The Federal Tax Credits Blog

Archive for the ‘Education Tax Credits’ Category

Question: if i started college in december but got loan in jan does that count for 2009 or 2010 taxes?

i started university of phoenix in december and applied for loans at that time but didnt get the funds till jan 12 to pay for classes starting in december does this count for taxes this year or next year? can i use the hope tax credit for this?

Answer: I would say that would be 2010 taxes, you didn’t actually get your money until January 2010.

In ailing Nevada, Obama bets on his economic strategy

The president tries to help Senate majority leader Harry Reid convince the state’s restive voters that he deserves reelection. President Obama wrapped up a two-day sales pitch for his administration’s economic policies by pushing for a $5-billion expansion of tax credits for clean-energy manufacturing, an industry that recession-worn Nevada has clung to as a potential lifeline.

Recovery: Education Tax Credit-Claim It-Students – Jan 2010

Question: I had to file an amend to my taxes for this year because of the education credits not being allowed to be?

claimed until the 11th. How soon will i expect to get my refund? I know I get one, but I needed what money I could get earlier so I have to file an amend to get the rest. I have heard that it can take up to 10 months, but what is it realistically?

Answer: In a normal year, amended returns take 8-12 weeks.

This will not be a normal year due to 13.5 million people who just couldn’t wait for the software to be updated.

Please realize that the IRS cannot help you with the 1040X on the phone. If your income is low, you can go in person to an assistance center.

Legislation, if signed, will close doors to Internet cafes

Many lawmakers say sweepstakes games at these cafes is gambling

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Market Education: The Unknown History (Studies in Social Philosophy & Policy, No. 21) $24.95 Discontent with public education has been on the rise in recent years, as parents complain that their children are not being taught the basics, that they are not pushed to excel, and that their classrooms are too chaotic to encourage any real learning. The public has begun to reject school bond levies with regularity, frustrated by mounting education costs that are coupled with stagnation or …

How to Pay Zero Taxes, 2008 $17.95 Make 2008 the year you pay zero taxes! Fully updated to include all the latest tax law changes, How to Pay Zero Taxes outlines the easiest, most practical strategies you can use to lower your taxes this year, next year, and beyond. From converting personal expenses into business expenses to avoiding or surviving an IRS audit, Jeff Schnepper’s guide comprehensively covers more deductions than any o…

NeoVouchers: The Emergence of Tuition Tax Credits for Private Schooling $24.01 This book provides a comprehensive analysis of the structure, legality, and policy implications of tuition tax credit policies. At a time when these tax credit policies are becoming a major form of American school choice, this book offers insights into both the strengths and weakness of the approach….

Recovery: Education Tax Credit-Claim It-Parents January 10

Question: Why is the first time homebuyer 2008 tax credit limited to purchases after April?

My hubby and I purchased our first home on February 11, 2008. In the past year we have incurred many cost associated with maintaining/owning a home and were hoping the new tax credit ($7500 loan) would benefit us. Not so because it is limited to those purchased after April 8, 2008 – why? Meanwhile our home value has diminished by 15k and we are really not seeing any added benefits to being a homeowner. Perhaps we should skip out on our mortgage, go into foreclosure, maybe the bailout will help save us then! While we are at it, we’ll file for bankruptcy and let the burden of our irresponsible behavior be left to the tax payers. Why does being a honest responsible American never pay off?

Answer: The simple answer is that the tax credit was passed in April and it was intended to stimulate more activity in the housing market. Making it retro-active would do nothing to entice buyers, so they made it effective as of the date it was passed.

I feel your pain. I bought my first house in September 2007 and I don’t even want to know what its worth right now.

While you could possibly get some sort of relief if you went into default, I don’t think its the best option.

The fundamental problem is that you see your house as an investment that should always be going up, and as soon as it goes down, you get worried. The fact is that your house is a place to live. If it makes you some money, then that’s nice, but that’s not the purpose of buying a house. You still have the house you agreed to buy, your mortgage payment should be the same, so there’s nothing to complain about. Keep making your payments and keep living in your house. If you’re viewing your house as an investment, then ride out the wave and wait for things to recover, have the same long-term focus that you should have with any investment.

When Will Houses Appreciate? Not Until Supply Bloat Clears

The supply of homes for sale threatens to back up due to expiration of a federal tax credit for homebuyers. That could push out the day that homeowners will see properties consistently appreciate again. And it could further dash homebuilding.

Mission of Hope Christmas Drive 2008

Report Finds Struggling Households in Hinds County

When a man lost his job at a trucking company recently, he started having trouble covering his monthly expenses. Though he found a part-time job washing dishes at a local restaurant, it only paid a portion of his month expenses, but not his car note.

Adam Bold – Back to Basics: Rebuilding Your Personal Wealth

Question: Va Home Loan Question?

My Father just received his Certificate of Eligibility for a VA home loan. Does this guarantee him the loan? What are the next steps? Also, his credit is below average, can he use me as a cosignee if I have an above average credit score? We’re hoping to get our first house this year and take advantage of the new home Buyers Tax Credit.

Answer: No, the bank makes the loan. VA makes it possible that you don’t need a down payment (or very little) and possibly the seller can pay closing costs if written as part of the bid. There is also the VA funding fee (which can be financed)- your father will be exempt if he is receiving compensation for a service connected disability.

http://www.homeloans.va.gov/lgyfaq.htm

These FAQ’s should help.

I’m not sure about cosigning, but the loan can be put into both your names.

Few teams for home-schooled athletes

COLUMBIA — Only 15 years old, Hannah McGennis tightly clutched the MVP trophy awarded to her for exceptional play. Hannah and her team, the Central Missouri Saints, were national champions after defeating the Thesa Riders of Fort Worth, Texas, on March 20 in the girls 16-and-under National Christian Homeschool Basketball Championships title game. “Our team enjoyed it because we’re the little …

Who our tax dollars went to and WHY! – The Crisis of Credit Visualized Part 1