The Federal Tax Credits Blog

Archive for April, 2010

Question: One more quick question about cars auction license?

I want to get a car auction license, I want to buy maybe 2or 5 cars a years , but Florida states required this

Approval of business location by a DMV representative.
Completed application form.
Fee of $300 for each main location.
$25,000 surety bond or letter of credit.
Garage liability insurance or general liability with business policy only for VI, VA, VW, and SD. However, franchise dealer applicants must submit garage liability insurance.
Copy of lease for location or proof of ownership.
Dealer training seminar certificate.
Registration of fictitious trade name.
Copy of corporate papers.
Sales tax number.
Federal employer identification number.
Fingerprints and applicable fees. ($54.25 per person

But i dont want to buy a piece of land to make a bussiness, I know people that leave in Florida, they have a auto car auction license in they dont own a business. I am Confuse.

Answer: Unfortunately the lobbying interests of the car dealers have made it tough for anyone else to buy and sell cars. To buy in a dealer auto auction you have to be a registered dealer…that is as it should be. Dealers have made the investment of opening and operating a business and it is not right that they should have to compete with the general public when buying.

This leaves you to find your cars elsewhere…which for you is a good thing and this is why: Dealer auctions are fast moving. From the time the bidding starts on a car until it is sold is 30-40 seconds. If you don’t know what you are doing, you could lose a lot of money FAST. You should look for cars that are for sale by owner. Some are really good deals. You may have to look at ten or twenty to find one that you can make money on…but, if you want to make it that is what it takes.

Good luck

State approves changes to bonds

BATON ROUGE — Developers borrowing money through the federal Gulf Opportunity Zone Act will have access to more money in Louisiana, but less time to use it, under rule changes approved Thursday by the State Bond Commission.

Two Trillion Tons (Obama Parody)

Question: Do you have to owe taxes to get energy star credit on taxes?

It’s not giving me the credit & the only thing I can think of is we don’t owe any taxes, could this be why ?

Answer: The credit can only reduce your taxes, not give you money back if you didn’t pay any tax – if you don’t pay any for the year, no you don’t get the energy credit.

Open a window to federal remodeling tax credits

As warm weather approaches and the tax credit for energy-efficient replacement windows is in full swing, now is the perfect time to consider upgrading your home with new windows to help save on cooling costs in hot summer months, and to also save on heating costs when winter rolls around again. The tax credit for energy-efficient [...]

Energy Star Tax Credit

Question: On Arizona taxes what is a schedule?

I’m trying to get a credit for money given to public schools. I gave money to 3 different schools and there is only place to put 2 on Arizona form 322. It says to attach a separate schedule. Is that the same as another form?

Here is the form I am filling out.

http://www.azdor.gov/LinkClick.aspx?fileticket=fIy5tMQbYUA%3d&tabid=252&mid=870

Answer: No. It means a piece of paper on which you write (or type) the information for the third school. The information required is:

School district in which school is located:
Name of public school located in Arizona:
Address of school:
Amount of contributions made or fees paid to school named

For the first two schools, write the information on the form. For all remaining schools, use your own paper.

Across the USA News from every state

News from every state

Arizonas Coming Government Collapse

Question: Can I claim the First time Home Buyer Credit on my 08 return even if I havent closed on a house?

I havent closed on a house but I heard you can claim the credit on a new house purchase before July 1. I am using H&R Block Tax Cut and it asks me for a purchase date and value, etc.

I thought you could claim the credit early?? I take it I misunderstood everything?

Answer: No, you did not buy a house yet. You will be buying in 09, so it goes on 09 taxes.

You can not claim a credit “early” as it has not, and may never, occured.

Credits, increased rates change tax demographic

BARSTOW • After more than two months of preparing tax forms for residents, some local tax consultants are noticing a difference in people who have completed their forms early and those who have waited till the last minute. Because the rebates and…

Senate panel says Larry Craig acted improperly

Question: child tax credits ?

I am starting work full time, so my son has to go to nursery. How does the childcare element of the tax credits work? I know it goes to the nursery, but as it isn’t for the full amount of the fee, do i just set up a direct debit for the remaining amount?

I’m asking here in the hope that a mummy is in the same situation!

Answer: The parent who claims child tax credit gets a payment into their bank account every 4 weeks. You could set up a direct debit then for the full amount to come out of your bank when the nursery fees are due… normally 1st week of the month.

The nursery will let you know of the best payment method, mine don’t offer direct debit so i just do a bank transfer once a month for what mine and my partners childcare vouchers don’t cover.

Childcare vouchers are really worth looking into, they are deducted from your wages tax free… so you can make a really big tax saving each year.
Maj

Calendar

A book discussion on Last Child in the Woods by Richard Louv will be held from 7:30-9:30 p.m. April 8 at Elmhurst Public Library, 125 S. Prospect Ave. Last Child in the Woods is a nonfiction book about the staggering divide between children and the outdoors. Louv, a celebrated journalist and child advocate, links the absence of nature in the lives of today’s wired generations to the rise in …

Additional child tax credit Eligibility for 2009, 2010