The Federal Tax Credits Blog

Posts Tagged ‘bookmarks’

Question: Can I claim a IRS deduction for costs associated with getting an RN license back after it had been lapsed?

I am looking for correct information as I have spent more than $1,300 to get my RN license back from a lapsed status to an active status. I had to take an RN Refresher course that included 10 credit hours at a local community college plus work in a hospital for 90 hours without pay. This is for tax year 2007.

Answer: I believe you may deduct all of the costs you have mentioned.
In addition, I would come up with a value for those 90 hours and deduct those as well.
The IRS is fairly liberal with the deductions it allows in connection with legitimate costs related to employment. In your case, this would also include things like shoes, uniforms, magazine subscriptions, professional association fees, charges for seminars or continuing education requirements. You might also qualify for upgrading your status, i.e. going from general RN to surgical or other specialty.

Letters to the Editor: Sept. 6, 2010

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

Recovery: Time Is Run Out – December 2009

Question: Residential Energy Tax Credit – do I qualify?

I consulted with a salesman about buying windows for my home around December 2008. The windows were installed the end of December 2008, but my first payment towards the windows wasn’t until January 2009. I am unsure if I qualify for the tax credit. Any insight is appreciated.
Can you get a credit in 2008 for new windows? I thought the credit was only implemented for 2009. Thanks!

Answer: The credit is based upon the cost of the windows only, not the labor to install them, and the date they are installed (placed in service) is what determines. So if they were installed in 2008 the tax credit would be good for 2008 tax year.

Commercial real estate failures easier to spot than residential woes

Skeletons of unfinished buildings, weed-infested vacant lots for projects that never got off the ground and for-sale signs are the more visible remnants of an overextended market caught in the jaws of the biggest financial crisis and economic downturn since the Great Depression.

Vinyl Replacement Windows

Question: Where do I find a lender that will do a bridge loan so I can use the home buyer tax credit upfront?

The US Dept of Housing and Urban Development is allowing FHA-approved lenders to develop bridge loan products that would enable a first time home buyer like me to use the home buyer tax credit upfront to cover closing costs. However, I have yet to find a lender that is participating in this.
Please be sure to proofread your answers before submitting them. It is always hard for me to understand what you are trying to say if it is full of bad grammar.

Answer: Many lenders are working on it. Most do not have their systems ready to make use of the program yet.

Clairvest Reports Fiscal 2011 First Quarter Results

TORONTO, ONTARIO–(Marketwire – 08/10/10) – Clairvest Group Inc. (TSX: CVG – News ) today reported results for the quarter ended June 30, 2010. (All figures are in Canadian dollars unless otherwise stated). Clairvest’s book value was at $291.6 million or $18.28 per share, at June 30, 2010, compared with $18.32 per share at March 31, 2010. The decrease in book value per share was attributable to …

The Mortgage Encyclopedia: The Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls, Second Edition $13.85 The bestselling one-stop guide to mortgages—updated for the post–housing crisis market! The Mortgage Encyclopedia demystifies all the various mortgage terms, features, and options by offering clear, precise explanations. Fully updated to address the new realities introduced by the housing crisis of 2007, The Mortgage Encyclopedia provides not just a complete description, but als…

Get Your $8000 Homebuyer Tax Credit NOW $9.95 Are You Deadlocked? Can’t get the cash together to buy a house? Can’t buy a house until you get your $8000 tax credit? Many people are in this Catch-22.Help has arrived! Just in the nick of time Bob Longoria, a real estate dealmaker for 40 years, will help you put your deal together in the order it will work for you.Bob shows you how to get the cash flowing to buy your house! Access assets you…

BRIDGE LOANS BRIDGING THE GAP REAL ESTATE BRIDGE

Question: REAL ADVICE PEOPLE!!!!!!!!!!!!?

OK hears the deal my grandma bought me a Nintendo ds it was 129.00 plus tax i went to summer camp and a kid went in my bag and stole it and my grandma always be talking about keeping up with my stuff and what i was going to was secretly take her credit card and buy a used one for 90.00 off Amazon do you think i should do it my grandma sends me to a private school and if i asked her to buy me a new one that would be expensive and she would get really mad and she has high blood pressure problems too just tell what would be best to do

Answer: Anything but steal her money! She will get a printout of what she spent on her credit card and when she sees the second nintendo ds payment she will be more upset than if you tell her now. I suggest telling your parents, they will understand ( if they’re good parents) and if you make a deal with them they may buy you a new one for Christmas just like your old one. You wouldn’t have to tell your grandma (and cause a fatal heart attack) and it would seem as though you never lost it in the first place.

Hope it helps =)

Kentucky Speedway Gets NASCAR Sprint Cup Race

Stock car’s top series will visit the 1.5-mile oval for a 400-mile race on July 9, 2011.

Tax Tip: Summer Day Camp Expenses — July 2010

Question: Is it good to extend my tax filing status until Oct 2009 and take the first time home buyer credit 8K ?

I am planning to buy my first home and will be closing it at the end of May 2009. I haven’t filed my 2008 taxes yet.

1)Does it make sense to ask for tax file extension and then file after I close my home in May and claim the 8K credit as well ?

2) Or am I better of filing next year and claim the 8k credit ?

Answer: You have the following options:
file 2008 returns now and amend later.
file for an extension for 2008 return
or
claim it when you file 2009 return next year.

You choose which option suits you best based on the income in 2008 and 2009. This credit is phased out for high income people, and if you fall in that category, choose the year which favors you most.

Dozens of groups in Champaign-Urbana risk IRS status

About 100 nonprofit organizations in Champaign and about 50 in Urbana are at risk of losing their tax-exempt status if they don’t file returns by Oct. 15, the Internal Revenue Service said. read more

Homebuyers Tax Credit Extension Likely