The Federal Tax Credits Blog

Archive for the ‘IRS Credit’ Category

Know Before You File: 11 Tips to Save Taxpayers Time, Money

KANSAS CITY, MO–(Marketwire – 01/12/11) – Late passage of tax legislation and delayed processing of some tax forms may make taxpayers wonder how this tax season will differ from last season. As the IRS prepares to accept e-filed returns Jan. 14, H&R Block is taking the guesswork out of tax season by offering taxpayers 11 tips to help them navigate tax season 2011: 1. Put your 2-percent raise to …

Question: How do the different solar utility subsidy programs uniquely effect IRS Form 5695?

There are 2 different local utility subsidy programs widely available in the USA.
1. Up front Local Rebate with REC Assginment
2. Up Front Local Rebate with optional REC purchase program.

IRS guidance says I have to take my 30% residential energy tax credit on the non-subsidized system costs. However, in option 2, a utility is forcing me to assign my REC’s without a purchase agreement. As the utility has taken indefinitely the rights to my solar REC certificates as a requirement to get their “rebate” money, can I treat the rebate as a purchase of REC rights and write off 30% of total system cost?

Answer: If the utility issues you a 1099-Misc, you use the gross amount to figure your credit.
if the utility does NOT issue you a 1099-Misc, you use the net amount after subtrancting the utility rebate.

Only Four Weeks Left to Save up to $1,500 on Your 2010 Taxes

For most Americans, the holiday season means shopping for family and friends. But this year, spending a little money at home can equal big savings today, next year and for years to come.

Solar Energy – How To Use Solar Energy At Home

Bob Meighan: Year-End Tax Savings Tips

While the tax debate continues in Washington, the more immediate challenge for taxpayers is finding ways to reduce their tax bill for 2010. Fortunately, there are still some smart moves you can make now.

FCCAA seeks volunteer tax preparers

Fayette County Community Action Agency (FCCAA) Inc. is seeking volunteers for its Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs. FCCAA is hoping to recruit accounting and business students from local colleges, business schools, retirees, homemakers and other professionals who wish to join the current volunteer network. Volunteer tax preparers will be part of an …

David Duke for President? — It’s up to You!

Question: What/How do I get child tax credit?

I’m divorced and “X” and I agreed to alternate each year with the child tax credit. What is the IRS form that needs to be filled out, and where can I get more info to ensure I do it right? I assume my “X” needs to sign a document that states I get the credit this year right? and I send that in to the IRS this year. THanks for your help.

Answer: the form that “X” will need to sign is form 8332

Guest Contributor: Clarified IRS instructions to help nonprofits prepare for Nov. 15 filing

The IRS substantially redesigned Form 990, Return of Organization Exempt from Income Tax, beginning with tax year 2008. After the 2008 filing season, the IRS has expanded and clarified the instructions and reporting requirements.

TurboTax Deluxe Federal + E-file + State 2011 for PC [Download] $45.98 TurboTax Deluxe: Guides you step-by-step to maximize your deductions…

TurboTax Deluxe Federal + e-File + State 2010 – [Old Version] $3.50 The Intuit TurboTax Deluxe Tax Year 2010 Software walks you through over 350 deductions including mortgage interest, charitable contributions, education, medical expenses and more. Audit Risk Meter™ helps you reduce your chance of an audit. ItsDeductible® helps you accurately value charitable donated items. The Intuit TurboTax Deluxe Tax Year 2010 Software also guides you through changes…

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $5.50 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

J.K. Lasser’s Your Income Tax 2010: For Preparing Your 2009 Tax Return $5.00 America’s number one bestselling tax guide offers the best balance of thoroughness, organization, and usabilityFor over half a century, more than 39 million Americans have turned to J.K. Lasser for easy-to-follow, expert advice and guidance on planning and filing their taxes. Written by a team of tax specialists, J.K. Lasser’s Your Income Tax 2010 includes all the outstanding features that have ma…

PTIN: Preparer Tax Identification Number