The Federal Tax Credits Blog

Archive for January, 2010

Question: what is the average wait time for the first time home buyers stimulus tax credit refund?

Answer: 12-16 weeks.

Free tax seminar in Jackson

Consumer Credit Counseling Services of Jackson is offering a free seminar, “Filing Taxes? Why NOT to Use Advance Loans on Anticipated Tax Refunds.”

Tax Tips: e-File and Direct Deposit – Jan 2010

Question: I need to purchase a home, are the mortgadge caculators accurate?

I want to purchase a home for 359,000, The mortgage calculator says my payment will be around 1780 a month on a 50 year loan with 0 down and 7 percent interest rate, is this accurate. Or is this even possible. I’m a first time home buyer and am not too familiar with all of this. My credit isnt the best but its decent. I make around 33,000 a year. Please let me know if this can happen. i would like some advise before i get to serious and get a real estate agent and come to find out i cant afford anything.

Answer: Not possible! 50 year, zero down, 7% with damaged credit? Not even last year when they were giving money away like chicklets. Save your money for a down payment and fix your credit. Plain and simple. don’t believe anything else … you are not ready to own a house yet.

Ohh, and besides, $33,000 per year cannot possibly qualify for (nor afford even if by some creative program you could qualify) a $1780 payment.

The industry needs a bit of tough love these days.

Use retirement savings to pay for home?

It’s risky to use retirement savings to create a “house rich, cash poor” status.

Small Business Lending Banking & Finance Mortgage Calculator Mortgage Loan Calculators

Question: I am divorced, claimed HOH, is my ex not able to submit daycare expenses for her taxes as well?

Taxes, divorced, i claimed HOH, child tax credit, etc, but her accountant told her she couldn’t claim any daycare expenses. Is this correct?
We alternate HOH each year, our son lives with each of us 50/50, we share all related costs regarding school, daycare, sports 50/50.

Answer: The question is who the child lived with. If the child did not live with you you should not have claimed HOH.

Don’t Let Your Guard Down When Preparing Your Tax Return

RISMEDIA, January 27, 2010—(MCT)—Nothing about taxes is easy, and deciding how to fill out your return is no exception. Should you hire a tax preparer or do it yourself? Go with one of the free online options or stick with the…

Tax Tips: Ask Your Tax Preparer to e-File – January 2010

Energy efficiency can bring tax savings

WASHINGTON — Making energy efficient improvements to your home will do more than reduce your energy costs. They’ll also reduce your tax bill.

Another great scam by the US government.

Question: How much to replace my old windows with new energy efficient ones?

One that I can get the tax credit on. I need an estimated price before the credits. I live in Houston, TX
sizes
6 ft x 3.5 ft
5 ft x 3.5 ft
5.2 ft x 6 ft
standard size patio window/door 6.5 f x 8 ft
sizes are rounded, brick house built in 1984,have aluminum on there now.

Thanks
Yes just 4 windows.
Medium grade
These are Single Hung Windows (only slide open from the bottom.

Answer: I’m assuming these are double hung windows. Replaced with vinyl replacement windows HI-R Low-E Glass argon filled.To remove and install new window.These are estimates,but should be very close to actual cost.
$791.00
$707.00
$938.00
$1384.00 Patio

Energy tax credits tempt homeowners

Federal tax credits are helping to fuel demand for energy-efficient, “green” home remodeling projects.

$1500 Tax Credit