The Federal Tax Credits Blog

Posts Tagged ‘Energy Tax Credit’

Question: What do you think of the welfare system and all the tax credits?

First, I am not saying that getting welfare is wrong, everyone needs help at times, but people who make it a way of life.
Do you think that someone that has 5 kids, by 3 different men, only gets support for 2 of them (my brother in law) because they are married should get so much money a week.
I did the math. $700 a month for food stamps, $300 a month in WIC, $200 a month for health insurance (CT HUSKY) and energy assistance at at least $1000 per year, which is $83 a month. That is $1,283 a month is aid or $320 a week, ALL TAX FREE!
Now you add the income tax credits of over $8,000. That is another $666 a month or $166 a week, again, ALL TAX FREE!
So, my question is, if someone get monthly aid, should they also get the tax credits? Don’t they get enough tax free money each month?

Answer: I don’t really know much about tax credits, but I agree with what you’re saying. Some people really do need welfare but too many people abuse it.

Candidates for 3rd District find little common ground

On issue after issue, Republican Jaime Herrera and Democrat Denny Heck show up on op

Important Tax Law Changes Brought to You by Jackson Hewitt ® Tax Service

Question: How would solar federal tax credits benefit the owner of a S corp?

A business that puts in a solar energy system is entitled to a 30% federal investment tax credit. I am not sure if or how this could benefit owners of an S Corp.

I am also wondering the same about C corps and LLC’s?

I was told that solar tax credits would have no benefit for S corps and the like because they typically do not pay any corp income tax. I am not sure if this is true.

Thanks for any help with this.

Answer: This credit would benefit the owners of an S corp on their personal returns as their share of the credit would be passed to them on the Schedule K-1 that they would receive from the S corp.

In the case of a C corp, it would be a credit against their tax liability just like any credit.

As far as an LLC, the question doesn’t make sense since the term LLC is an adjective describing the company – it is not a form of business in itself. In other words, and LLC could be a sole propriatorship, a partnership, an S Corp, or even a C Corp.

In a nutshell, this credit, like all credits, would benefit whoever pays the taxes of the business – the C corp itself, or the owner(s) or the sole proprietorship or partnership or S corp.

• Business roundup: Cheerwine now at Sheetz

Cheerwine fountain drinks are now available at all 27 Sheetz convenience stores in North Carolina, as well as at three in southern Virginia stores. âWithin the convenience store industry, Sheetz is the retailer watched most closely; this partnersh …

Small Business Bill of Rights

Question: Can I depreciate a refridgerator I bought for my rental unit even though I didn’t finish paying it off?

I bought a refrigerator in May 2007 and have 12 months to pay it off on my Sears credit card. I’ve paid for about half of it. Even though I still have a balance, can I depreciate it in my 2007 taxes or should I be expensed because I’m paying for it on my credit card (no interest financing for 12 months)? Does it have to be fully paid off this year before I can depreciate it in 2007?

Answer: YES – you can depreciate the refrigerator in the year it was purchased regardless of your method of payment.

BUT – you should do some research and find a chattel appraiser. They can go through your entire rental property and legitimately find tons of ways to increase your depreciation for this year.

Basically they break down your asset to find the shortest life (translation – largest depreciate allowed) by ‘piece.’

I won’t try to explain it here – but search the internet for a chattel appraiser near you. They will charge you around $350 but should save you a ton on this year’s taxes.

Good luck

Plan ahead for appliance’s death

Home appliances break and wear out, and many consumers are often surprised, almost as if they expect these machines to last forever.

8035 Nova Court | North Charleston Home for Sale

Question: does a pellet stove qualify for an energy tax credit?

Answer: I don’t think it qualify but don’t take my word for it..☺

Wanted: A few good homes for pellet stove pilot program

Using a wood pellet stove as well as proper weatherization techniques could save some $900 a year, estimates Cornell Cooperative Extension of Tompkins County.

Nature’s Comfort NC-40 Pellet Stove

Police block G20 protesters; hundreds arrested

Pockets of anti-G20 demonstrations are keeping heavily-armed riot police busy around Toronto, as the number of weekend arrests linked to the protests has spiked to more than 600.

Energy Tax Credit for New Windows