The Federal Tax Credits Blog

Posts Tagged ‘finance’

Question: I need to amend my 2009 taxes to claim the first time home buyer tax credit.?

Can I send in my Form 1040ez (filled with HR Block Software), Form 1040x, Form 5405, and my HUD-1? I read somewhere that you cannot claim the FTHB credit with a 1040ez but I didn’t know if that was referring only to an initial refund and not an amended refund.

Thank you.

Answer: 1040 X and it will be manual since you need to send background documents with it
if you already filed a 1040EZ you don’t need to send another one, do not, ever send a return you already filed, the only way is by 1040X

Redstone PLC – Results for the Year Ended 31 March 2011

Redstone PLC – Results for the Year Ended 31 March 2011

The R&D Tax Credit and Internal Use Software

Question: I am self employed – If i decide to work abroad (sweden) will my working families tax credit(from uk) stop ?

sorry – having a bit of a dumb moment!

Answer: yes, you would have to apply for benefits again when your in Sweden

Pera law faces more delay

The implementation of the Personal Equity Retirement Account (Pera) law is likely to be delayed further because the Bureau of Internal Revenue (BIR) fears unscrupulous people might take advantage of the law and declare themselves overseas Filipino worker (OFW) to Claim Tax Credits.

EBook International Taxation in America .mov

Question: Should people get a tax credit if they ride public transportation?

whether they own a car or not, should people who use public transportation get a tax credit? Just currious with the whole, “GO GREEN” thing, and our dependency on oil.

I asked this in another catagory, but didn’t get many answers. I would really like to know what others think. thx!!

Answer: Yes.good idea

Village news

•GWA customers may now pay their bills over the phone by calling 647-4729 from 8 a.m. to 5 p.m. Monday through Friday. Customers may still go to the upper Tumon office, open 7:30 a.m. to 6 p.m. Monday through Friday to pay by credit card, cash or check; or you may pay online: www.guamwaterworks.org (click on box Pay GWA). Call 647-2603.

State of the Union, Military Goes Green, Woolsey’s Green Home – 1.30.11

Question: How does the first time buyer tax credit work?

My fiancee and I are buying a home this year. It is our first place.
I have a few questions:

Can I apply for the 1st time buyer tax credit?

Can I receive the full $7500 or does it work on a sliding scale based on income?

How does it work with my fiancee since we are filing separately? Does only one of us claim it?

Thanks for the help.
I am aware it’s a loan. I’m just trying to figure out if I can get the full $7500 back.

Answer: The “credit” isn’t actually a credit but a loan that must be paid back over 15 years, albeit without interest. There are income limits and a fairly small purchase window that the purchase must fall within to be eligible. It’s also limited to 10% of the purchase price though with housing prices as they are in most of the country that won’t limit too many of them.

The issue on how the credit will be handled on unrelated parties buying a home together has not been addressed by the IRS as of yet. The legislation states that it may be apportioned “as the secretary shall direct” but no direction from the Secretary of the Treasury (presumably to be delegated to the Commissioner of Internal Revenue) has been forthcoming as of yet. One issue left glaringly dangling in the legislation is the MAGI cap. It’s pegged at $75k on a Single or MFS return or $150k on a joint return. Whether it would be limited to 2 x $75k on Single returns for unrelated joint buyers is unknown at present.

PM starts selling carbon tax to Australia

With parliament expected to debate the carbon tax in coming months, Julia Gillard is set to sell her plan to Australian households and businesses.

Keynesian Economics is a Failure – Why is Obama trying it again?

Question: Are there any tax credits available for home purchases in 2010?

My wife and I will be closing on our first home purchase before the end of 2010. We are first time buyers and we’re using a USDA loan. Are there any tax credits we should be aware of? I wish we didn’t miss last years $8,000 credit!

Answer: Unless you or your spouse were in the military, foreign service, or intel community and served outside of the US in the past year it’s too late for the FTHB credit. The closing date deadline was Sep 30, 2010 as long as you were under contract by April 30, 2010.

Central Jersey Police Blotter

FRANKLIN – Franklin and New Brunswick police along with the Middlesex County Prosecutor’s Officer are investigating a report of shots fire 2 p.m. Thursday, July 7 on Phillips Court in Somerset section of Franklin.

First Time Home Buyers $8000 Tax Credit JL Home Team, John Leiby