The Federal Tax Credits Blog

Archive for the ‘IRS Credit’ Category

It’s no great secret that the homes that most prospective buyers are looking to buy are ones that they don’t feel that there is a lot of work that needs to be done in upgrading. With the available tax credits right now there are some very affordable upgrades that you can make to your home now with an eye both for saving money while you live in the home and to add value to draw in buyers if you chose to sell later on.

If your house is older than 20 years old, it might have what we would consider now to be very substandard levels of insulation. In recent years the required R-value for insulation in a home increased to much higher levels than they had been at in decades previously. If you are unsure about how much insulation that your home has you can measure the thickness of insulation in your attic and in your crawl space or basement ceiling. If you have questions regarding the recommended level of R-value that your area needs, you can look up the information at the US Dept. of Energy website.

If you need to add insulation to your attic floor or crawlspace ceiling, the easiest way to do that is with fibreglass batting. Because it comes in large fluffy pieces, it’s relatively easy to handle, though you do need to protect your skin and respiratory system from the little slivers that it can shed. Make sure that you add a vapour barrier if there isn’t one installed already that you can reuse; wet insulation doesn’t provide any protection at all.

To add insulation to the outer walls of your home it is easiest to contact a professional about having insulation blown in. This is the least invasive method of getting the insulation into your walls. Blown in insulation can have an even higher R-value than fibreglass batting if it’s installed correctly.

Remember to keep your receipts from all of your purchases; the current tax incentives will cover at least a portion of your insulation and vapour barrier costs. This can significantly reduce the cost of your project.

Having an extra layer of insulation in your home can significantly reduce the amount of heat that your home loses in the winter and also the amount of heat that is gained during the summer. Like so many other home improvement projects, this one adds value to your home while making it cheaper to live in and also makes it more appealing for prospective buyers in the future if you choose to sell.

Filing Tips for the 2010 tax season prepared by CRI

To make the 2010 tax filing season less stressful, the accounting and advisory team at Carr, Riggs & Ingram, LLC (CRI) has identified several tips to help everyone better prepare for the filing season.

Springer Tip: Insulating Your Home

Question: Insulated siding and IRS tax credit?

Does stand alone siding foam insulation, like Fullback qualified for 2009 federal tax credit?

Answer: Probably not. You must be adding to the existing insulation AND the principal purpose of the product must be insulation. Insulated siding is explicitly excluded from the credit. If you are adding insulation board under the siding where none existed previously that should qualify.

Health care deduction for retired safety employees

Q. I’ve been reading your column for several years and I don’t remember if you’ve ever addressed the health care insurance deduction for retired public safety employees (in my case, I’m a retired police officer.

USA Insulation Installation 2009

Question: Roommate opening my mail!???

We share the same first name…very diffrent last names
Isnt this illegal?….I have found out she was fired from the bank for entering customers accounts unlawfully….and she lost her job at the watch store she says for attendance but she has a shyt load of watches?

The thing that is bothering me is she opens selective mail then says it was a mistake…..bullshyt junk mail she doesnt open…anything from the IRS or credit card info she opens….

Should I report her?

Answer: It sounds like your roomy is a shady character. I would have a SERIOUS talk with her about this and give her the chance to redeem herself. If she were to do it once more then I would take legal action and report her.

‘Stoopers’ scoop up discarded winners’ slips at horse tracks

Gamblers left $2.8 million in unclaimed winnings at Pennsylvania’s horse- and harness-racing tracks last year — and that’s just what no one else picked up.

ron paul on the Irs credit card reporting

Question: Does the government put a lien on your home for the $7500 tax credit for first time home buyers?

I know the tax credit is for first time home buyers and that it is to be paid back at $500 a year for 15 years or upon sale of the home. I was told by my mortgage broker that the government actually puts a lien on your home until the credit is paid back, thus prohibiting refinancing or sale of the home. Is this correct?
Acermill, of course I expect it would have to be paid back upon sale of the home – already specified that in my details section. I was just curious if that lien would in fact be placed on the home and if so, then would it have to be removed bofore I would be able to refinance or sell the home.

Answer: The lien would not prohibit anything, you simply have to pay the balance of this at that time. You can still refi, still sell.

