The Federal Tax Credits Blog

Posts Tagged ‘energy’

We’re back with the latest edition of BuzzWords!

This time around, we take a moment to note the passing of yet another unfortunate victim of the economic malaise affecting our beautiful island state and offer a nice little addendum to last quarter’s environmentally themed issue: hybrid rental cars here in Hawaii!

No KanDoo!

Hawaii’s newest water-themed attraction, KanDoo! Island, has gone under after only two weeks in operation. The $8 million venture came to an abrupt halt mid-August when the fledgling company, unable to keep up with operating costs, discontinued paying its insurance premiums and employees whose paychecks began to bounce a few short days before the company began laying off of all but a dozen of its 253 workers.

The enormous, 98-ton, 148-foot-long steel catamaran, once moored 3 miles off the Waikiki shoreline, now sits idle in Honolulu Harbor. Equipped with a water slide, swimming pool, sundeck, and 4 full-service bars, KanDoo! Island offered a variety of water sport activities including snorkeling, scuba diving, jet skiing, and parasailing.

KanDoo! Oahu CEO Robert Maynard plans to have the island up and running again in the future, hopefully avoiding the fate of the now-defunct Hawaii Superferry which ceased operations earlier this year.

Hybrid Car Rentals In Hawaii (Finally!)

It’ll be a little easier to go green on your next Hawaiian vacation courtesy of Enterprise Rent-A-Car, the first nationwide rental car chain to offer hybrid rentals to customers here in the islands.

For now, there are 4 locations where renters may choose from Enterprise’s fleet of hybrid cars: Waikiki, Honolulu, and Kailua on Oahu and Kahului on the island of Maui.

The 2009 Civic Hybrid and 2009 Toyota Prius are the two most popular and widely available models. Fuel efficiency-wise, the Civic Hybrid gets 40 MPG when driving in stop-and-go city traffic and 45 MPG on the highway, while the same year’s Prius does a bit better, coming in at 48 and 45 MPG, respectively.

As of this writing, Enterprise Rent-A-Car’s daily base rate for a standard hybrid like the Prius was $42.74, the same as a comparable, non-hybrid vehicle like the Chevy Malibu, making the Prius the top choice for those looking to go green while also saving a little bit of green. A larger, full-sized hybrid – Toyota Camry – could be rented for $56.99 per day, about $10 more per day than a similar model like the Nissan Altima. For $75.99 a day, about $5 less than the cost of a standard SUV, a renter could drive off in a hybrid SUV like the Ford Escape Hybrid.

And that about wraps it up for our fall edition of BuzzWords…

Until next time,

The Friendly Folks At BuzzHawaii.com Wish You Well

For solar power, a time to shine

A growing number of South Sound residents have turned to the power of the sun to help power their homes. Nineteen solar-powered systems will be on display during the 2010 South Sound Solar Tour.

Volt Redesign Revealed

Question: Do you think the government should force you to make energy saving improvements to your home?

Consider this…. if Cap and Trade is implemented and you decide you want to sell your home, would you be happy to have a government inspector do an energy audit of your house and then force you to spend the money to upgrade your house before it can be sold?

Wouldn’t you think that upgrades ought to be the buyer’s choice after they own?
Would you approve of energy saving tax credits instead of forcing a person to do this stuff? Often, people who sell homes are not in the best of financial circumstances, especially nowadays. I think of the elderly who are trying to downsize and how little income they might have.
What other alternatives can you think of to making laws like this? Or, do you think this is just fine?
You are right, some energy improvements do have tax credits, but not all and there are several restrictions involved.

Answer: By government do you mean the people living in mansions and flying around in jets? The ones that know every trick in the book to avoid taxes? Well maybe if they practiced what they preach…
Cap and Trade is a scam!

PROGRESS: Carson City rises to meet challenges

This past year has brought its share of change to Nevada’s capital, both sobering and promising. Without a doubt, 2009 saw a slew of discouraging headlines, from retailers closing shop to unemployment figures climbing into the double digits as gaming revenues slipped throughout the state. Still, many things went right in Carson City, which local leaders say could help make 2010 a year of …

Toronto Drywall Installation is Covered by Home Improvement Tax Credit

Question: Will the tax credit cause people to receive little to no refund check in 2010 when they file income tax?

