The Federal Tax Credits Blog

Posts Tagged ‘car purchase’

Question: Filing married for first time, husband in Army, i worked only 2 months from oct – dec 08, bought a house and?

a rv. bought the house in july 08, the rv in dec 08. im a german national and didnt have a ssn until august, then started working in oct-dec, i only paid 68 cent in state taxes haha. husbands fed taxes withheld were 1843.42, he claims 0. we got married in 07 but couldnt file together as i had no social yet. we paid 333.86 in county taxes for the house and 3427.18 in interest in 2008. we already know what we are getting back in state taxes for him, we assume i might have to pay. we also bought a new car in april/may 08, purchased on army post. we have made some home improvements (tile in dining room, patio in back, porch in front) have the receipt. what about the first time home owner credit for 7500? our 10% would be way over that so we would get the 7500 so..any estimates on how much we would get back in fed taxes or in general? thank you to whoever will answer

Answer: you are definitely going to want to talk to a professional. you have several different issues to talk about….

first: you could have filed married for 2007. you would have filed a paper return, but it would have given you a higher standard deduction. all you would have had to do is put ‘applied for’ in the part that asks for your ssn. i suggest you go back and amend the 2007 return and file married filing joint.

second: the house and the RV will prove advantageous for you this tax season. it will give you the opportunity to itemize which could be very good for you. buying the new car could help too, but a tax professional will know exactly what works for your situation.

third: the home improvements won’t be of any use until you guys sell your house. definitely keep your receipts because it will help if and when you sell the house.

In order to give you an accurate answer on what you would get back you would have to give us WAY more information… but I strongly suggest you ask around and find a tax preparer that you can go to and talk to them about all this.

if you don’t feel you can afford something like that you can always look into TurboTax. Its very easy to use and guarantees the highest refund you could get, legally. This website offers 20% off Turbo Tax. http://turbotax.intuit.com/affiliate/intuitrefer

Good Luck!!

IBM to get nearly $8M tax rebate for 600 NC jobs

RALEIGH, N.C. (AP) – An IBM Corp. subsidiary will hire 600 workers at its North Carolina campus over the next two years and could get a tax rebate of nearly $8 million while paying wages below the local average.

New Car Buyer’s Deduction

Question: What is your opinion on the presidential debate between Obama and McCain?

Obama wants to tax big oil companies, find safer ways to store nuclear waste and generate nuclear power, help auto manufactures create hybrid cars and give tax credits to those who purchase hybrids. John McCain will not tax big oil companies, believes nuclear energy is already safe and that we should build 45 more nuclear reactors in the U.S. He is willing to give $300 million to auto manufactures to create different types of hybrid cars, and will give tax credits toward renewable energy, and wants to sit down with other political leaders to set limits on carbon emissions by corporations. WHAT DO YOU THINK??

Answer: McCain because he is the best person for the job. He is experienced and will give a steady hand to the crisis which we are having right now.

We do not need a change right now.

If we allow Obama to apply his supposed changes, all it will be higher taxes, sharing a individual’s much earned wealth among others who did not really earn the wealth.

Obama wants to add more changes to the government which means bigger government. That is never a good thing because it equals to more bureaucay and control over people’s lives. Bigger government means more spending. Where will that more spending come from? Our raised taxes! There will be no taxes cut at all, just more taxes so the government can control us even more.

Our founding fathers got it right when they said to limit government powers (checks and balance), allow states’ right to decide for themselves, and not allow goverment to control the country,

McCain’s values and policy is more in line with our Founding Fathers.
McCain wants to downsize and deregulate the government because it is too big right now. This means tax cuts which means we get more money to spend thus the economy will be more stable.

Do not forget the FACT that the Democrats has been in control of the Congress for the last 4 years. Most of our problems can be blamed on the Democrats. President Bush tried to pass bills and measures in the Congress but they kept rejecting and vetoing it. Only now President Bush’s bills are getting passed because Democrats knew they made mistakes but won’t admit it and instead blame it on President Bush.

Please think for yourself and do not let Media spoon feed you. The most of the media are liberals which is why they are supporting Obama very strongly.

Take your time and read over different plans under Obama and McCain with expert’s opinions.

Doctors, lawyers, coporates, and business owners are all supporting McCain because they know that he is the best person for the job.

Even those professionals are scared of Obama getting into the White House because what Obama is asking could be the nail on the coffin that leads us to prolonged recession or to the second depression.

We do not need to change things up so quickly. We should wait out the recession then when economic starts to get going. We can consider changing things. Economic is functioning as expected.

Please consider my points and come to a decision that McCain is the best person to sit at the White House.

Do not look at age/personality instead look at experiences and actions

Tax credit may be driving home sales here

Last summer, local Realtor Bob Rose had no intention of replacing his family’s third car anytime soon.The 1997 Jeep Cherokee filled its role just fine, he thought.Rose tolerated the gas-guzzling V8′s meager 13 miles per gallon and a new $1,600 transmission, as the Cherokee’s 135,000 mile…

New: Late Show – Sen. Barack Obama