Greece faces big challenges in 2010

ATHENS – The debt-ridden Greek economy will confront major challenges next year, the finance minister said Thursday, at the end of a month in which the government’s credit standing suffered downgrades from all three rating agencies.

How to Take Advantage of the People Who Are Trying to Take Advantage of You: 50 Ways to Capitalize on the System $7.49 In this book, you’ll find entertaining descriptions of these major economic industries and 50 ingenious ways to capitalize on the system. Morse isn’t talking about scamming the system or doing anything questionably legal, he’s suggesting clever, time-tested, and legal techniques to help you maximize the financial benefits from companies you already do business with….

Availability of the foreign earned income exclusion, FTCs and combat pay exclusion for U.S. government contractors.(foreign tax credits): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by Thomson Gale on April 1, 2006. The length of the article is 1012 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 DetailsTitle: Availability …

Market Education: The Unknown History (Studies in Social Philosophy and Policy) $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 decli…

First Time Buyer’s Nashville Tennessee First Time Buyer Tax Credit

The drop dead date to apply to the IRS Voluntary Disclosure Program was October 15th, however U.S. taxpayers still can file a voluntary disclosure under the IRS normal procedures.

In 2009, the IRS and U.S. Department of Justice commenced its highly publicized investigation into Swiss bank UBS AG and U.S. accountholders who failed to inform them of these assets. However, the investigation did not end with UBS. The IRS has made it very public that offshore tax evasion remains a top enforcement priority. The Department of Justice has gone after taxpayers regardless of the amount even taxpayers with assets of $20,000 or less in offshore accounts.

U.S. taxpayers with offshore assets and accounts are required to disclose these interests to the U.S. government on their Form 1040, U.S. Individual Tax Returns, and file a corresponding Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). If IRS agents find out that a taxpayer has not disclosed an interest in an offshore account or income accruing on such accounts during the course of an audit, the IRS may impose harsh penalties including the greater of $100,000 or 50% of the offshore account balance for willful failure to file an FBAR for each account. These penalties, compounded with interest and fraud penalties, can essentially wipe out the taxpayers foreign assets. To make matters worse, taxpayers could be exposed to criminal prosecution and jail time for tax evasion.

In March 2009, to prod taxpayers to come forward and disclose previously undisclosed offshore accounts in exchange for minimal penalties and the promise not to refer the case for criminal prosecution, the IRS announced the creation of the IRS Voluntary Disclosure Program. As a result of pressure on UBS and other offshore institutions, thousands of U.S. taxpayers with previously undisclosed offshore accounts took advantage of the Voluntary Disclosure Program and joined before the October 15, 2009 deadline.

Despite the fact that it is too late to enter the IRS Voluntary Disclosure Program, the option to file a voluntary disclosure under the IRS normal procedures is still available. There are a plenty of advantages to filing a voluntary disclosure as it is far better to disclose to the IRS than to have the IRS discover you. As is with the Voluntary Disclosure Program, a traditional voluntary disclosure can provide taxpayers with previously undisclosed foreign accounts with a way out possibly avoiding the most severe of civil fines and criminal prosecution.

In addition, those U.S. taxpayers with undisclosed offshore bank accounts should be made very aware that the voluntary disclosure process is a comprehensive and delicate one as with all dealings involving the IRS. Extreme care must be taken in deciding on whether to file a voluntary disclosure or not. U.S. taxpayers are highly encouraged to get in touch with a tax attorney experienced in resolving disputes with the IRS as soon as possible.

For example, if a taxpayer has already been investigated and contacted by the IRS, it may be too late to file a disclosure. Therefore, time definitely plays a significant factor as the IRS continues its pursuit of undisclosed offshore account holders. The window of opportunity is closing on those who do not come forward and file to take advantage of possible reduced penalties and potential prison time. Again,it is advised that U.S. Taxpayers with undisclosed offshore accounts seek the advice of and direction of legal counsel on the matter.

IRS wants receipts, not your word, to value charitable giving

If you’re giving cash, cars or clothes, make certain to consider what will and what won’t work next April.

Recovery: Time is Running Out – December 2009 (ASL, Captions & Voice Over)