The Federal Tax Credits Blog

Archive for August, 2010

Question: will i get working tax credits this new tax year ?

My income for my husband and i fell drastically in October 2009..with the new tax credits award pending for April 2010 will we see a change in our child tax credit award and will we now qualify for working families tax credit…just wondered because I onow they base the award on last years income but thats no help to us ..we have struggled for the last 6 months and are hoping for some more help
thanks

Answer: You should do because its year to year so if your circumstances have changed which they have and you give them a total of your income of the past year they will work it out from there.I would ring them up and ask them directly what you have to do , i would do this ASAP because you may be entitled to some help now.

Entries under “Column”

Every day tens, if not dozens, of albums are sold in record stores across America. And yet the average American musician represented by a major record label is forced to scrape by on only millions. Their only fault: Being born talented and with a marketable face.

Tax Tip: Additionall child tax credit

Question: Am I wrong for not paying taxes? Is it wrong to use loopholes? Thanks O for no income taxes last year…?

Me and my wife make 200k per year. We purchased 15 electric golf carts for $4600, and we received a tax credit of $69000. Well so far I have sold 7 of the golf carts for $4600 each on craigs list. I am confident I will sell the remainder this spring. But I have paid 69k less in taxes….. YESSSSSSSSS. I cant believe that making almost 200k in 2009, I will have to pay no taxes, legally…… I get to keep my whole 200k…..
to celebrate, I spent 38k on a platinum rolex president II…….. So glad that $ is not going to fund generational welfare….
I did not want to get into it to deep, but I did a lease – purchase with the carts

Answer: Liberals will tell you that this is all lies.
In truth liberals do not even know how to tax right.

BTW you cannot sell your electric vehicles right away and claim tax credit. But sure enough, there are slightly more complicated loopholes which work to the same effect.

New Laws Effective January 1, 2010

The following legislation will take effect beginning Jan. 1, 2010.

Golf Cart Tax Credit and the Ultimate Golf Cart Showroom

In brief: Index shows home price rise in June

In brief: Index shows home price rise in June

Davos Annual Meeting 2010 – CNBC The Next Global Crisis

Question: Why do Obamabots still believe the middle class and poor will get tax cuts?

Obama has promised everyone making under $250k that they’ll get a tax cut. We know politicians lie though, and here is an obvious example. The $1000 per child tax credit families use to put more money in their pocket will expire in 2010 and Obama has promised to not renew it. A tax credit is much better than a tax cut! In 2010 poor and middle class families will actually lose the $1000 per child credit in essence raising their taxes dramatically! Even if Obama cut their tax rate they will still lose out on more money (slight of hand/smoke and mirrors/lies/whatever you want to call it).

Answer: When the Bush tax cuts expires in 2010, everyone including those making less than $250K will enjoy a tax hike.

Not to mention the tax added to electricity, natural gas, or auto registrations.

School expenses may qualify for tax credit

With the arrival of August, families with school-aged children are paying school registration fees and starting to buy school supplies.

Individual income taxes after 2010: post-permanence-ism.: An article from: National Tax Journal $9.95 …

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

2010, 2011 child tax credit Amount

Question: Do I qualify for the 1st time home buyer tax credit?

While going through a divorce I moved from my home 8/1/06 (I have a signed lease for my new residence) and it sold 03/31/07. Since this was not my primary residence after 8/1/06, it appears I would qualify for the $8k tax credit if I purchase a new home after 08/01/09 this year? In reading the definition of 1st time homebuyer in the stimulus bill, it states “The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.”

Answer: It sounds like your primary residence became a secondary residence after 8/1/06 therefore you did not own a primary residence after that point. After 8/1/09 you may qualify for the tax credit if you buy a primary residence after 8/1/09 and before 12/1/09. Here are some FAQ about the credit for more information:

http://www.federalhousingtaxcredit.com/2009/faq.php#2

Ohio Executes Man Who Killed Two at Warehouse

Prison officials say 38-year-old Roderick Davie died by lethal injection at 10:31 a.m. Tuesday.

Garmin nüvi 265W/265WT 4.3-Inch Widescreen Bluetooth Portable GPS Navigator with Traffic $135.00 …

Definition of Income in PPACA for Certain Medicaid Provisions and Premium Credits $0.99 Under the Patient Protection and Affordable Care Act (PPACA; P.L. 111-148, as amended), the definition of income for eligibility for certain Medicaid populations and premium credits in the exchanges is based on modified adjusted gross income (MAGI). The initial intent of using MAGI was to standardize the definition of income for Medicaid eligibility purposes to reduce some of the variability and c…

Qualifying child definition amended.: An article from: Journal of Accountancy $9.95 This digital document is an article from Journal of Accountancy, published by American Institute of CPA’s on November 1, 2009. The length of the article is 542 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Qualifying child defini…

CIP addresses qualified research definition.(IRS Coordinated Issue Paper): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on January 1, 2000. The length of the article is 1240 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTit…

New Markets Tax Credit (NMTC) Basic Overview