The Federal Tax Credits Blog

Posts Tagged ‘economy’

Question: timeline for previous deployed soldier to recieve the $8,000 tax credit?

My husband and I are veterans. (me for a year now and he just got out a week ago, but is in the reserves for 2 years). He left for deployment last August and returned early in June. What is the time-line for us to receive the $8,000 tax credit. I had read awhile ago that he had a years from the month he returned. Recently a broker told me we have until April 2011 to sign-off on a home and till the end of June to close. Does anyone know the specific rule on this? Where I can find it? I have done research myself but have found conflicting info and am trying to get a final answer on this to resolve my question.
I shoud say- what is the timeline of the extension of the $8,000 tax credit for deployed soldiers

Answer: Here is the IRS page which discusses the tax credit for first time home buyers including military. It says you must purchase it by April 30 and close by June 30. I hope Obama gets credit for this one which is among many bills he signed and no one talks about.

http://www.irs.gov/formspubs/article/0,,id=203083,00.html

Warehouse would employ 500

Construction on the 1.4 million square-foot facility would begin almost ‘immediately’ after city approval, official says. A huge warehouse with the promise of 500 jobs could be under construction “almost immediately” at the business park on former Bethlehem Steel land pending city approval, which could happen next week.

$8000 Tax Credit Time Line

Question: The new stimulus package and amending my taxes?

We are in the process of purchasing a new home, and the new stimulus package allows for a $8000 credit if you are a first time home buyer.. so can I go back and amend my taxes and get the new $8000 tax credit instead of the current $7500 “loan”

Answer: Yes, you’ll need to amend your taxes. But when you finance your new home, make sure that you don’t finance through a Government Housing Agency that allows you to finance with 0% down because that’s what my husband and I did and those mortgages don’t qualify for the tax credit.

Please learn from my mistake!!!!!

Senate Tax Cut Package Filled With Sweeteners, Obama Predicts Passage

The sweeping tax cut bill introduced Thursday night by Senate Majority Leader Harry Reid is chock-full of sweeteners which could serve as a legislative pacifier for Democrats outraged over the concessions President Obama has handed to Republicans. 

$8000 tax credit

Observers: Wind export law can cope with economy

Invenergy, the first wind-power company to take advantage ofNebraska’s new wind export law, has been running into some economicheadwinds recently in Virginia and other states.

President Obama Talks with Virginia Families on the Economy

Question: Why doesn’t Obama/DEMs get credit for passing 25 tax cuts to help both business & individuals?

“We were intrigued by the claim that Democrats passed 25 tax cuts last year, so we contacted the White House press office and asked for a list. And they gave us one, all from the economic stimulus package championed by Obama and signed on Feb. 17, 2009.

We checked them out, provided sections and page numbers in the stimulus for reference, and added a brief explainer for some.”

http://www.politifact.com/truth-o-meter/statements/2010/feb/02/david-axelrod/axelrod-claims-democrats-passed-25-tax-cuts-last-y/

Answer: Nobody is telling the people . They all just respond to attack ads one by one .

Obama Says He’ll Negotiate With Republicans on Bush’s Tax Cuts

President Barack Obama said he is “absolutely” ready to negotiate this month with congressional Republicans, who have hardened their stance that soon-to-expire Bush-era tax cuts should be extended for high-income taxpayers.

Marjor Garrett reports on Obama’s tax credit problem

Recession not over till it’s over

The National Bureau of Economic Research says the worst recession since the 1930s that began in December 2007 ended in June 2009. Stock markets soared. But most Americans and Main Street businesses continue to suffer severely.

Tax Deduction For Homeowners