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POLITICAL HOT TOPICS: Friday, July 9, 2010

The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world. WASHINGTON/POLITICAL For the latest political news: www.CNNPolitics.com CNN: Positions meet practicality for Tea Party candidates The handful of Tea Party-backed candidates who’ve had successful primary wins now face an ideological dilemma – and …

Home Buyer Credit Extended And Expanded

Spring Real Estate Market Roars in, but Tiptoes Out Early

Although many brokers are telling clients that prices have already hit bottom, some experts say they are still falling, and will drop yet another 5 to 15 percent by the end of next year.

Are tax credits the best way to cover the uninsured?(Pro & Con): An article from: Skin & Allergy News $5.95 This digital document is an article from Skin & Allergy News, published by International Medical News Group on April 1, 2004. The length of the article is 1024 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 Det…

Swiss and US at Tax War

Question: I know someone who lied on their tax return to get the new housing tax credit!?

I know someone who lied on their tax return to get the new housing tax credit. The rules state that you must have purchased the home between April 08 and some time this year. They purchased their home in Jan. 08 and when they went to file their taxes the person who did them did not verify the actually date so they lied and told them a date that would qualify them for 6,000 dollars. Do you think they will get audited? They are going around telling everyone how they screwed the government and are getting an extra 6,000 dollars back.

Answer: Not smart. If they get caught they could get jail time. Plus have to pay back the money with interest!

Ethanol tax Credits Face Stiff Fight

The fight for an extension of the 45-cent ethanol blenders tax credit is likely to intensify, the St. Louis Post-Dispatch said, as a coalition of ethanol opponents has dug its heels in to end the credit that expires at the end of 2010.

JK Lasser’s Small Business Taxes 2010: Your Complete Guide to a Better Bottom Line (J K Lasser’s New Rules for Small Business Taxes) $9.75 The tax facts and strategies that every small business owner needs to know Written in a straightforward and accessible style, this reliable resource offers a complete overview of small business tax planning and provides you with the information needed to make tax-smart decisions throughout the year. Focusing on strategies that help you use deductions and tax credits effectively, shield bus…

JK Lasser’s New Rules for Estate and Tax Planning (J.K. Lasser) $10.53 A complete guide to planning an estate under today’s tax rules When it comes to your estate-no matter how big or small it may be-you shouldn’t leave anything to chance. Proper planning is necessary to protect both your assets and your heirs. Experts Stewart Welch III, Harold Apolinsky, and Craig Stephens know this better than anyone else, and in the Third Edition of J.K. Lasser’s New Rules for …

Implementation issues for the Mexican nonresident income tax.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on April 1, 1995. The length of the article is 1300 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.From the supplier: US…

Tax Law, Real Estate & Credit Tips : Rules for Filing Chapter 13

Question: 2010 child tax credit?

I’m sooo confused!!
I’ve been told that this year low income families will be eligible to receive $3,000 from the child tax income credit. Yet I can’t find anything on-line about this & knowing little to nothing about taxes to begin with I’m just going around in circles.
I’m 23, a single mom, live in Michigan, and had my son in January but have only worked 4mos this year earning approximately $2,500. Do I qualify? What am I looking at getting back? I know it’s a little early to be worrying about this but again, I live in Michigan & knowing the kind of money that I’m looking at having is essential to my survival. Does anyone do taxes for a living or is familiar with the rules & regulations regarding this years taxes?
Please help!
I expected that what I was told was wrong. It sounded absurd. However, I’ve heard it from about 4 people & it really started to pique my curiosity.
Although none of those people have kids. Haha

Answer: the child credit for 2009 is $1000 and applies to your tax liability(and yes, your sources don’t know what they are talking about)
if you have none it is not used
you may be entitled to the EIC, if you had earned income and with a child in your home under 17, if this applies to you then you possibly will be eligible for ‘additional child credit’(which is the remainder of the $1000 that wasn’t used to reduce your tax liability)

Government/Regulations: Related News

12/28/2009 – Senate Tables Biodiesel Tax Credit Extension Beyond Expiration Date The Senate has decided to table the consideration of an extension to the biodiesel tax credit until early next year, a move that has biodiesel producers up in arms, as the current tax credit expires Dec. 31….

Home Buyer Tax Credit New Rules

Question: Will they change the first time home-buyer tax credit?

What do you people think, will they increase the first-time home buyer tax credit with the new stimulus packages (if it ever actually gets passed)?

If they do, I bought my first house on January 23, would I still qualify for the larger amount even though I closed before the law passed?

I’m waiting on them to figure that damn thing out so I can file my taxes.

Answer: I just read that they may not include that credit after all… It’s a way to cut some of the unnecessary stuff out. (go figure, something that would help real people) I don’t have a good answer for you, because I am wondering the same thing. I bought in December.

The original plan is a $7500 tax credit for people who buy your first home between April 8, 2008 and before July 1, 2009. It must be paid back over 15 years.

The stimulus package was supposedly going to make it a true credit vs. a loan. Keep your eye out for details just in case it goes through. Then it would be worth taking.

Or, put the $7500 into a savings account that earns 3% for 15 years. Take 500 out per year to pay it back. At the end, you will have approximately $1761 paid to you in interest.

Michigan continues tax credit for donated vehicles

Michigan motorists who donate vehicles to charities can continue claiming a state tax credit.

JK Lasser’s Small Business Taxes 2010: Your Complete Guide to a Better Bottom Line (J K Lasser’s New Rules for Small Business Taxes) $9.75 The tax facts and strategies that every small business owner needs to know Written in a straightforward and accessible style, this reliable resource offers a complete overview of small business tax planning and provides you with the information needed to make tax-smart decisions throughout the year. Focusing on strategies that help you use deductions and tax credits effectively, shield bus…

JK Lasser’s New Rules for Estate and Tax Planning (J.K. Lasser) $10.53 A complete guide to planning an estate under today’s tax rules When it comes to your estate-no matter how big or small it may be-you shouldn’t leave anything to chance. Proper planning is necessary to protect both your assets and your heirs. Experts Stewart Welch III, Harold Apolinsky, and Craig Stephens know this better than anyone else, and in the Third Edition of J.K. Lasser’s New Rules for …

J.K. Lasser’s 1001 Deductions and Tax Breaks 2010: Your Complete Guide to Everything Deductible $11.05 A straightforward guide to taking tax breaks and deductions Completely revised to reflect important changes in this year’s tax laws, J.K. Lasser’s 1001 Deductions & Tax Breaks 2010 will help you take advantage of every tax break and deduction you may be entitled to. This comprehensive guide is clearly organized by subject matter so you can easily find situations that may apply to you…

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Understanding the First Time Homebuyer Tax Credit