The Federal Tax Credits Blog

Question: Me an my fiance’ just recently bought a house an put a metal roof on, how do we apply for the 1500 tax credit?

Answer: The first thing you want to find out is whether you qualify for the credit. Some good information is found here: http://www.bestbuymetals.com/metal-roofing-energy-star-tax-credits.html

1. It must be on your primary residence.
2. The metal roofing must be Energy Star rated. Ask your supplier for a Manufacturer’s Certification.
3. Talk to your financial ad visor (usually whoever will be doing your taxes).

To actually take the credit:
1. Use IRS Form 5695. 2009 – http://www.irs.gov/pub/irs-pdf/f5695.pdf
2. Take the credit for the year the roof was completed. If you finished the roof in 2009, take the credit for that tax year. If finished in 2010, wait until you are doing taxes for 2010.
3. Keep a copy of your invoice and Manufacturer’s certificate on file. You don’t actually send these in to the IRS, but you will want to keep them in case you ever get audited.

Spotlight: Leaders in Green Technology

This report highlights 46 North Bay professionals in various fields who have been leading development and implementation of environmentally sustainable technologies, such as solar electric and geothermal energy, erosion control for better stream water quality and energy-efficient construction.

Roofing Toledo Windows & Siding $1500 Tax Credit

December FOMC Minutes Are Out!

Read them below… Nothing too surprising, really. markets aren’t moving much. A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors in Washington, D.C., on Tuesday, December 14, 2010, at 8:30 a.m.

How can tax policy shape Canada’s future? – Deloitte Canada

Question: How long will it take to get refund once we file an addendum to our taxes for the home buyers credit?

Answer: FTHB credit amendments have been taking 12 to 16 weeks to process.

Harsco Reports Fourth Quarter and Full-Year 2010 Results From Operations

HARRISBURG, Pa. –Worldwide industrial services and engineered products company Harsco Corporation today reported fourth quarter and full-year 2010 results.

Vice Presidential Debate 2008 Pt 3

Dilma Rousseff Inauguration Speech: Brazil’s First Female President Addresses Congress In Brasilia (FULL TEXT)

What’s Your Reaction? U.S. Secretary of State Hillary Clinton, right, poses for a picture with newly sworn-in Brazilian President Dilma Rousseff at the Planalto presidential palace in Brasilia, Brazil, Saturday Jan. 1, 2011. Rousseff was inaugurated as Brazil’s first female president.

Retrofitting for Energy Efficiency and New Jobs

Question: I am selling my half of partnershuip and cancelling debt owed to me by the LLC – are there any tax credits?

I currently own 50% of a two person partnership organized as an LLC. As of now, the LLC owes me about $7,500 that I loaned the entity for operating capital. I am selling my share of the partnership, and as part of the sale, I will cancel the debt owed to me. Are there any tax deductions I can take for this? If so, would I file a 1099-C?

Answer: You can’t issue a 1099-C.

You might be able to take a loss on schedule D.

Changing Scene

Saratoga program adds employees

2008 Award Winner: Drive Away Hunger and Farm Credit Canada