The Federal Tax Credits Blog

Posts Tagged ‘free’

Question: What tax credits can a low-income student take?

My gf only worked enough last year that she made $350 for the whole year, she has gotten extra student loans so that she could pay for rent and vehicle, etc. Besides lifetime learning, hope credit, and interest deductions, is there other ways to get credits – i.e. for low income, or can her bills be counted somehow towards these ?

Answer: If she’s at least age 25, she’s probably eligible for an Earned Income Credit (EIC) of $29 – if she’s under 25 she can’t get that.

With income that low, the credits and deductions you mention won’t save her anything. She won’t owe any tax, so unless she’s eligible for EIC, the only refund she could get would be anything that was withheld for federal income tax.

Many low income Tennesseans are missing out on tax refunds

If you qualify, you receive the full amount of the earned income tax credit, not just a refund of what you had withheld.

California tax tips – Earned Income Tax Credit

Question: I bought a new Prius in 2009, so what do I need to give my tax man?

Isn’t there a tax credit for new cars? What proof do I need to show of this purchase?

Answer: Bring the invoice from the dealership.

The sales tax is deductible.

There used to be a Hybrid tax credit but I believe that it expired on the Prius.

Levins push electric car credit

Following on President Obama’s State of the Union vow to put 1 million electric vehicles on the road by 2015, U.S. Rep. Sander Levin on Wednesday introduced legislation that would boost the production and purchase of electric vehicles by expanding a federal tax credit.

Corvus Cars

Question: What are the details for the 2009 new car tax credit?

If I buy a brand new car in 2009, what kind of tax break will I get? Is it alright if the car is a foreign brand (Acura)? If purchase it out of state will I still get the tax break? Any other important information?

Answer: go here

http://www.soundmoneymatters.com/new-car-tax-credit/

Don’t overlook these tax breaks

Every year, taxpayers miss out on hundreds or thousands of dollars in tax breaks simply because they don’t know the benefits exist. “Figuring out what tax breaks are available, whether you qualify, and what forms you need can be tricky,” says Jessi Dolmage of TaxACT, makers of tax preparation software. Dolmage offers some tips for taking advantage of commonly missed deductions and credits:

Tax Break for New Car Purchases and Tax Relief for Hardworking Americans with IRS Problems

Question: Tax question on married filing separately?

I am using turbotax. Everything on the federal went fine. When I tried to fill out my KY state return it said I had missed something. It says “Form 740 Page 3: Sm Wk, In b-SP Federal AGI Enter your spouse’s adjusted gross income or zero if none to calculate family size tax credit” then when I look at the box it’s part B and says “Enter your spouse’s federal adjusted gross income, if married filing separately on a combined return or married filing separate returns and living in the same household, but not less than zero”
I don’t understand what this means. I do not speak or have contact with my ex and we have been separated for 10 months, I just haven’t had the money for a divorce. I am afraid of him, so I’m happy I got away, and I don’t want to speak to him. What do I do on this question since I can’t speak to him?

Answer: You would put 0. It is not only unknown to you, but his income did not provide any of your living expenses etc. Now, although I would call the IRS if I was you. If you have been in different households for the entire 2009 year, then I was told you can file Head of household. But the person I talked to could have been wrong, so make sure you double check with the IRS. honestly, it doesn’t take too long to talk to them, and it is free advice etc.

Stabenow: Visit to Thumb productive

By Kate HesslingTribune Staff Writer UPPER THUMB — U.S. Sen. Debbie Stabenow (D) said her Wednesday visit to the Thumb was very productive, and it showed how the area’s growers/agribusinesses are becoming national and international leaders.

How to renew your tax credits (final) video 26 – declaration (part 4 of the form)

Question: does the 2009 tax credit count toward duplexes?

Do duplexes count toward the first-time home buyer’s tax credit? If I purchase one, I would be living there for at least five years. Thanks.

Answer: Since you will only live in one-half of the duplex, only 1/2 of the purchase price counts. If the duplex costs $100,000, your credit would be a maximum of $5000.

Home prices fall in big U.S. cities

NEW YORK — Home prices are dropping in the nation’s largest cities and are expected to keep falling next year, as fewer people purchase homes and millions of foreclosures come on to the market. The Standard & Poor’s/Case-Shiller 20-city home pr …