes are building homes to help out tribal members.

3 Kenney Street

Question: Obama’s plan to help college students pay for school?

I’m working on a budget for myself and trying to figure out how I can afford college. I’m one year into a four year program for Elementary Education. My grandmother has told me that Obama has some plan to help out college students. I’ve tried to find out more but it looks like a tax credit. Can someone explain how that works to me? Do you pay for tuition up front then receive the money back at the end of the year? I’m rather confused on this.

http://www.forbes.com/2009/03/10/college-tax-credit-stimulus-personal-finance-retirement-new-credit.html

Answer: Obama increased my grants by $3,000. Apply at FAFSA.gov.

Consider MAC Foundation for charitable gift giving

Ancient Greeks built the Coliseum and the Acropolis centuries ago. Those ancient structures — built to be strong, impressive, and useful — served the needs of the Greek society. The vision of those who designed these structures to educate and care for the welfare of their society is replicated in our society today, according to the president of the Mineral Area College Foundation.

NZ Parliament Question Time Feb 11, 2009 Part 3 of 9

Question: I need help with first time home buyer tax credit. Quick Question. Can you help me?!?

We just purchased our home and need to amend our 2008 taxes.

I went to the IRS website and printed the 1040x and the 5405 (first time homebuyer credit).

On the 1040x-line 15 is what I need amended correct?
And what would I put in the three boxes next to it? A.B. and C? Sorry, I so dont understand tax talk

So if I just mail these in, say tomorrow. I would receive a refund of 8000 back, like within a couple months or however long it takes?

Thanks Everyone!

Answer: Allow 12-16 weeks.

Start at line 10. On line 15, for the full credit, $0, $8000, $8000.

While the form doesn’t ask for the closing papers, attach them. So many fraudulent 1040x returns are showing up that the IRS had to stress audit issues. If selected, the IRS will spend a week mailing you a letter to fax in the closing statement. By attaching the papers to your return, you would save a week.

Desperate homeowners turn to short sales to unload houses

Brett Hait found himself in a bind last year after moving to Atlanta for a new job.

Fuller Sotheby’s Agent Dan Polimino talks about this weeks market update for November 9th in Denver

A GSA schedule is a five-year agreement offering a set pricelist the federal government has agreed to pay for the products and services of a business. The GSA contract is up for renewal every 5 years, at which point it must be renewed. In renewing a GSA schedule, the company and government re-evaluate the prices that are offered for government contracting. There is still some competition for a government bid, however a company holding a GSA Contract has a large advantage. Often, the only competition would be another business on schedule with a GSA contract, or a company that makes a very specialized item. Therefore, competition is reduced due to the prices contained in a schedule which are pre-negotiated at the time of contract award. Often times the competition is between only businesses with GSA Contracts, and those without a GSA Contract are our of the race before it began. GSA Contract holding companies will not achieve sales under the contract without focused, agency-based sales efforts. It does take some time to become an established federal contractor, even with a GSA Contract. But, once a company is established, the GSA Contract alongside a track record of successful contracts will secure a strong position for any business in the federal market. Federal buyers, or procurement officers, are usually required to request proposals from three contractors and decide on the winning vendor based on best value.

However, best value does not mean the lowest price. Put yourself in the place of a contracting officer. They generally are not experts on what they are responsible to procure, they just want to make sure that tax dollars are fairly represented. The two biggest factors when a CO determines the best value are performance history and price tag. But, there is a lot to be said for the influence of the end-user. It may not be the ideal tax-payer protection, but it is actually a quite functioning system. Here is why: A company that has their GSA Contract and has worked with Nellis Air Force Base on successful projects is likely to win even more projects on that military base. In the end, federal employees just want to avoid being responsible for wasting taxpayer dollars, and the proven contractor is most often the best bet. The use of a GSA Contract is an efficient buying system, and is becoming increasingly popular among federal purchasers. Administrative costs for providing products or services under GSA contracts are significantly lower than the costs of dealing with individual contracts. Companies with a GSA Schedule are given a substantial advantage in competing for bids in the federal market.

Across the USA News from every state

News from every state

Obama talks “catastrophe”, Schwarzenegger demands more furloughs, California’s Prison Population

Question: home buyer tax credit?

hey,please let me know if you get that first time home buyer credit,and how long it took to get your check….

Answer: Are you inquring about the US first time homebuyer credit?

If so, one can get up to 8,000 of refundable credit (10% of purchase price, up to 8,000) and with the following major qualifications:

Home must be purchased and finalized by December 1, 2009
Must be prinicpal residence
Must not have owned another principal residence three years prior to the date of purchase
Must leave in the newly purchase residence for three years after purchase; otherwise the credit is to be paid back instead.
Can include on 2008 return (if not yet filed), amend 2008 return (if filed), or include on 2009 return
Income phase out limits apply – see link below for more info

Leading article: The year of real choice

The “long campaign” has been a feature of British politics since at least 1992, an election that in many ways provides a template for this year’s choice. The Labour Government is modelling its strategy more or less explicitly on John Major’s campaign for re-election, and some of the parallels are striking. Then, Neil Kinnock ran on the slogan of “time for change”, just as David Cameron does now …