The Federal Tax Credits Blog

Posts Tagged ‘federal’

Question: In Florida, can I claim my school expenses like books, calculator, etc as deductions on my taxes?

I’m a full time student and I would like to know whether or not I can claim my books and other school expenses as deductions for my income tax return. I’ve qualified for the hope credit over the past few years as well, but I’m not sure if is still available this year. Does anyone know what the guidelines are or of any other education related credits that I am eligible for? I am a 26 year old independent male, no children, and a full time student of senior status pursuing my Bachelor of Computer Science at an accredited public university. I could seriously use the money, so please don’t hold back on suggestions. Thanks to all in advance!

Answer: The Hope credit was only good for you to get for two years unless you were in a disaster zone.

It’s gone now anyway, and replaced by something called the American Opportunity credit. The Hope Credit was only for tuition and fees, but the AOC also allows required books and supplies. A calculator might be a stretch, but your required textbooks can be included. You can claim AOC for up to four years, including the years you claimed the Hope credit. AOC is good only for undergrad students.

There are a few additional restrictions. See IRS Publication 970 for more info. If you aren’t eligible for AOC you’d probably be eligible for a LIfetime Learning credit for tuition and fees only, not books.

Banks say thanks for the credit

OUR national credit card debt is almost $50 billion, and we’re paying interest on $36 billion. How do we cut it?

Austan Goolsbee & the Tax Cut Calculator

Over at Legislature: Hansen asks for DOR audit (UPDATED)

Sen. Tom Hansen has asked the Legislative Performance Audit Committee to perform an audit of the Nebraska Department of Roads, and the committee chairperson has agreed to place the request on their agenda for review and discussion.

TYT Episode For January 21st 2010

Question: Can I write off the purchase price for my car on my taxes?

Here is the deal: I am self employed but work only at one location consistently and with a set schedule. I bought a car in 2008 for $8,000. (I payed the car with a credit card so I am the full owner–there are no monthly payments other then to a credit card that you obviously can’t write-off). I use this car 80% of the time for work purposes: To get me to and from work along with some very low mileage mailing and packaging runs weekly. Maybe 20 miles a week for this in addition to the 50 miles weekly in commute time. (I am justifying why this is a work car).

Can I write this vehicle off — and if so, — what percentage of the purchase price for my 2009 federal taxes?

Thanks.
I meant for 2008 taxes.

Answer: You can depreciate the car over 5 years as a business expense, to the extent that the mileage was business related. Driving to and from your work location is commuting and is therefore NOT business related so does NOT count. You can take the percent of the depreciation that is used for the “very low mileage mailing runs”. You are probably better off taking the standard per mile deduction.

The Price Isn’t Right

For the last two years now, reports have said the same thing with such regularity that they’ve ceased to even make headlines: The housing market is in freefall, except around here. The end of May, however, saw the release of perhaps the most eye-popping finding yet.

Tesla Sedan Unveiled! Tesla Model S Hits the Road

Question: A list of all homeowners and home buyers tax credits?

I am buying a home in California. It is scheduled to close this month. I know I am eligible for the $8000 tax credit. I also know that there are homeowners tax credits out there such as a credit of up to $1500 (30%) for making the home more energy efficient such as installing new windows.

Are there any Other Tax Credits that I should be aware of? I am looking at doing a lot of work on the house and

Answer: If you plan on purchasing energy efficient windows this year then you may be able to take advantage of a great new tax credit. This credit will be applied against any new window purchasing during the upcoming tax year that qualifies as energy efficient. You could receive a tax credit for up to 30% of your window purchase that caps out at a $1,500.00 credit. The windows must be used from January 1st, 2009 through December 31, 2010 The windows must meet federal guidelines to be considered energy efficient.

New doors, or skylights may qualify as well.

There are a lot of new credits out there but these are about the only relating directly to home improvements and home purchases. Remember that new credit of $8,000.00 must be repaid over the next 15 years. It is essentially an interest free loan.

Lawmakers support renewables, energy efficiency

Nevadans who buy energy-efficient houses will get big tax breaks under a proposal that won unanimous approval Friday in a key Senate committee.

Energy Tax Credit.flv

Letters about candidates, issues on the May 14 ballots

Fort Worth mayor’s race

Short Sale – Expert to Negotiate Loan Modification and Short Sale