The Federal Tax Credits Blog

Posts Tagged ‘credit’

Question: From an environmental standpoint, is it better to convert to Natural Gas from #2 Oil or Install Solar Panels?

I can only afford to do one at this point in time at my house. Financially, it is a wash (The outlay for Solar Photovoltaic is much higher but is offset by savings on my electric bill and substantial New York State subsidies & tax credits. I assume switching from oil to gas for heating is a financial wash after the up-front conversion costs). Here are the relevant facts for my house: we burn, despite all our conservation efforts, about 1600 gallons of #2 heating oil a heating season. I can fit a 4.590kW Solar Array on my roof that is expected to net 5116(kWh) a year. I already bought a Prius so don’t suggest that as a better environmental solution. Any help with this decision would be appreciated.

Answer: Solar

Energy expert advocates solar power

Solar energy expert John Thornton used his own 1963 Littleton home as an example of what solar energy can do for the homeowner’s budget and discussed “What’s New in Solar Energy?” and how to get started with a Bemis Library audience on March 14.

Twin Oaks Community Huge Solar PV Array

Question: First time home Buyers Tax Credit of $8000 for deployed military personnel?

My husband is currently deployed, and we are looking to buy a house in the near future. I’m wondering if the new first time home Buyers Tax Credit would apply to deployed military personnel who do not pay taxes due to their deployment. My husband is exempt from paying taxes during the time of his deployment. Would we still be able to take advantage of this new stimulus bill anyway? Any information in regards to this situation would help a lot. Thanks in advance.

Answer: Yes you and he could take advantage of the credit as long as you close on a house by the end of November 09.

He isn’t exactly exempt while he’s deployed, but his military pay isn’t taxed that he earns while he’s in an overall area defined as a combat area, like Iraq and Afghanistan .

Tax Refunds on Hold for Some Homeowners

(New York Times) — Taxpayers who bought a home in 2008 and took that year’s version of the first-time home buyer credit on their federal tax return may face delays in getting their refunds this year. Here’s a refresher: The earliest version of the first-time home buyer credit — for homes bought from April 8, [...]

Question: How do you find out which EV/hybrid/efficient cars get federal and California state price incentives?

I just saw a Cnet video about the Nissan Leaf, and they said the feds have a $7500 tax credit, and California and some other states offer another $5000. How do you find out what other vehicles have such deals?

Also is that just tax credit, like that’s how much less you have to pay on your taxes? Or does it actually reduce how much you must pay upfront?
Thanks. As a followup, are tax credits subtracted from the amount of taxes that you would otherwise owe (down to owing nothing), or is it like a tax rebate that you receive in full no matter how much or little you pay for taxes?

Answer: This site should tell you everything you need to know.

For example, if you bought the car today, you have to pay the full price when you buy the car and will receive the full tax credit applied to your 2010 taxes (when you file in 2011).

EDIT – It is a tax rebate that you receive in full. For example, if you do your normal taxes and are getting $500 back and you qualify for the full $7500 rebate for the Nissan Leaf, then you would get a total of $8,000 back.

Caltech gets a look at new Chevy Volt

PASADENA – Dozens of Caltech students, faculty and staff crowded the institute’s Annenberg Center Wednesday for a closer look at GM’s new extended range electric car, the Chevy Volt.

How to Charge an Electric Car

Question: How much child tax credit will i get?

I have 1 child aged 10 an ahalf months and one a few days old, me and my partner are currently unemployed i was just wondering if anyone could tell me around how much we’d recieve aweek? thanks alot xx
And can i apply online?

Answer: You need to ask this question in the UK area–at least that’s the country that it sounds like….

2011 florida legislatureTeacher tenure overhaul: How to pay for it?Opponents and some supporters worry about how state …

TALLAHASSEE — A sweeping bill that would overhaul so-called teacher tenure and salaries swept through the Florida Senate on Thursday, but even its most ardent supporters admitted it still has to clear a major hurdle: how to pay for it.

First Time Home Buyers Tax Credit Workshop

Question: Should I apply for home tax credit now that I am single, or next year after I get married?

My fiancé is a master’s student so her income is really limited (Maybe 10-12k a yr). I am making 60k a yr. I can make an amendment to last year’s taxes and apply for my home tax credit (8K) as a single person, or I can wait next year and apply as a married couple. What would bring more money?

Answer: the FTHB credit is either $7500, $8000 or $6500
you need to file for the credit in the year you buy the house, you can’t wait for another year to file
if you have filed your 2009 return and purchased the home in 2009, that is when you file for the credit, by amending your 2009 return to include it
the date of the purchase will determine what you apply for and the status you are at the time of the purchase

Tax Tip: 10 facts for mortgage debt forgiveness

If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.

What is the Marriage Penalty in the Home Buyer Tax Credit?