The Federal Tax Credits Blog

Posts Tagged ‘government’

Question: Bought my first house December 23 2008, is there a way to qualify for new Home Buyer Tax Credit just passed?

It seems a little unfair that since I bought my house a week before the new year I lose out on $8000 of free money. Is there a way around this since I barely missed the date(December 23 vs Jan 1)?
I know I can still get the old tax credit but it is only a interest free loan and I hate to miss out on free money.

Answer: No you missed out. I don’t think you could get any lawyer to get you that money. They have dealines and when it comes to government money they don’t bend the rules. I am afraid you are tough out of luck.

How To Avoid Medical Debt

When it comes to serious debt, medical expenses are often the culprit for putting many people deep

$8000 Tax Credit Expiration Date

Question: What is a Tax Credit, and how do I get one?

For the United States. I need this information for a family project, and I also need something to cite. Can anyone help out?

Answer: There are quite a few tax credits. These fall into two types: Refundable, and Nonrefundable. Refundable credits can lower your tax liability to below 0 so that your refund can be higher than what you put into it yourself. Nonrefundable credits never lower your tax liability below 0.

Examples of Refundable credits: Earned Income Credit, Additional child tax credit.

Examples of Nonrefundable credits: Education Credit, Retirement Savings Contribution Credit.

Look at the 2nd page of the 1040 form for more available credits — you can pull one up at http://www.irs.gov

Buchanan focuses on jobs, economy and debt

LAKEWOOD RANCH — The United States will collect $2.2 trillion in taxes this year, about $1.5 trillion less than it will spend.

Rep. Neal discusses proposed tax credit for homebuyers

Question: i forgot to claim an education credit and the additional standard deduction for my mortgage?

I did receive a refund so how do I know if these credits and deductions are refundable and will even make a difference before I actually amend (2009 taxes)

Answer: Your education is partially a refundable one so all it requires is that you have a tax bill before the credit.

There is no such thing as an “additional standard deduction.” If you are single, then the standard deduction is $5,700. If your mortgage interest, real estate taxes, charitable contributions, state income taxes, etc. don’t exceed the $5,700, that is all you get to take.

Add up your deductions, including the mortgage interest to see if it’s worth amending your return. You should seriously consider have a tax professional take a look at what you did. Your question shows that you don’t know what you’re doing. (It may hurt to hear that, but it’s the truth.)

I hope this helps.
Gary

CAC clips, 3/30/11

SIGNAL PEAK — Ken Ludwig’s side-splitting comedy “Lend Me a Tenor” takes center stage at the Don P. Pence Center for Visual & Performing Arts this Thursday to Sunday at the Signal Peak Campus.

Part 1

Question: Where can I find information on available tax credits for remodeling and providing handicap accessible housing?

We have a condo building that we are completely renovating. I would like to make some of the first floor units handicap accessible. Where can I find information on grants or tax credits for the cost of the renovation and for providing handicap accessible rental housing?

Answer: The only ones that exist are if you are also providing welfare housing, if this is not a public housing project that HUD has approved there are no credits. You are a privately held business, this is nothing more then a business expense and handled the same as any other business expense for taxes.

New Zealand Carbon-Emission Credits Gain as Weak Currency Increases Demand

Carbon-emission credit prices in New Zealand rose this week as a decline in the country’s currency, known as the Kiwi, made domestic contracts more competitive against credits sold in Europe.

Rebel Refrigeration – Replace AC Unit with Tax Credit

FDIC Proposes to Fine Republic $2 Million for RALs

The Federal Deposit Insurance Corp. has proposed a $2 million fine against Republic Bank & Trust Co. after the bank tried to coach tax preparers using its refund anticipation loan products on how to respond in case the FDIC visited them.

Tax Tips: Earned Income Tax Credit 2011