The Federal Tax Credits Blog

Archive for March, 2010

Question: How much should I expect to pay for about 8 replacement window.?

I would like to get a low-end to middle grade vinyl replacement. I have 8 windows all sliders, one window is 9′ x 4′, and the house is brick. I know the $1500 tax credit, but would like to have an idea before I get estimates for windows and installation.

Answer: I wish you had stated size of other 7 windows – it makes a difference.
The large slider will be around $300-$500 depending on window brand.
The remaining 7 windows (normal size) should be about $150 – $200 each. Removal of old windows $ 500-$800. Installation includes capping any perimeter wood and caulking. $500-$800.
Sales tax $ 90 – $120.
If interior trim is taken off and replaced add $500.
I would guess around $ 2500 – $ 4,000
* Be sure that windows meet specs for rebates – .30 get it in writing.
These prices should include Low E Glass and also Argon filled glass.
Get several contractors to come out and give you a written quote with an exact price. Their contract should state these things:
#1. Which windows are going to be replaced. Example: Remove and replace total of 8 windows in residence. 2 in bedroom #1, 2 in bedroom
#2, 1 kitchen, 1 bathroom,1 in living room, 1 in dining room.
#2. New brand of windows are to be ___________ .
#3. These windows meet specs for Energy Credits and will be ________
in color with Low E glass and Argon gas filled.
#4. We will clean up all job related debris and haul away all old windows.
#5. The manufacturers warranty is enclosed (make sure it’s enclosed)
#6. We will obtain all permits *call you local city or county building inspector and see if this company has a city license.
#7. Enclosed is a copy of our certificate of Insurance. * This must show they have workmens compensation insurance on all workers. *Call and check on this yourself.
#8. Payment terms should be disclosed. * Do not put down more than 10%. Do not. If they ask for more than 10% simply tell them no other contractor is getting any money down for this job. Tell them you will give them 25% of total job contract when the windows are delivered to your home. Then do not pay any other payments until ALL WINDOWS are installed. Hold back 10% until everything is finished to your satisfaction. Then and only then do you pay them the balance. DO NOT PAY IN CASH. Write checks.
#9. People get taken all the time on this type work. They pay up front for the window and then the contractor might wait 2 weeks before he even orders them, using your down payment to fund another job that he is currently working on. Do Not become a victim.
#10. Contract should state that job will be started by such and such a date, and be completed in so many days. I would say 2-3 days at most for this job.
Good Luck and check references before awarding this contract

Andra Bryan Stefanoni: Pittsburg to recognize city employees, mayor

PITTSBURG, Kan. — This week will be one of recognition for the city, beginning early this morning with a scheduled recognition for employees and continuing after Tuesday’s City Commission meeting with a recognition reception for whoever is elected mayor.

958 Kevin Drive Kent Ohio 44240 $124900

Question: What is your opinion on the presidential debate between Obama and McCain?

Obama wants to tax big oil companies, find safer ways to store nuclear waste and generate nuclear power, help auto manufactures create hybrid cars and give tax credits to those who purchase hybrids. John McCain will not tax big oil companies, believes nuclear energy is already safe and that we should build 45 more nuclear reactors in the U.S. He is willing to give $300 million to auto manufactures to create different types of hybrid cars, and will give tax credits toward renewable energy, and wants to sit down with other political leaders to set limits on carbon emissions by corporations. WHAT DO YOU THINK??

Answer: McCain because he is the best person for the job. He is experienced and will give a steady hand to the crisis which we are having right now.

We do not need a change right now.

If we allow Obama to apply his supposed changes, all it will be higher taxes, sharing a individual’s much earned wealth among others who did not really earn the wealth.

Obama wants to add more changes to the government which means bigger government. That is never a good thing because it equals to more bureaucay and control over people’s lives. Bigger government means more spending. Where will that more spending come from? Our raised taxes! There will be no taxes cut at all, just more taxes so the government can control us even more.

Our founding fathers got it right when they said to limit government powers (checks and balance), allow states’ right to decide for themselves, and not allow goverment to control the country,

McCain’s values and policy is more in line with our Founding Fathers.
McCain wants to downsize and deregulate the government because it is too big right now. This means tax cuts which means we get more money to spend thus the economy will be more stable.

Do not forget the FACT that the Democrats has been in control of the Congress for the last 4 years. Most of our problems can be blamed on the Democrats. President Bush tried to pass bills and measures in the Congress but they kept rejecting and vetoing it. Only now President Bush’s bills are getting passed because Democrats knew they made mistakes but won’t admit it and instead blame it on President Bush.

Please think for yourself and do not let Media spoon feed you. The most of the media are liberals which is why they are supporting Obama very strongly.

Take your time and read over different plans under Obama and McCain with expert’s opinions.

Doctors, lawyers, coporates, and business owners are all supporting McCain because they know that he is the best person for the job.

Even those professionals are scared of Obama getting into the White House because what Obama is asking could be the nail on the coffin that leads us to prolonged recession or to the second depression.

We do not need to change things up so quickly. We should wait out the recession then when economic starts to get going. We can consider changing things. Economic is functioning as expected.

Please consider my points and come to a decision that McCain is the best person to sit at the White House.

