The Federal Tax Credits Blog

Archive for April, 2010

Open Houses Abound As Tax Credit Deadline Looms

Realtors say the next two weekends will be busy as buyers and sellers attempt to get deals inked before a federal tax credit expires.

Question: Who can help me with Tax Act?

Do they have a telephone number? They have up the wrong form again. Not getting the credit for the 401K, and I did the answers correct. Can some one help? Thank you.
Who Dat? Called the number, still can’t get help

Answer: (319)373-3600 They close at 5.pm today cst.I called and spoke to them last week so I know the number works for sure.

9 tips for tax season

With the April 15 deadline fast approaching, the Internal Revenue Service is offering Illinois residents nine tips for avoiding the stress that comes with filing you federal tax return at the 11th hour.

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Question: where do i get forms for insulation tax credit?

Answer: www.irs.gov but not until late December or January 2010 as the 2009 forms have not been made available yet.

Weekly Address: Recovery Act Benefiting American Families During Tax Season

WASHINGTON – In his weekly address, President Barack Obama spoke to the American people about how to take advantage of Recovery Act tax benefits ahead of Tax Day – April 15, 2010.  Largely due to the Recovery Act, the average tax refund is up nearly 10 percent this year.  One-third of the Recovery Act was made up of tax cuts – tax cuts that have already provided more than $160 billion in relief …

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Interpreting the results of the Altas report Energy savings resulting from incremental insulation and incremental solar system capacity relative to AB 1558 tax credit guidelines …

cavity wall insulation and loft insulation grants

Question: Should I be alarmed or patient about not receiving my tax credit yet?

Its been 11 weeks since I mailed my amended 1040 to receive my $8000 tax credit. I used the NIFA ABC program which requires me to pay back a small second mortgage in 16 weeks or I take a hit on my interest rate. I’ve called the hotline and checked online and they don’t have anything on my return yet. I know volumes of amended returns are probably pretty high at this point. Should I expect it to take 12-16 weeks to come?

Answer: No alarms. The current processing time is running 20 weeks. There were 2 million requests for this credit and all have to be verified due to fraud.

CAIRO (02)

news

Question: How should I spend $8000.00 on my home…?

I just recently bought a new home and am receiving the government new home buyer 8000 tax credit. My home was built in 1963 and has over 2000 square feet. The day of closing I ripped up the old carpet and swore to myself not to put carpet back in. Right now I’m living on cement slab foundation (throughout whole house). The home is pretty dated in appliances, windows, paint, tile etc…

I want to spend my money wisely so I need some suggestions. I am considering getting all new windows (17 to be exact) to hopefully make home more energy efficient (save on my electric bill), or getting new flooring (wood floors all throughout house except bathrooms and washer-dryer room, or update kitchen with new appliances and tile etc…

I am open to suggestions and ideas on what to spend the money on. I am even considering doing a little of everything as far as upgrading.
Thanks, Andy

Answer: I would say don’t be in a hurry. The longer you live there the better you will know what you really need. In the meantime go get some bids on the work you are considering, get at least three for each project and then sit down and do your own little cost/benefit analysis.

Or just make a big payment on your principal… Stick it to the bank!

Week of 4-2-10

Yard Sale. 507 5th St. 7am-4pm. 2 Families, bed, lots of stuff! Maricopa VFW Ladies Auxiliary Post 11012. 600 Hazelton St. Maricopa. Yard Sale & Raffle Drawing. Sat., Apr. 3rd 7am-3pm. Lots of good items and clothing and raffle prizes. Tickets may still be purchased at the door for $1.

Use $8000 Tax Credits for this Duplex