The Federal Tax Credits Blog

Posts Tagged ‘energy’

Question: energy efficiency tax credit?

I filed my 2010 taxes through turbo tax and went for the up to $1500 tax credit for replacing household windows, doors, etc. now i had a new energy efficient heat pump and outside condenser put in, it cost 5500 roughly. but all i got back from taxes was $54.00. anyone know as to why?
The heat/AC is the only thing i have done to my home. i havent replaced any windows or doors

Answer: There’s a lifetime credit amount. Your windows used up almost all of it previously

Firm harnesses ambient energy

LARAMIE – Imagine a house that has no energy bills, a house that is off the grid and powered by natural resources – sun and wind.

Understanding Geothermal Heating and Cooling with GeoComfort

Question: Is their Quote on 2009 Toyota Tacoma FAIR?

HI all, I am an new regal immigrant in US and first time trying to buy a car.
I went to Toyota and get a quote 09 Tacoma D-cab long, TRD sports w/JBL. they said base 27,075 + TRD 3,375 + Manu/Delv/Proc/Hndle Fee 795 = MSRP + ADM Fee 579.50 + Tax 7% + Title 21 = 34,073.21. They reduced it on 33,500 out-door price as they expect the rebate for 09 will probably be 1,000, but they said it depends on the market situation nex year. They can’t guarantee it. it might be 1,000, 1,500, 2,000, or nothing. if nothing, price will be + 1,000.
Because it is special order, they needed to charge me 500 deposit that time to the factory to start assenble it, and I agreed to pay. it will be ready on mid Jan 09. Could I still have a space to nego on this at the time to finally get purchase? Or is it about fair quote?
We haven’t make any documents or sign at all but paid 500 by credit card.
Please advise me.

Answer: The deal itself is probably okay. It is hard to quibble over a $1000 on a $34,000 truck. I would be more concerned that this is your first vehicle and you are paying quite a bit. I don’t know your circumstances but can you afford the payments? A lot depends on what financing is being offered. Toyota has some good rates on some vehicles but not every model. If you can get your loan through your credit union, you may save money in the long run. You have to look at the total cost not just the vehicle price.

Michael Hudson: Free Money Creation to Bail Out Financial Speculators, but not Social Security or Medicare

By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City and a research associate at the Levy Economics Institute of Bard College Financial crashes were well understood for a hundred years after they became a normal financial phenomenon in the mid-19th century. Much like the buildup of plaque deposits in human veins and arteries, an accumulation of debt gained …

Mathews Brothers Window Testing

Question: Can someone explain the apparent american infatuation with tax breaks?in light of our crumbling infrastructure?

Is there a disconnect somewhere?

depleted military, health care issues, porous border, need of renewable energy, soon to be bankrupt social security etc..
???

Do you think americans are delusional???
and believe in ignoring spending money on things that are really needed unless its just an ouright emergency and even then just pay for it on a credit card???
thanks sewious..for helping make my point…about americans being delusional. “the military and border are the only things that need our collective attention” LMAO…ROFL.
whose collective attention do other things require? Martians???

Answer: That’s because the private sector is what runs the economy, and not the government. Private spending vs. Govt spending.

Government can’t help the economy by “spending money on thigns that are really needed”. This spoiled generation always thinks there is something we NEED to buy or spend money on. The best thing government can do with the money it steals from the public is to give it back to them and let them control how it is spent, the public always does a better job spending money than the government. Did you know that out of ever dollar spent on welfare, only 20 or 30 cents actually go to those who need it? Whereas in a church, at least 90% goes to people who need it.

The only big things the government really needs to spend money on collectively is the military, schools, and roads. And even many libertarians don’t support publicly funded roads and education.

There is nothing wrong with the govt giving money back to the people, in fact it is the right thing to do. Especially when you have a government who mismanages how money is spent. The sooner the public has money to spend, the sooner the economy will get back in shape. There are also a lot of other factors, obviously, but the bottom line is businesses need buyers.

Boy Wonder

Senate votes to repeal ethanol tax credits

The Senate voted Thursday to repeal tax credits for producing ethanol, a vote that budget cutters hope will demonstrate a growing appetite in Congress to end special interest tax breaks to help reduce government borrowing.

Mayor Lewis of Gilbert, Arizona – Attracting Renewable Energy Companies -buildaroo.com

Question: Can I contract to buy my neighbor’s federal tax credit from installing solar panels on his roof?

Anyone know the IRS rules with respect to purchasing tax credits from another taxpayer?

Answer: I’m not sure why you would want to do this. It’s a tax credit, not a deduction, so would not change your tax bracket even if you could/did buy it. Usually, a contract has an advantage for both parties, and I’m not sure what each of you would gain in this case.

If your neighbor is short of cash to install a solar system, you could do an ordinary loan to him (even draw up legal documents). Your neighbor would repay you over time, either in several installments, or one lump sum. Presumably, the neighbor would have extra funds at tax time, because of the tax credit, with which to pay you. The federal credit is not refundable, so if the neighbor’s taxes do not exceed the credit, they will have to spread the credit out over several years.

All this said, financial deals gone wrong can make for horrible neighbor situations. You probably shouldn’t do it, unless you love them so much that you’d just give them the money, without expectation of being paid back.

Biz Briefs

Net Zero event set for June 17

WindEnergy 7 – WindEnergy7-com

Question: What is the best way to blend incomes and living expenses in a second marriage without hurting one another?

Each has separate financial accounts from day 1 of marriage.
One party has everything major in their name- ie. house, utilities,etc. the other does not.
Each party pays their own bills they make. ie credit cards, medical insurance, car insurance, etc..
Each party has a child each to finish supporting (college-age and high school)
Living expenses incurred to pay – house payment, all utilities, car payments, taxes, home insurance, home repairs, home appliance replacements, groceries, etc…. -
So, Who should pay – Split 50/50 or delegate which is to pay which ?

Thanks for the input!
Best thing to do is to figure out how to combine the bills where each shares equal amounts monthly to pay. Therefore, no one person is accountable for all.

Answer: Having everything split in half and separate accounts will most likely lead you to no where in the long run.

You need to have only joint household budget and bank account – where each person contribute into your joint goals. But still have separate accounts for personal expenses.

There is a good article in Money magazine a couple of month ago regarding this topic, http://money.cnn.com/2008/06/02/pf/spouse_money.moneymag/index.htm Hope it is helpful to you.

Best wishes.

UNDERNEWS – June 12, 2011

Charlie Skelton, Guardian UK – Bilderberg has had some bad ideas in its time (a European super state, anyone?) but Lord Mandelson’s nature walk has to be the worst. What were they hoping for? Had they not seen the 200 activists camped opposite the hotel gates?

Jeffrey Dittmer — I am the Michigan Earned Income Tax Credit