The Federal Tax Credits Blog

Posts Tagged ‘green’

Virginia’s Energy Star tax holiday begins Oct. 8

Of Virginia’s three sales tax holidays, the Energy Star tax holiday has the potential to net the most savings.

solar water heater – Home Depo – Delta Mechanical

Question: What do you think of the welfare system and all the tax credits?

First, I am not saying that getting welfare is wrong, everyone needs help at times, but people who make it a way of life.
Do you think that someone that has 5 kids, by 3 different men, only gets support for 2 of them (my brother in law) because they are married should get so much money a week.
I did the math. $700 a month for food stamps, $300 a month in WIC, $200 a month for health insurance (CT HUSKY) and energy assistance at at least $1000 per year, which is $83 a month. That is $1,283 a month is aid or $320 a week, ALL TAX FREE!
Now you add the income tax credits of over $8,000. That is another $666 a month or $166 a week, again, ALL TAX FREE!
So, my question is, if someone get monthly aid, should they also get the tax credits? Don’t they get enough tax free money each month?

Answer: I don’t really know much about tax credits, but I agree with what you’re saying. Some people really do need welfare but too many people abuse it.

Candidates for 3rd District find little common ground

On issue after issue, Republican Jaime Herrera and Democrat Denny Heck show up on op

Important Tax Law Changes Brought to You by Jackson Hewitt ® Tax Service

Question: How would solar federal tax credits benefit the owner of a S corp?

A business that puts in a solar energy system is entitled to a 30% federal investment tax credit. I am not sure if or how this could benefit owners of an S Corp.

I am also wondering the same about C corps and LLC’s?

I was told that solar tax credits would have no benefit for S corps and the like because they typically do not pay any corp income tax. I am not sure if this is true.

Thanks for any help with this.

Answer: This credit would benefit the owners of an S corp on their personal returns as their share of the credit would be passed to them on the Schedule K-1 that they would receive from the S corp.

In the case of a C corp, it would be a credit against their tax liability just like any credit.

As far as an LLC, the question doesn’t make sense since the term LLC is an adjective describing the company – it is not a form of business in itself. In other words, and LLC could be a sole propriatorship, a partnership, an S Corp, or even a C Corp.

In a nutshell, this credit, like all credits, would benefit whoever pays the taxes of the business – the C corp itself, or the owner(s) or the sole proprietorship or partnership or S corp.

• Business roundup: Cheerwine now at Sheetz

Cheerwine fountain drinks are now available at all 27 Sheetz convenience stores in North Carolina, as well as at three in southern Virginia stores. âWithin the convenience store industry, Sheetz is the retailer watched most closely; this partnersh …

Small Business Bill of Rights

Question: i have an old home with steam heat fueled by gas. I was looking into trying to get a 90% efficiency or greater?

new furnace. from what I am getting from a lot of people is that they either don’t make furnaces for steam heat that qualify for the tax credit (which you need 90% efficiency) or that they are so expensive that it costs way way more than the tax credit is worth to get one to the point that it is not worth it. what is the truth on this? thanks. any info is appreciated.

Answer: You shouldn’t make the decision based on the tax credit but on how much money in gas bills you will save. The tax credit is not intended to pay for the conversion but only to encourage people to make the change.

As HiTechHeat says talk with several contractors. They should be able to spell out the costs and potential savings for the various choices.

Energy conservation saves cash for owners

An Energy Star-rated furnace, a low-water flush toilet and an insulated attic may do more than conserve resources for home and business owners. Going green saves a little green, too. Utility and construction representatives said a growing number of people are realizing the benefits of green building not just to help the environment, but to save on utility costs, maintenance costs for major …

Federal Tax Credit for Energy Efficient Furnaces and Air Conditioning Units

Loew’s Pitkin, Former Movie Palace in Brooklyn, Gets a New Life

The theater, which opened in 1929 and has been a church and a discount furniture store, will be transformed into a charter school and retail space.

Need more Tax Savings? Go for green products