The Federal Tax Credits Blog

Posts Tagged ‘bookmarks’

Californians Are Missing Out On Big Tax Credits

Question: 1st time home buyers credit as a down payment?

Ok. Ive read on numerous news websites that HUD is going to allow first time homebuyers to use the credit that they were going to recieve after purchasing a house as a downpayment instead..

http://www.digtriad.com/money/your_money/article.aspx?storyid=124351&catid=248

http://rismedia.com/2009-05-16/hud-action-allows-home-buyers-to-use-8000-tax-credit-for-downpayments-on-fha-insured-loans/

but then i read on two diffrent websites that the idea has been recsinded and scrapped.

http://www.boston.com/realestate/news/blogs/renow/2009/05/not_so_soon.html

SO MY QUESTION IS, WHICH IS IT? Is this going to come into fruition or should i continue to keep saving every red cent i recieve???

Answer: A tough question in deed. I just bought my first house (about 2 weeks ago). I spoke with my CPA and he said that we could file our 2008 taxes and claim the credit – even before we closed on the house but that it wouldn’t be entirely ethical, so, we didn’t. We have since closed on the house and we need to amend our 2008 taxes in order for the government to recognize that we purchased the house and then they should send it.

My mortgage banker on the other hand swore up and down that we could get the credit before closing to apply it towards our downpayment, but I wouldn’t trust her over my CPA.

In my opinion, you should absolutley be able to use that money towards the downpayment, but unfortuantely I don’t think you can.

8000 Reasons to Buy Tax Info Part 2

Can your diet be tax deductible?

Put on some extra weight over this past Canada Day long weekend? Well, you may be able to get some tax relief to help you shed those pounds, depending on the approach you take

TYT Hour – September 24th, 2010

Question: How does re-authorizing the Patriot Act “create jobs”?? Why is it included in Dems job bill?

http://www.politico.com/news/stories/0210/32744.html

Democratic leaders are pushing a sweeping jobs bill to the Senate floor, but they have yet to forge a bipartisan deal on the Obama administration’s new top priority.

A draft of the roughly $80 billion bill, obtained by POLITICO, has a wide range of tax credits and job creation ideas, but it also includes provisions unrelated to jobs, including a reauthorization of the Patriot Act, infusion of new money to the Highway Trust Fund and extension of the so-called “doc fix.”

Answer: It creates domestic surveillance jobs. Which millions of out of work Americans will be more than happy to perform.

For any mass-scale tyranny to succeed, the population must be coerced into policing itself. Neighbor against neighbor.

With Hopes For Debt Deal Fading, Obama and GOP Look for Alternatives

The White House continues to escalate the war of words with the GOP but markets demand a deal sooner rather than later.

GGN- Economic News :: August 28, 2010

Question: Education credits for 2009 for a student who graduated their fifth year?

I graduated from High School in 2004 but just graduated from college this year. Are there any credits I can file on my taxes? I got the education credit last year and the year before but from what I’ve read it’s only for the first four years of post-secondary education. Any help?

Answer: The American Opportunity Credit is an extension of the Hope Credit. The AOC can be taken four times, whereas the Hope Credit could only be taken two times.

If on 1/1/2009 you were classified as an undergraduate, and you had not completed four years of full-time undergraduate credits as defined by your institution, then you may qualify for the AOC. You also have to be attending at least half-time and not have a felony drug conviction.

The AOC is probably going to be more valuable to you than the Lifetime Learning Credit. If you do not qualify for the AOC because you were a less than half-time, you can still get the LLC.

Pappas Details Impact of Local Government Debt on Cook County Taxpayers

Cook County taxpayers are on the hook for a staggering amount of local debt, according to figures presented by Cook County Treasurer Maria Pappas today. Cook County’s numerous local governments face mounting debts totaling more than $108 billion.

American Recovery & Reinvestment Act Survey | ARRA Survey | Liberty Tax Service