I’m talking about the making work pay tax credit added to paychecks each week through the stimulus package for low income families. Sorry for not clarifying earlier.

Answer: (Almost) Everyone is going to get a $400 tax credit ($800 for married filling jointly). Your employer should withhold $400 less from your paychecks. So you pay $400 less, but get a $400 credit on your tax return and the net result is that there shouldn’t be much change in your refund amount.

The danger some people face is if they work 2 or more jobs (including having a spouse who works). If both employers assume the tax credit and withhold $400 less, you’d have $800 less withheld, but you’d only get a $400 tax credit so you’d get $400 less refund or owe $400 extra.

The 2009 stimulus is called the “making work pay” tax credit and its explained in pretty good detail on the IRS website (link below). The important thing is that there won’t be any separate checks from the IRS this time. You’ll either get your money by having less taken out of your paychecks, or by getting a tax credit on your 2009 tax return that makes your refund bigger.

Also, note this tax credit is already implemented for 2009 AND 2010. Congress would have to approve an extension in order for it to continue for 2011 and beyond.

Charitable Tax Credits For 2009 Still Possible

It is still possible for those looking to get some tax write-offs for charitable donations to get those for the final two days of the year.

Recovery: Making Work Pay-Smaller Take-Home Pay? January 2010

Question: $8000 Homeowners Tax – If I purchased a home in 2006 and refinanced it in 2009, Do I qualify for the credit?

Can I still get the $8000 first time Home Buyer credit if I purchased my home in 2006 but received a modification from my mortgage company in 2/2009 so my loan has stated over again). It has still been under 3 years that I have had the home.

Answer: Nope, sorry….

2009 in review

The down economy certainly was the biggest story of 2009, affecting everything from the housing market to auto dealerships to business closings. But it certainly wasn’t the only story out there in 2009.

Century 21 – Hints for Homeowners – NAPS-TV

Unlike traditional hot water heaters, tankless water heaters can save you from spending a large amount of money on wasted energy. Traditional water heaters require that you constantly run your energy, whether it be gas or electricity for 24 hours a day. Otherwise, your water will begin to cool off and will not remain warm enough for you to use. However, thanks to the tankless water heaters you can save a large amount of money off of your energy bills thanks to the small amount of energy that your tankless water heater will need.

Unlike a traditional water heater, tankless models use as much as 60% less than energy! This is an amazing amount when you consider the average cost to run a traditional water heater each month can be as much as $32. After your savings, you are paying as little as $12.80 depending upon how much hot water that you end up using.

One of the main reasons that you only end up paying so little for your hot water is that you are only heating water when you are using it. Another thing about newer models of tankless hot water heaters is that they hold the heat of the water much better. Sure, many of the traditional styles of tank hot water heaters are great at staying warm for a little while, however, after some time they can lose their ability to stay warm and cost you more in energy as well as time to keep the water inside warm.

While the upfront cost for a traditional water heater may be much less than a tankless model, you need to consider the overall cost of each over a longer period of time. The high upfront cost of the tankless water heater will most likely be a turn off, but you can deal with it over the longer period of time as your energy rates will be much lower than if you purchased the traditional hot water heater.

Another great thing about the tankless hot water heaters is that they are much smaller in size. This means that if any parts break, it is easier to get to and replace for your plumber. Large traditional water heater tanks can be an added cost for any home renovations that you are planning. They are not only heavy and may cost additional money to remove, but disposing of them can be a large cost as well.

Traditional water heaters might seem like something that will not cost you a large amount of money over the long haul. However, tankless models may cost more upfront, but their energy savings truly will be your savior as long as you are willing to wait a few years. Do not doubt how much money you can save with purchasing a tankless water heater!

Bunge Limited To Expand Sugar And Bioenergy Business In Brazil

Bunge Limited (“Bunge”) (NYSE: BG) today announced that it has entered into an agreement to become the 100% owner of Usina Moema Participacoes S.A. (“Moema Par”).

Get Your Share! Tax Credit Info from New York Sash