The Federal Tax Credits Blog

Archive for the ‘IRS Credit’ Category

W.Va. State Budget Weakened in February

State officials say West Virginia’s budget picture weakened by more than $31 million in February.

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Tax rule changes could impact the income tax return you’re working on

I am preparing to file my 2009 tax returns. Can you offer some pointers on making the process easier? Are there any major changes in the 2009 tax rules I should be aware of? Few things induce more anxiety…

NY Gov. George Pataki backs electric cars

Question: IRS Form 5405 Housing Credit?

Ok my wife and I are purchasing a home next month and know that we are qualified to receive the full $8000 tax credit. We have already filed our taxes this year as most people have. The question is do we just file the form 5045 when we purchase the house or do we have to wait until next year and file it with our tax returns.

Answer: File a 1040-X for your 2008 taxes. There is a good chance that it will not take the usual 8-12 week time frame. The IRS is watching for 1040-X returns that are being filed only to get the Housing Credit and is giving them priority status (to get the money into circulation ASAP as part of the Stimulus Bill).

Students & Parents Can Take Advantage of College Tax Credit

The American Opportunity Credit is offering a tax credit to students and parents help with higher education expenses. read more

IRS Self Employed Tax Deductions & Write Offs 2009, 2010

Question: 2010 Home Buyers Tax Credit?

We have lived in our house for 11 years it’s our primary residence, I want to refinancing my house as to take advantage of the $6,500.00 tax credit,

We have a house hold income of $80,000 a year do I qualify for the $6,500.00 tax credit?, and if so what date would the refinancing have to be final 4/30/10 or 6/30/10 the dates that I am reading are confusing to me.

Thanks Kristy

Answer: There is no tax credit for refinancing.
This tax credit is for current homeowners who have lived in their primary residence for 5 of the last 8 years and purchase another home.

You must be in an accepted offer to purchase by 3/30/10 and close on the new purchase by 6/30/10.

Regional Spotlight: Home Buyer Tax Credit Buoys Bay Area Home Sales as Tighter Inventory, Multiple Bids Nudge Prices …

RISMEDIA, February 2, 2010—Despite a dwindling supply of bank REOs and the ongoing presence of cash-rich investors willing to bid up prices, first-time home buyers motivated by an $8,000 federal tax credit available to those who purchased before December 1…

2010 Home Buyer Tax Credit, Extended And Expanded. Up To An $8,000 Tax Credit

Question: fiance has bad credit and a lot of debt…what should I do?

He owes about $35,000 and filed a chapter 7. He doesn’t get to keep any of his tax refund because it all goes back to the IRS. If we get married, should I have a prenup to protect myself? Will his bad credit become my bad credit also? I’m scared that I might not be able to get a car loan or school loan if I marry him. What is the best thing to do?

Answer: Any credit problems he has before you get married remain his and his alone even in a community property State.

Simply keep all of your finances separate including bank accounts and credit cards and like the other poster said file all taxes married filing separate until he gets his stuff together.

The only way his bad credit will affect you is if you two apply for credit together after your married.

Find Extra Cash By TrimmingYour Tax Bill

You can cut your tax bill for 2009 to the core by taking all of the breaks — both new and old — that you deserve.

Recovery: Vehicle Tax Deduction – January 2010 (ASL, Captions & Voice Over)