The Federal Tax Credits Blog

Archive for April, 2010

Question: Moving back home to Canada?

I am planning to move back home to Canada after 18 years living in the United States. I only have a green card, I am not a citizen. I have been paying taxes and working my time in the United States. I am going to quit my job and look for a new one when I move up there, I only work in Retail. What do I need to do before I leave about my green card, everything else so I will not have any surprises down the road. My parents still live in the United States and I am going to get my mail delivered there. I do have a IRA and my credit cards will be paid off before I move.

Answer: You can keep your Resident Alien status active indefinitely, by simply coming into the US at least once every 6 months.

You will have to continue to pay US taxes, however. You have to file a non resident return every year, but there is an exemption for foreign income earned – it is about US$80,000 so in all likelihood you would be under that level and won’t have to pay a cent in taxes.

You also have to get a “sailing permit”, to ensure that you are cleared to stay outside the US.

GM, auto suppliers push tax credits bill

Washington — General Motors Co., CMS Energy Corp., Delta Airlines Inc. and major auto suppliers are among the companies pushing Congress this week to approve a new tax break to spur job creation and make capital improvements.

Stéphane Dion announces The Green Shift (2/4)

Question: How does the income limit work for the first time homeowner credit tax?

I know that you can receive up to $8,000 if you earn $75,000 or below, but is that $75,000 for 2008 or 2009? I am in sales and earned more than $75,000 this year, but I am assuming that I will barely skin $75,000 this year. Thanks for the help!
Also, if I bought this with my boyfriend, would we each be entitled to $8,000 or would it be split and/or pro-rated between us? Thanks!

Answer: It will be for 2009.

It is modified gross income so you will take your gross wages and subtract 401k contributions, health care premiums deducted from your check and any flexible spending contributions.

So if your gross earnings are $75,000 your modified gross income should be below that if you make any 401 k contributions or you pay for any of your health care premiums by having them deducted from your paycheck.

Expiring federal tax credit sets off rush to buy homes

Incentives that can total as much as $18,000 for first-time buyers in California if agreements are reached by Friday, April 30, have prompted a shopping boom in the Southland. The expiring federal tax credit for home shoppers has put some froth back in the Southland’s real estate market: People are ditching work to search for new digs, plundering savings for down payments and striking as fast as …

Smart Homeowners Get Qualified with David Bach

Question: Do you think that the house would had stayed in session for an energy bill. If the republicans had not ?

already taken a tax credit away from people that were going to use solar or wind. Instead the republicans were only interested in giving more money to the oil company”s. I would have gone on vacation too!

Answer: Republican Abuse -like a husband who beats his wife then turns around and blames her for making him angry. That is what it seems like to me. I actually have Republican friends who were into the Solar panel business -they are voting Independentt now.

Home tax credit deal expires tonight, but other offers don’t

Although midnight tonight is the deadline to sign home purchase contracts to take advantage of federal home buyer tax credits, there is still much more time left to take advantage of other federal credits on home-related purchases.They include 30 percent tax credits worth up to $1,500 for the purchase of energy-efficient products, including windows and doors, heating, ventilating and air …

Green Jobs Energy and Renewable Tax Credits and Rebates

Question: Does having savings effect the amount of child tax credit you get?

I currently receive CTC but will be receiving some monies due to a death of a family member.

Will this effect the amount I receive in CTC

Thank you

Answer: I don’t believe its means tested it is to do with the amount of hours you work.

New buyer tax credit deadline Friday

The Friday deadline for first-time buyers to get an $8,000 tax credit when purchasing a home has given a recent boost to Jacksonville’s housing market. And local real estate agents are not worried business will dry up when the deadline passes:…

Tax Credit Reform means savings, more accountability

Question: we are buying a house i feel like were getting ripped off..?

the house is a forclosed house they were asking $69,000 for it the bank accepted an offer of $67,900 and them pay closeing costs and they wanted a $1000 check my boyfriend has perfect credit and a good job.
well today they said we would need about $6000 at closeing for the inspecters and the taxes and fees from the morgager and stuf but i dont understand how its THAT much. the house is a manufactured home and all i thought it would be maybe a grand a or 2 thats it.
can someone please tell me what is going on am i being ripped off or what?

Answer: Call your lender. You may need $6000 at closing, this may include your down payment. Plus, your taxes and insurance fees being escrowed, recording fees, tax stamps, origination fees, documnet fees, closing attorney fees, etc…

3.5% (FHA required) of $67,900 is $2376.50, then add all your other fees.

New home sales, orders for most durable goods rise

WASHINGTON – Sales of new homes took the biggest monthly jump in 47 years in March, while orders for most large manufactured products rose by the largest amount since the recession started.

3 Bedroom 2 Bath Mobile Home For Sale In Anaheim, CA. Awesome Location…Great Community