The Federal Tax Credits Blog

Posts Tagged ‘creditreport’

Question: 2009 $2500 Tax Credit for college students, can someone explain please?

I am graduating in May 2009 (this year) and I heard about the $2500 tax credit. How does this affect me and will I get any $$ out of this? I am really confused, i keep hearing different explanations! I have taken out private and student loans, work in a work study program, and am a dependent of my parents ( though i’ve paid for college myself). thanks!

Answer: If you aren’t claimed on your parent’s taxes and file your own taxes, you will be able to take the tax credit for 2009. Tax credits are subtracted directly from the tax a family or student owes. You had to have made enough to be taxed $2500 in order to benefit from this credit.

Hope this helps!

“What I Like About My School”: Nonpublic school students speak

Question: I bought a new Prius in 2009, so what do I need to give my tax man?

Isn’t there a tax credit for new cars? What proof do I need to show of this purchase?

Answer: Bring the invoice from the dealership.

The sales tax is deductible.

There used to be a Hybrid tax credit but I believe that it expired on the Prius.

Levins push electric car credit

Following on President Obama’s State of the Union vow to put 1 million electric vehicles on the road by 2015, U.S. Rep. Sander Levin on Wednesday introduced legislation that would boost the production and purchase of electric vehicles by expanding a federal tax credit.

Corvus Cars

Question: No cash, no credit, no problem?

The federal government will fund your new car purchase so that you are able to get rid of your current gas guzzler.

I wonder if the promised $4500 is an advance on future income taxes like the tax rebate was. I also wonder who would be qualified for the car vouchers.

Answer: Sweet, more government takeover of private industry! I’m sure the voucher will only be good towards the purchase of a GM car. I mean, now that the government has control of GM, the next step is to put Toyota and Honda out of business, right?

Stocks, U.S. Futures, Commodities Rise on Economy; Euro Weakens

Stocks gained, driving Europe’s benchmark index toward a two-year high, and U.S. index futures and commodities advanced after improving data on the American, Australian and Japanese economies. Treasuries rose, with the 10- year yield falling from a six-month high, and the euro weakened.

Officially New 2010 Tesla Roadster Sport @ Toronto AutoShow

Question: Claimed eic when not my turn due 2 agreement with ex wife, now she wants to turn me in for fraud?

we share placement and custody WITH current mediation agreement, has us splitting time 50/50

in wisconsin, according to agreement we take turns with claiming as dependentWe had verbal agreement to allow me Child Earned income credit, and got along peacefully most of 2009. Agreement was due to many favors and loans i provided. I filed my taxes a week ago and already got my money. Now she is mad and threatening to turn me in for EIC or tax fraud!!!!

I am aware we have no written agreement, and if taken to court for EIC issue, i would lose.

I have no previous tax issues, and this was just a verbal agreement gone bad due to my new relationship…

This was absolutely no flagrant violation, except for my stupidity not to get it in writing. what will happen? Will she have to tak me to court or does IRS pay her too, and make m pay them back….

please hlp.

Answer: If you filed for a credit that you were not eligible to receive, you will have to pay back any money you received as a result. The IRS will not mediate in disputes such as these, but they will come after you for fraud if you don’t have your ducks in a row. And in the future, get these agreements in writing and give them to your attorney. That way, it won’t come back to bite you.

South Florida power broker Mendelsohn pleads guilty to tax evasion and wire fraud

Political fundraiser paints damning portrait of legislators Broward political fundraiser and power broker Dr. Alan Mendelsohn offered Thursday a damning portrait of the way the state Capitol works, naming names as he pleaded guilty to a federal criminal charge.

Boustany Highlights Potential Fraud in First-Time Homebuyer Tax Credit

Question: If my wife and I purchased a new home in June 2009, does the new tax credit recently passed benefit us?

We did live more than 5 years in previous home. Is this retroactive?

Answer: No, the new law wouldn’t apply to you. If you were a first time homebuyer, then the prior law with a credit of 10% of the purchase price up to $8000 max credit would apply. If you aren’t a first time homebuyer, then no you aren’t eligible.

Housing-Market Bust Is Changing Buyer Behavior

Typical buyers intend to live in their home for 10 or 15 years: NAR.

1st Time Home Buyer Tax Credit