The Federal Tax Credits Blog

Posts Tagged ‘1’

Question: Can we take “double credit” for OUR deductions on April 15?

Since barry’s ivory tower bean counters DOUBLE COUNTED the Medicare savings, and Treasury Secretary Tim Geithner got a pass on his Turbo Tax fiasco, and the House wants to “deem” 0bamacare to have passed WITHOUT A VOTE, it seems like we should at LEAST be able to double count our deductions this year….

Answer: You can try but the IRS will slap your fingers for it.

Panel Seeks Social Security Cuts and Tax Increases

WASHINGTON — The chairmen of President Obama’s bipartisan commission on reducing the national debt outlined a politically provocative and economically ambitious package of spending cuts and tax increases on Wednesday, igniting a debate that is likely to grip the country for years.

Ark of the Covenant? Climate Change Vote Passed by House! CARBON TAX! ALERT-SEE MORE INFO!

Question: can i buy a house right now in sacramento ca with bad credit?

im thinking just like everyone else at this time, why rent when you can buy? so i really need somebody who’s got some good answers and what should i do if i want to pursue in buying a house that’s on the market right now. price range im looking at is around $0-$180,000. would you know how much i would be paying for mortgage every month as well with 3k down? my credit score is at 567 but its only because of a motorcycle loan that i had gotten for a friend and once he wrecked it, he stopped paying for it and i couldn’t keep up with it for over a few years now. but i have an auto loan out there and im doing great on it and i should be done paying off the car next year. i’ve been at my job for over 4 years and im planning on staying there. i make over 2k a month. help me please with some advice. also does the gov have any programs out there for first time home buyers right now? yeah i need the whole sha-bang. thanks in advance.

Answer: No you can’t. You can’t buy a house anywhere with bad credit. Heck, you can’t buy a house anywhere with so-so credit. You need good credit.

Secondly, the price range you are looking at is unaffordable for you. The rule of thumb is that your mortgage is no more than 2x-3x your annual salary (before taxes). If I assume that ‘over 2k a month’ is after taxes and that before taxes you are closer to 3k per month, then your annual salary is close to $35,000 a year. That means that your mortgage should be between $70,000 and $105,000.

More specifically, your mortgage payment shouldn’t be more than 28% of your gross monthly income and your total debt payments shouldn’t be more than 36% of your gross monthly income.

When you co-signed for this ‘friend’s’ motorcycle, you agreed to pay if he didn’t. You need to correct this on your credit report before you can buy a house. How much fun is that? You co-signed for this friend and now your friend is causing you to not be able to buy a house. You should thank them for that…

The government has a tax credit of $8000 for 1st time home buyers, but it expires on December 1st of 2009. You will not be ready to buy a house by that point.

good luck!

Letters to the Editor: Oct. 22, 2010

Here are letters to the editor from recent editions of the Daily News.

Wonkbook: Harry’s Reid’s busy summer; BP bankruptcy?; Bernanke’s outlook

Harry Reid has put together a packed Senate schedule for the summer, including financial reform, war funding, energy legislation and Elena Kagan’s confirmation. Meanwhile, Wall Street is starting to think about a BP bankruptcy. And Ben Bernanke is predicting an unpleasant recovery.

Senate Session 2010-04-13 (18:47:30-19:13:11)

Question: I need to purchase a home, are the mortgadge caculators accurate?

I want to purchase a home for 359,000, The mortgage calculator says my payment will be around 1780 a month on a 50 year loan with 0 down and 7 percent interest rate, is this accurate. Or is this even possible. I’m a first time home buyer and am not too familiar with all of this. My credit isnt the best but its decent. I make around 33,000 a year. Please let me know if this can happen. i would like some advise before i get to serious and get a real estate agent and come to find out i cant afford anything.

Answer: Not possible! 50 year, zero down, 7% with damaged credit? Not even last year when they were giving money away like chicklets. Save your money for a down payment and fix your credit. Plain and simple. don’t believe anything else … you are not ready to own a house yet.

Ohh, and besides, $33,000 per year cannot possibly qualify for (nor afford even if by some creative program you could qualify) a $1780 payment.

The industry needs a bit of tough love these days.

Use retirement savings to pay for home?

It’s risky to use retirement savings to create a “house rich, cash poor” status.

Small Business Lending Banking & Finance Mortgage Calculator Mortgage Loan Calculators

Do you have a Maryland Auto Insurance policy that has been cancelled? Then, there are many questions that might be coming to your mind: like why this did happen to me? And how can I avoid this happening in the future? Here are some helpful tips on how to avoid getting your auto insurance cancelled by your insurance company and what you can do about it if this happens to you.

The most common reason for being cancelled by your auto insurance company is the failure to make payments of premiums before the due date. One thing to remember is that the due date is the last day of the billing cycle. Therefore always make sure to make the payment before 12 A.M of the due date.

Once the insurance policy is cancelled, a lapse in policy is generated. The consequence is your insurance company may not cover any claims that arise as a result of an accident that occurs during the lapse period. Therefore, pay your premium immediately when you receive a cancellation notice. DO NOT DRIVE YOUR VEHICLE DURING THE LAPSE PERIOD.

The Motor Vehicle Administration (MVA) receives notices of vehicles with lapsed policies. The MVA at some point will send you a notifice of the uninsured periods of your vehicle(s). They will request that you submit a Maryland Insurance Certification (FR-19) form to certify that your vehicle was covered during the lapse period and impose a penalty in the form a fine for the number of lapse days. In some instances they may even suspend your license until the fine is paid.

One of the benefits of having a knowledgeable auto insurance agent, is that they will call to remind you of the payment due date and help you to avoid being late on your payment. When looking for a new auto insurance agent, ask them what procedures they have in place to help you avoid being dropped by your auto insurance company? Then, listen. You will know who you need to be working with to protect yourself and your family.

New York Localities Lead Municipal Market With Bond Auctions

Dec. 29 (Bloomberg) — New York state municipalities will lead sales in the municipal bond market as they auction off $36 million of securities to the banks offering the lowest interest rates.

First Time Home Buyer Video Blog