The Federal Tax Credits Blog

Posts Tagged ‘alternativeenergy’

2012 Mitsubishi i MiEV Revealed: 2010 Los Angeles Auto Show

Redesigned for North America: 2012 Mitsubishi i MiEV. | November 09, 2010 | Mitsubishi Motor Sales of America LOS ANGELES — Mitsubishi has released the first images of its North American-spec i MiEV , which will make its public debut next week at the 2010 Los Angeles Auto Show and is expected to go on sale in the U.S. next fall as a 2012 model.

bentley custom golf cart

Question: Which non profit org. would want to buy my electric cart?

i bought 2 of these for tax credit:

http://www.freeelectriccar.com/?gclid=CIX07MGX5J4CFSWlagod7C74Iw

so i basicly got them free,

i got no need for them so i want sell them,
but im only allowed to resell to a non-profit, what type of organization would want to buy them from me?

Answer: No nonprofit is going to buy them; they will likely be glad to accept a donation of either one or both.

Nissan’s All-New Electric Car Undercuts Chevy’s Volt, Is It MORE Attractive Now?

**Thanks to topneuro for the tip! NEW YORK (CNNMoney. com) — Nissan announced Tuesday that its Leaf electric car will come with a sticker price of $32,780. But after a federal tax credit of $7,500, the car will only set you back about $25,280.

To cope with the gloomy real estate market, lawmakers and businesses call out for an increase in tax credit for first-time home buyers. Right now, the tax credit is maxed at $8,000 and is expiring this coming fall. Some business groups suggest the tax credit be increased to $15,000 for first-time home buyers.

According to the National Association of Realtors (NAR), 40% of home purchases consist of first-time home buyers, a 5% increase than the historical average. The tax credit, originally part of the economic stimulus package, was introduced last July 2008 and was later expanded in February. According to some economists, the tax benefit is crucial to stimulate home buying and to stabilize prices.

The proposal to increase the tax credit includes the following:

Bernard Bauhmol, an Economic Outlook Group economist, is confident that the Congress will approve the proposal because “it’s important that housing come back” despite the fact that raising the credit will result to reduction of taxes. Meanwhile, the Business Roundtable, a group of CEOs of big companies urges the Congress to increase the tax credit to up to $15,000 and make all home buyers eligible. Realogy CEO Richard Smith thinks that the real issues are how to stimulate the “move-up market” and how to pay for it.

At the moment, the policy on tax credit does not apply to singles who earn above $95,000 per annum and couples who earn above $170,000. There are some business leaders who want these income caps removed to increase the number of eligible individuals. At the end of the day, one thing’s for sure – if these proposals were approved, more people will definitely take advantage of the expanded tax credit.

A decade of news: Property taxes, hospital sale, steel, economy are top stories in Duneland

The Top 10 new storys of the decade in Duneland and Porter County, in no particular order.

Free Electric Car Tax Credit and Car Demo!

The deadline to apply to the IRS Voluntary Disclosure Program now over; however U.S. taxpayers still can file a voluntary disclosure under the IRS normal procedures.

In 2009, the IRS and U.S. Department of Justice began its highly publicized investigation into Swiss bank UBS AG and U.S. accountholders who hid these assets from the U.S. Government. However, the investigation did not end with UBS. The IRS made it clear that offshore tax evasion is still a top enforcement priority. The Department of Justice has gone after taxpayers regardless of the amount—even taxpayers with assets of $20,000 or less in offshore accounts.

U.S. taxpayers with offshore assets and accounts are legally bound to disclose these interests to the U.S. government on their Form 1040, U.S. Individual Tax Returns, and file a corresponding Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). If IRS agents uncover that a taxpayer has not reported an interest in an offshore account or income accruing on such accounts during the course of an audit, the IRS may impose excessive penalties including the greater of $100,000 or 50% of the offshore account balance for willful failure to file an FBAR for each account. These penalties, compounded with interest and fraud penalties, can essentially wipe out the taxpayers foreign assets. In addition, taxpayers could be vulnerable to criminal prosecution and jail time for tax evasion.

The IRS announced in March of 2009 the creation of the IRS Voluntary Disclosure Program to motivate taxpayers to come forward and disclose their offshore accounts in exchange for lesser fines and the promise not to refer the case for criminal prosecution. As an outcome of the pressure on UBS and other offshore banks, thousands of U.S. taxpayers with previously undisclosed offshore accounts took advantage of the Voluntary Disclosure Program and applied before the October 15, 2009 drop dead date.

Although it may be too late to apply to the IRS Voluntary Disclosure Program, there is still time to file a voluntary disclosure under the IRS regular guidelines. There are a many positive outcomes to filing a voluntary disclosure as it is far better to disclose to the IRS than to have the IRS discover you. Almost identical with the Voluntary Disclosure Program, a traditional voluntary disclosure also allows taxpayers with previously undisclosed foreign accounts with a way out—potentially dodging the most severe civil fines and criminal prosecution.

Furthermore, those U.S. taxpayers with undisclosed offshore accounts should be aware the voluntary disclosure process is complicated and sensitive. U.S. taxpayers are encouraged to contact a tax attorney who is skilled at resolving disputes with the IRS as soon as possible to determine whether or not to file a voluntary disclosure with the IRS.

For example, if a U.S. taxpayer has already been investigated and contacted by the IRS, it may be too late to file a disclosure. Therefore, time plays a significant factor as the IRS continues its pursuit of undisclosed offshore account holders. The window of opportunity is closing on the ability to receive the reduced penalties and possible incarceration for those who file. Seeking the advice of proper counsel truly is in their best interest.

Some using tax credit to get golf carts – for free

Many are taking advantage of a loophole in a tax credit designed to encourage people to buy fuel-efficient vehicles.

Glenn Beck 20091210 Part 4/4

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Business Digest: Lee Memorial exec to receive award

John Wiest, chief financial and institutional officer for Lee Memorial Health System, will be presented the annual GEM Award by the Fort Myers…