The Federal Tax Credits Blog

Archive for October, 2009

Question: Is there a way to use the stimulus package’s new home purchase $15,000 tax credit as a down payment on it?

Today the Senate approved a replacement to the old $7500 tax “credit” (actually was an interest-free loan that had to be paid back over 15 years) with an actual $15,000 tax credit. I know it’s received by ammending your 2008 taxes so it can be obtained right away but I’m wondering if there is a way to use this as a down payment on the home which would significantly affect the rate of course.

Answer: no you must come to the table with your down payment. same as always. Now many may borrow the funds from a family member who calls it a gift and then pay them back when the check come in

New car tax credit program 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?

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1st Time Home Buyers 15,000 tax credit

Question: What do you think of California’s new tax on hybrid vehicles?

The California legislature has been wrestling with signing a budget for months now. They had to either cut must needed programs or raise taxes. Since the price of gas is draining the pocketbooks of many Californians it was decided that those least affected by a gas tax hike would be hybrid car owners. So effective January 1, 2008 all owners of hybrids will be taxed an additional quarter a gallon. Actually the way it will work is that when you buy gas at the pump the quarter per gallon will be included in the price. When you file your state income tax for 2008 in 2009 you will be given a credit for all the extra gas tax you paid in 2008 (with proper documentation) except for those who have a hybrid registered in their name.
I would like your opinion on this bill SB98556. Thank you

Answer: yeah kill the car that cleans the air.

10 Things Not to Buy in 2010

Many items that look like must-haves now are likely to become obsolete.

2009 Chevrolet Malibu Hybrid

Your US passport certainly are considered as one of the most important forms of identification. These are important if you have to travel to a foreign destination outside the American border. There are chances that in case you might have traveled outside America then you might be holding a valid US passport. But in case you have a US passport that is at least ten years old then you might have to get it renewed. It is important to keep your passport updated. In case you are planning to travel till Mexico or Canada then you might never have to carry your passport along with you. Whenever traveling from US to Canada or Mexico then you might have to carry your birth certificate and driving license.

In case you plan to travel by air then it is important that you carry your passport. Getting your passport renewed is a very easy process as compared to trying to obtain a new passport. One of the best things is that you might never have to be present in person to get your passport renewed but different passport assistance services might just be interested in helping you to renew your passport. So if you plan to get your passport renewed then you can always mail them the details easily. So to get started you can always try to download the application form online over the internet. There are a number of websites that provide you with facility where you can download the application form. So to get the paperwork started you may never have to leave the comfort of your home.

When you have to renew your passport online then you might have to follow few set of rules and regulations. It is important that you must be at least sixteen years old at the time of issuing of your passport. You also have to be sure that your passport is not more than fifteen years old. In case you are holding a minor’s passport then you can always get it renewed updating the current information. It is important that your US passport is still not very much damaged as it needs to fulfill the process of identification. It is important that the passport authorities should be able to verify the identity. In case your passport is damaged then it is necessary that you get a new passport. Even if you have changed the name in last few years then you have to update it with latest information. Under these circumstances you might not be able to renew the passport by mail as you have to visit the passport agency in person.

If you have to send your renewal information then the process is very much easy. You will have to attach the old passport along with the application for renewal. You also have to attach two separate photos and renewal fee along with your application. After filing for renewal you might have to wait for your new passport to arrive at the mailing address. You might have to wait for few weeks to get your renewed passport but you can always try the express way if there is an emergency and you need your passport fast.

Some signs of hope arose during the 2009 economic downturn

By Patrick Rupinski Staff Writer When it comes to the economy, 2009 will be a year many will want to forget.

Webshop for Community Economic Development

There are more than half a million people living in Kansas City. With its position as the largest city in the state of Missouri, Kansas City accounts for most of the major commercial, financial, and industrial canters of the Midwest. One of the reasons behind its high economic viability lies in the advantage of its position. Kansas City is located almost right in the centre of the continent. As a result of this, it is home to most of the continent’s transportation networks. It’s proximity to Kansas creates an efficient metropolitan trading relationship with beneficial economic integration. With its large population as well as the constant inflow and outflow of products and manufactured goods, it is quite obvious that there is a high demand for Kansas City storage services.

If you are in search of storage services then you no doubt are already aware that there are a lot of these which can be used. The question is therefore not where you can find a storage service but which of the many Kansas City storage services you should consider. The answer to that question lies in a myriad of determinant factors.

For the best Kansas City storage unit experience, you need a storage unit that offers the following

Affordability: How much you will be called to pay for the storage area that you want is important. Since you will most likely be using these spaces for a long time, it is best to find a Kansas storage unit that offers you a reasonable price. It is important to remember that the price you pay for a storage unit is closely related to the size. You should therefore take time out in properly assessing how much storage space you really need. Renting too large a space will cause you to spend dollars you otherwise would have saved.

Location: Why rent a storage unit at the other end of the city when you can get one closer to you? The location of the store house is also eqully important as the rent. If it is too far from you, you might end up indirectly paying more for its use by virtue of the accumulated costs in transportation, time, and fuel. Moreover, it would also facilitate you to keep checking the safety of your belongings whenever you wish to.

Services: Sometimes you might find a storage unit that is very affordable, really close to your location but offers abominable services. It is advised to stay away from such units. You can gauge how effective using a storage unit will be by the caliber of treatment you get. Kansas City storages that provide effective customer care as well as storage space maintenance are the places that should be considered. Avoid using storage facilities that appear to be mostly neglected once you have driven away. Some storage units offer insurance options and these might be worth your while to look into.

Carthage council advances lease-purchase of golf carts

Players at the Carthage Golf Course will have new rides next year after the City Council on Tuesday night advanced a plan to buy 50 new gas-powered golf carts. The panel approved a motion from the public services committee to accept a bid on the carts of $105,675 from Clear Creek Golf Cart of Springfield.

Question: Is this an example of responsible spending in these economic times?

Our current administration allows a $6400.00 tax credit for the purchase of an electric car. According to John Stossel, a golf cart is considered an “electric car”. The cost of a golf cart? One can be purchased on-line and even shipped for around $5500.00. My “tax credit” would yield me a handsome $900.00 profit. Wow… is this how democrats deal with problems?
Gop: Well I guess we’ll be dependant on foreign oil until the libs allow us to drill for our own. Truth hurt?
Randi and Jeni: The same question was asked to Stossel who studied the credit, and it is absolutely NOT based on profit. There is a movement afloat to change this, but it should have been thought through in the beginning.
Ron R. Yes it is, it’s not legal on interstates. Besides, I won’t drive it, I’ll try and resell it after my credit and capitalize on my profit.

Answer: Allows $6400 tax credit, that’s maximum amount. If you bought a $5500.00 golf cart I can pretty much guarantee you won’t get $6400 back from the government.

German Economy On Brink Of Radical Restructuring

The German economy coped astonishingly well with the global crisis in 2009. But in 2010 it will need to lay the foundations for a radical restructuring if it wants to cope with chronic overcapacity in its aging industries and fend off powerful new competitors from China and India.

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Glenn Beck and John Stossel discuss electric car tax credit.AVI