The Federal Tax Credits Blog

Archive for February, 2010

Freehold Royalty Trust Announces 2009 Income Tax Information for Canadian Investors

CALGARY, ALBERTA–(Marketwire – Feb. 16, 2010) – Freehold Royalty Trust (TSX:FRU.UN) T

$8,000 Tax Credit Information

Question: what is the best tax preperation software?

I want to free file on the irs website ..but I don’t know which software is the best. i am married filing jointly with 1 dependent, have a mortgage and a car payment, have no investments, and I hope the energy credit still exists because i just put in new windows and a furnace.

Answer: I would vote for either turbotax or hrblock. It is free and doesn’t take long, you could play with both and see which you like better.

Timminco Announces Long-Term Contracts for Silicon Metal Supply

TORONTO, ONTARIO–(Marketwire – Feb. 18, 2010) – Timminco Limited (“Timminco”) (TSX:TIM) announced today that its wholly-owned subsidiary, Becancour Silicon Inc. (“Becancour”), has executed long-term contracts to supply approximately 90,000 metric tons of silicon metal over the next five years to one of its long-standing silicon metal customers. These contracts confirm and extend this customer’s …

How to get a 1500 Dollar tax Credit. Aka, The Schlubbs got a new furnace.

Question: if i started college in december but got loan in jan does that count for 2009 or 2010 taxes?

i started university of phoenix in december and applied for loans at that time but didnt get the funds till jan 12 to pay for classes starting in december does this count for taxes this year or next year? can i use the hope tax credit for this?

Answer: I would say that would be 2010 taxes, you didn’t actually get your money until January 2010.

Child Care, EITC, Tuition and Household Credits Can Boost IncomeTax Refunds

ALBANY, February 18, 2010– New York State Department of Taxation and Finance Acting Commissioner Jamie Woodward today urged qualifying taxpayers to take advantage of a host of family-friendly credits that lower tax bills and increase refunds.

Well Prepared for High School and College: Maryland’s Nonpublic Schools

Question: How do Kentucky HUD foreclosed homes choose an offer?

My fiance and I have been looking at houses to buy for about a month now. We FINALLY found one in our price range that we LOVE… but it’s a Kentucky HUD foreclosed home. We’re first time home buyers with excellent credit and have been pre-approved. But we’re a little confused about how HUD actually works. Our relator said that there is a deadline for people to submit an offer (ours would be tonight at midnight) and that all the offers are reviewed at the same time–it’s not first come, first serve as with most houses. She wasn’t entirely sure HOW they decide who gets the house. We’ve decided to submit our offer at full price. Which she says she thinks a lot of people will do… does anyone know HOW HUD determines who gets the home? We just love it and it’s PERFECT for us!

Answer: I believe HUD uses the same method everywhere.

They prefer a homeowner occupant- so if someone is bidding as an investment house they will lose to a homeowner occupant. Otherwise they look at the highest bid net to them. So if someone bids a dollar over list (and the cost to HUD is the same) then their bid would beat yours.

They also are allowed to turn down all bids if none of the bids are as high as they think they should be.

Short-sale buyers race to seal deal with tax credit

Even if homebuyers meet April 30 contract deadline, sales might not close by June 30 Even if homebuyers meet April 30 contract deadline, sales might not close by June 30.

Home Buyers Scramble For Tax Credit Deadline

Question: How much extra money should be in my living budget?

Hi, I want to move, but I don’t make a lot of money. I make 2200 bucks a month.

I was approved for a $650 a month mortgage which allows me to afford a small home in my area.

Other bills I’m thinking are the following
Utilities: 200
Cable/internet/phone: 150
Food 2 people: 500
Drs/Medicine: 100
Car Gas: 200
Car Insurance: 100

Total bills 1900
Total income 2200

That gives me just 300 breathing room and I haven’t counted anything for fun or savings or emergencies.

I have a $3000 unused credit card and $15000 in the bank.

Would you move into this situation? How tight is too tight? I don’t want to touch my savings because once its gone its gone, and I don’t want to use my credit card except to pay it off each month.

have 6 months expenses in the banks and the property taxes are already figured in the mtg payment.

Answer: Too tight in my opinion! There is no money for savings or fun!

Buying a home is a good move though. You may want to wait till you make a little more or you could take a second job (or better job) to increase your income or a roommate to lower your expenses.

Your in pretty good shape, just move forward with caution.

Good Luck

Buyers rushing to get tax credit before it’s gone

Liv Mansfield is racing the clock, hoping to find and settle, or at least sign a purchase agreement, on a townhouse before the $6,500 tax credit for qualified repeat home buyers expires April 30.

Tips for Filing Taxes : Moving Expense Tax Deductions