The Federal Tax Credits Blog

Posts Tagged ‘finance’

Question: Democrats propose tax surcharge to finance Iraq war ?

This is right out of todays headline. Now, what the hell is on the Democratic agenda??
1st , they mostly back the War. 2nd, when they see Bush’s popularity decline ( and ONLY then ) they come out like hyena’s and flip against the war. Now what do they do ?
They propose a tax surcharge to finance the war !
I’ve now lost any remaining respect and TRUST I might have had for the Idiots managing the Democratic party . These people are without conviction , committment and values !
We, the American people and our wonderful people over seas do not need this sort of vascilating bullshit !
What we need to do is to follow through with our commitment in the Middle East
Of course we need to pay the bills . Give Democrats the credit for deciding to pay the bills ?
I may have been born yesterday….but it was pretty damned early !
Hillary,if you want the job, you’ll need smart people with you. Not “D” idiots in D.C. that still suffer from the dilusion that Americans are asleep !

Answer: The Democrats are so desperate, they are proposing all sorts of goofy things to try to get people on their side. They want to bring back the draft too. They actually believe the people are so stupid as to think the Democrats are relevant. The Democrat party is dying. Since the party was taken over by the extremist leftists, they have gone from bad to terrible. Serves them right.

Credit firms may be used to catch benefit cheats

As David Cameron announces that credit ratings agencies could be used in the coalitions fight against benefit cheats, Channel 4 News looks at how the agencies may be used to save £5.2bn.

Washington State Housing Finance Commission | WAHomeowners.com

Question: 1040 Education Credit?

It looks like my girlfriend qualifies as a dependent – I paid for most of her education expenses (she is enrolled in a 2 year program at a local college) in 2009 – is there any reason I dont qualify for the education (American Opportunity) tax credit? She is a foreign student. Thanks
Not sure why she would be considered a non-resident for tax purposes, she is a resident in every other sense, and is required to file like any other resident – can someone explain?

Answer: Just cause u paid for her classes doesnt make her dependent, she should file independent. For school/tuition ONLY use the “American Opportunity Credit” form 8863. it doesn’t matter if shes foreign, it only matters what was PAID TO THE SCHOOL. The school should have sent a statement back at the beginning of this year. use this for the tuition expenses and make sure u claim it on the 8863 form. I had problems and went to the IRS and they did mine. Happy tax filing!!

Ontario’s Chartered Accountants Offer Tax Tips for Students

CAs’ Advice Designed to Help Students Save Money, Make Money

Tax Breaks for Your Education Expenses

Question: Can i take the credit of Input service tax ? ex. Service charges billed on us & telephone bills,?

Answer: Yes

You can avail the credit for input service and for the service charges billed on u and also for telephone bills
Provided u are registred with service tax.

Clairvest Reports Fiscal 2011 First Quarter Results

TORONTO, ONTARIO– – Clairvest Group Inc. today reported results for the quarter ended June 30, 2010. .

Government urged to withdraw service tax on credit cards

Making Wall Street titans liable for their ‘moral hazard’

First, let’s see wiki’s definition of moral hazard . The last paragraph seems to best sum it up: “moral hazard also arises in a principal-agent problem , where one party, called an agent, acts on behalf of another party, called the principal.

Billion Dollar Bailout

Question: Can a computer be a qualified expense for any Education Tax Credit?

Answer: No only for the American Opportunity Credit and for that credit it depends on the facts

From IRS
Q5. Does an expenditure for a computer qualify for the American opportunity tax credit?
A. Whether an expenditure for a computer qualifies for the credit depends on the facts. An expenditure for a computer would qualify for the credit if the computer is needed as a condition of enrollment or attendance at the educational institution.

http://www.irs.gov/newsroom/article/0,,id=211309,00.html

For the American Opportunity Credit only-
The term “qualified tuition and related expenses” has been expanded to include expenditures for “course materials.” For this purpose, the term “course materials” means books, supplies and equipment needed for a course of study whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance.

Sonic Foundry Reports Third Quarter 2010 Results

MADISON, Wis., Aug. 3 /PRNewswire-FirstCall/ — Sonic Foundry, Inc. (Nasdaq: SOFO), the recognized market leader for rich media webcasting and knowledge management, today announced financial results for its fiscal 2010 third quarter. Results include: Revenues of $5.6 million, a 12 percent increase from fiscal Q3 2009 revenues of $5.0 million, driven by growing demand for Mediasite RecordersGAAP …

Recovery: Education Credits – Students – September 2009