The Federal Tax Credits Blog

Posts Tagged ‘credit’

Question: I just bought a house, how do I get the first-time home buyer tax credit?

I purchased a house recently. I met the deadlines for the tax credit; I had a signed offer before the end of April, and I closed shortly after that (deadline for closing is end of June, I believe). I filed my taxes before I bought the home. So now I’m assuming I need to ammend them. I used turbotax, can I use this same program to file the first-time home Buyers Tax Credit? Do I need any special forms? Which ones? Would you advise to possibly wait until next year and file it with my 2010 taxes?

I just need some direction… a place to start so I can get the ball rolling on getting some money back before Obama spends it all! Any resources are also appreciated. Thanks

Answer: the 4506 has to be submitted with your amendment and that form spells out the papers you need to submit with it and no this cannot be done efling, has to be manual
before he spends it all? you don’t think it has already been spent and generations down the line will pay?

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $8.07 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 The Intuit TurboTax Basic Tax Year 2010 Software automatically double-checks to help make sure your return is accurate. It features downloadable Audit Support Center, which provides guidance on everything you need to do if you are contacted by the IRS. And finally, it files your return electronically and prints it on plain paper….

Seven Ways to Make Sure You Meet Your Home Buyer Tax Credit Deadlines

Question: Is it true that you get your $8000 check in the mail 2 months after you go to close on the buy new home credit?

someone at work told me they bought a new home couple weeks ago. and went to close . he said he will receive the $8000 check in the mail in about 2 months for the new home Buyers Tax Credit. is this true. because i thought you had to put it in when you file your taxes next year.

Answer: You either have to file an amended 1040X form for your 2008 taxes or wait until you file your 2009 taxes. If he filed the 1040X, two months sounds about right.

New tax credit good news for first-time home buyers.(Business)(Taxpayers may be eligible for up to $8,000 that does not have to be paid back): An article from: The Register-Guard (Eugene, OR) $9.95 This digital document is an article from The Register-Guard (Eugene, OR), published by The Register Guard on February 26, 2009. The length of the article is 655 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: New tax credit good ne…

Rent to Own Homes Explained – Atlanta Georgia, GA

Question: If I am a college a student can I claim the college tax credit?

Hi. I am confused on the new tax credit. I am a parent, but not of a college aged student. Can you claim it for yourself or only if you are supporting someone in college? Thanks!

Answer: So you are a adult college student is that correct?
Yes you can if you are a qualifying student and meet all of the rules that you have to meet to qualify you to claim any of the education benefits that are available to you.
The eligible student is either yourself, your spouse or a dependent for whom you claim an exemption on your tax return.
Go to the www.irs.gov website and use the search box for Publication 970 (2009),

http://www.irs.gov/publications/p970/index.html

Tax Benefits for Education
American Opportunity Credit
Hope Credit
Lifetime Learning Credit
Deductions
Tuition and Fees Deduction
Student Loan Interest Deduction
Business Deduction for Work-Related Education

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Student Documentary

Question: I live in North Vancouver Canada, and my upstairs neighbor shredded my gst/hst credit check!?

My (crazy) upstairs neighbor shredded my GST/HST Tax credit BC Climate Action Tax Credit Check… what do I do!? Is there a number that I can call to have it resent? Or sent to a different address so my niehgbor doesn’t get ahold of it again?

Answer: You can call then and explain what happened – or , maybe not & just say you didn’t receive it?:
“If you have any questions at all about the GST/HST credit, you can call us toll-free at 1-800-959-1953, or you can send a letter to the tax centre that serves your area.”

Although they may say they have to wait a few months to make sure the chq wasn’t actually cashed…

The best way to make sure the next one isn’t shredded is to have it direct-deposited into your bank account. Or I guess get a mailbox somewhere else.

HST Rebates will make BC Aviation Company More Competitive

Question: filing married w 2 kids vs 3. what is the return diff?

the 2007 tax year filing married mom makes 30,000 dad makes 60,000 what is the difference in the return claiming 3 kids vs 2. Standard deductions and income credit and so on.. looking for a ballpark figure..

Answer: It will reduce his taxable by $3400. If they are paying education expenses for the third kid or the child is under 17 there could be additional deduction or credit advantage. $170 in tax reduction on up approximated with absolutely not enough information to know for sure.

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TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $8.07 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

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The Joy of Tax: Credits vs. Deductions