The Federal Tax Credits Blog

Archive for February, 2011

Question: When u add a qualifying relative to your tax return, how come u cant get child tax credit.?

How come u cant get dependent care credit and earned income credit. Also will if affect what i can get for my qualifying child also???

Answer: In 2005, congress made the “qualifying child” a prerequisite for the child tax credit, dependent care credit and EIC. The rule was to simplify the claiming of these credits, but clearly if you can claim a dependent only as a qualifying relative, it isn’t so simple.

Tax tip: Advice for wary spouses – consider filing a separate return

What if your spouse ran a Ponzi scheme, reaping millions or billions, and you didn’t know it?

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

TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 The Intuit TurboTax Basic Tax Year 2010 Software automatically double-checks to help make sure your return is accurate. It features downloadable Audit Support Center, which provides guidance on everything you need to do if you are contacted by the IRS. And finally, it files your return electronically and prints it on plain paper….

Minnesota dependent care credit (House research information brief) …

Regulations provide guidance on child and dependent care credit.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on February 1, 2008. The length of the article is 4503 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: Regulations provide guidance …

Health Reform: What Employers Should Know for Now and for the Future – Part 8

Question: On this HOPE Education Tax Credit ?

I can claim tuition, like actual tuition paid by me, including student loan total ot just literal tuition out of pocket?

Answer: Tuition paid with loans is considered to be paid by you.

If you are paying your student loans now, don’t forget that you can also take the student loan interest deduciton.

Pennsylvania deficit puts spotlight on Hollywood tax credits

Supporters of the tax credit program say it substantially increased the number of films made in the Pittsburgh area and pumped $280 million into the region’s economy since 2007.

J.K. Lasser’s 1001 Deductions and Tax Breaks 2012: Your Complete Guide to Everything Deductible $9.98 A straightforward guide to taking tax breaks and deductions on your 2011 tax returnCompletely revised to reflect important changes in this year?s tax laws, J.K. Lasser?s 1001 Deductions & Tax Breaks 2012 will help you take advantage of every tax break and deduction that you may be entitled to. This comprehensive guide is clearly organized by subject matter so you can easily find situations that ma…

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Understanding Your Tax Returns: Your Tax Credits And Deductions Understanding Your Tax Returns is a new series of tax publications designed to help taxpayers across the USA. The objective of these publications is to help taxpayers to understand United States income tax code as far as Form 1040; US Individual Tax Returns is concerned. With a good basic knowledge of the tax code, taxpayers will potentially be in the position to literally increase their income ta…

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Part 3

Question: Building a house and the tax credit?

We break ground aug 10th and I am hoping we close by Dec 1st so I can qualify for tax credit, do you think this is doable? The construction company has me on their list so they are trying.

Answer: It will be close, but I’m keeping my fingers crossed for you! Schedule will be critical – drop by the job site every day to check on their progress. Also, talk to your builder to see if there are things that can be done after closing (that would fall into the warranty period) to speed up the process.

Good luck!

Tax credits and other help

FEDERAL HISTORIC REHAB TAX CREDITS * Federal tax credit equal to 20 percent of qualifying expenses. …

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How to ace an LIHTC file review.(low income housing tax credit program compliance): An article from: Journal of Property Management $5.95 This digital document is an article from Journal of Property Management, published by Institute of Real Estate Management on March 1, 1999. The length of the article is 1539 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 browse…

Major housing bill becomes law.(Briefing Book): An article from: Mortgage Banking $9.95 …

Historic renovations and the tax act of 1986 …

REP. JIM SENSENBRENNER: Green Building byMarket, Tax Credits

Question: Need Mortgage whos payment costs 42% of my monthly Income?

Is it possible to obtain a mortgage that would consume 42% of my pre tax monthly income after taxes and PMI? I currently have no debt… If so does anyone know what lenders are offering this?

I have good (730-750) credit, but only 5% down. This would be my first home so would FHA be a good option, or a private financial institute like this one http://www.hatborofed.com?

I know this is a lot of general questions in one, so any insight is appreciated. Thanks in advance, chris

Answer: With your credit scores and down payment you should be fine with an FHA loan.

By the way the rates at the website you listed are pretty high – 5% for 3 points!

Fitch: U.S. Housing Recovery May Start To Pick Up by 3Q’11

NEW YORK–(BUSINESS WIRE)–Link to Fitch Ratings’ Report: U.S. Homebuilding/Construction: The Chalk Line — Quarterly Update: Spring 2011 http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=612825 Recent U.S. housing statistics have been weak and disappointing thus far as expected, but the sector may be in for a spot of good news in the coming months …

Merchant Cash Advances Working Capital

‘Tax relief’ extended for Energy Star windows

To assist homeowners with upgrading from old, drafty windows, the federal government is offering tax credits for up to 10 percent for qualifying windows, doors and skylights.

Solar Energy – How To Use Solar Energy At Home