Do not look at age/personality instead look at experiences and actions

Tax credit may be driving home sales here

Last summer, local Realtor Bob Rose had no intention of replacing his family’s third car anytime soon.The 1997 Jeep Cherokee filled its role just fine, he thought.Rose tolerated the gas-guzzling V8′s meager 13 miles per gallon and a new $1,600 transmission, as the Cherokee’s 135,000 mile…

New: Late Show – Sen. Barack Obama

Question: I’m 34 year old and start a 3 year honours degree course on Monday?

I have a 17 year old daughter who too has remained at school to further her education..I’m currently in reciept of child tax credits and child benefit for her..This past year i’ve been unable to work due to having 2 disabled ill parents so all I have been in reciept of is jobseekers allowance…I put in an application for student finances yesterday to assist with paying for my course fees…I live in private rented accomodation with my daughter but i’m unsure if I will get any financial assistance with paying my rent and council tax or will I have to pay them in full as I also have to drive 50 miles to and 50 miles from my college 3 times a week….If anyone has been in a similar situation or has any knowledge of what help is available for mature students could you please give me some useful info as i’m starting to think i’m getting out of my depth financially…Thank you

Answer: First stop should be the student money advice office at your uni as they will be able to tell you everything you need to know.

Are you a single parent? As a single parent student you cannot claim income support as they consider the maintenance loan an alternative source of income available to you wether you claim it or not. This loan is currently around £4, 500 pa. You are eligible for a parent learning allowance of about £1,500 pa. In Wales you can get a Welsh Assembly Grant that is worth up to almost £3,000 pa. You should be able to get tuition fee loans too. Most single parent FT students are eligible for housing benefit but it may not cover the rent fully. Some areas refuse this benefit but your uni finance office can fight for it for you and they will win. They know their stuff! You can continue to claim child tax credit and they told me my wages went down as nothing and student loans etc not counted tho you must inform them. You should get max amount. I’m told it’s possible to get some help from income support but you have to declare loans and I don’t know of any real person who has received such assistance. I haven’t been eligible for all of the loans etc and have managed to get by due to the help of the Uni Hardship Fund who have been fantastic. I’m only in my second year. It’s not easy but it is possible. Hardship funds can’t guarantee you money but you will be high priority as you have dependants. Some uni’s offer grants too (often around £1,000 pa) and there are sometimes bursaries that can be applied for. It all helps.

You CAN get income support for most (not all) of the summer break. You can still get child benefit. All students are exempt from paying council tax. They take into account any maintenance loan you are eligible to receive wether you apply for it or not so apply for full loans. Income support is only payable to people who have no other means of support and whilst it seems unfair to classify a loan as ‘other means of support’ that is how the law sees it. I tried fighting this to no avail.

It is possible to negotiate a slightly higher free student overdraft if you’ve been with the same bank a long time and have a good record but be very wary of their ‘student loans’ they might try and talk you into as they cost a lot in the end. My bank also upped my credit card limit to six times the amount it was when I was working!! Try to avoid using this credit and get as much assistance from your uni as you can.

I also travel 50+ miles each way 3-5 times a week and Uni Hardship Fund have helped tremendously with petrol and car maintenance costs. They are fantastic so talk to them at your uni as soon as possible.

Talk to the student money advice team about the possibility of getting some kind of disability / attendance allowance if you or your daughter are spending time looking after your parents.

US Tax Refunds Rise,

The Obama administration has announced that average income tax refunds from 2009 tax returns are up nearly 10% to just over USD3,000 because of the various tax benefits provided in last year’s Recovery Act.

Question: Info on First Time Home-buyer Tax Credit?

I am filling out the 5405 and 1040X to amend my 2008 tax returns so I may obtain the first-time home buyer’s tax credit this year. I do not qualify for the entire $8,000 because the price of the house was only $59,900 (and you may take the smaller of $8000 or 10% of the price of the home). When reading the instructions, the form said that the purchase price may included things like closing costs and the down payment.

So, if the closing costs came to around $8,000 and my down payment was $1900, do I take 10% of that total or am I looking at this wrong (and it’s just the $59,900)? I ask because what’s basically a $60,000 home will end up qualifying for about $7000 and I’m not sure if that’s right. Please let me know! Thanks

Answer: Well your downpayment is included in your purchase price, but you will be able to add your closing costs for a total of 67,900. Leaving you with a credit of $6,790.

Why were your closing costs so high?!?! Did you buy your rate down a lot? Average FHA closing costs for a par rate are around $2,800. For Conforming they’re significantly lower still.

ALDATA SOLUTION OYJ´S INTERIM REPORT JANUARY-SEPTEMBER 2010 (UNAUDITED)

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Question: if i file a 1040x to amend my taxes to add the first time home Buyers Tax Credit do they remove return cash?

just wanted to know if the irs takes back my tax return money if i do an amend to add the first time home Buyers Tax Credit. thanks!

Answer: This increases your refund.

You report the refund on line 19, but you are not paying it back.

Stoughton’s fast home selling turnover rate, fed tax credit spurs buyers

   Homes aren’t staying on the market for long as buyers go for federal tax credits and other affordable options.    The intensifying interest among entry-level buyers has brought back symptoms of an overheated market not seen in years. Many properties garner multiple offers, some of them higher than the asking price.

First Time Homebuyer and Move-Up Buyer Tax Credit Expiration – What it Means for the Market