The Federal Tax Credits Blog

Posts Tagged ‘house tax’

Question: Will I pay taxes or will I get $ back? Here is my situation.?

I work as a phone sex operator out of my house & they don’t send Me any tax forms in the mail showing how much I made. I am basically a contractor. So I made about $4300 this year with no taxes taken out. I bought my first home, a condo, in February which I paid $3798.00 in interest in 2008. Anywho, I spent $4500 in upgrades on my new condo. I paid $600.69 in school loan interest. Will I have to pay or will I get money back? (and yes I know I know, I missed the 7500 tax credit deadline, bummer)

PEOPLE WITH EXPERIENCE, ANSWER ONLY!

Answer: If that’s your only income for the year you won’t owe any income taxes but you will owe around $606 in self-employment taxes.

U.S. Nov. consumer credit up $1.35 bln

WASHINGTON (MarketWatch) -U.S. consumers increased their debt for the second straight month in November, the Federal Reserve reported Friday. Total seasonally adjusted consumer debt increased $1.35 billion, or a 0.7% annualized rate, in November to $2.402 trillion. This is the first two month gain in consumer credit since June and July 2008. Economists had expected a increase. October consumer …

Buying a Home in California

Question: Can we take “double credit” for OUR deductions on April 15?

Since barry’s ivory tower bean counters DOUBLE COUNTED the Medicare savings, and Treasury Secretary Tim Geithner got a pass on his Turbo Tax fiasco, and the House wants to “deem” 0bamacare to have passed WITHOUT A VOTE, it seems like we should at LEAST be able to double count our deductions this year….

Answer: You can try but the IRS will slap your fingers for it.

Panel Seeks Social Security Cuts and Tax Increases

WASHINGTON — The chairmen of President Obama’s bipartisan commission on reducing the national debt outlined a politically provocative and economically ambitious package of spending cuts and tax increases on Wednesday, igniting a debate that is likely to grip the country for years.

Ark of the Covenant? Climate Change Vote Passed by House! CARBON TAX! ALERT-SEE MORE INFO!

Obama urges tax cut extension for middle class

WASHINGTON – Facing big Democratic losses in November, President Barack Obama blamed Republicans and election-year politics today for thwarting his efforts to do more to spur a listless national economy. He challenged Congress to quit squabbling and quickly approve “what we all agree on” and#8212; a reprieve for expiring tax cuts for the middle class.

Real Insights – Tax Credit Extension Explained for Buyers in Escrow

Tax Credit Deal Could Pay Off In Vegas

Now that the House has passed a bill to extend the availability of the homebuyer tax credit, Las Vegas families are closer to getting some relief as they shop the nations toughest housing market.

First Time Buyer Tax Credit Extended pending Obama’s Signature.

Question: Should I buy a house before the $8k tax credit is up in June 1010 or wait?

All the mortgage calculators online say I can afford as house that is around $180k. I have $10k that I can put on a down payment for a house. So if I am looking at a house that is $150k, $10k is about 6.7% down. Would it be advantageous of me to buy at house with a lesser down payment and recieve the $8k tax credit OR wait until I have about $20k saved up for a downpayment at the end of 2010 and buy a house then (but I will not recieve the $8k tax credit).

I am knew to buying a house so there is alot I do not know, I know a higher down payment will reduce my interest rate which could save thousands over a long period of time..any input helps thanks.

Answer: You need more then 10k to buy, there are all sorts of closing costs that you have to pay out of pocket. Set aside at least 5k for those.

Special Provisions Allow Military Home Buyers to Capture Tax Credits

Extension of Homebuyer Tax Credit and Exemption from Tax Credit Recapture Rules Ease the Home Buying Purchase for Members of the Military

Rinnai R75LSi Natural Gas Indoor Tankless Water Heater, 7.5 GPM $1,092.00 …

Garmin nüvi 265W/265WT 4.3-Inch Widescreen Bluetooth Portable GPS Navigator with Traffic $130.00 …

Remodel Replace Refund!: Your DIY Guide to the 2009-2010 Federal Tax Credit for Homeowners $1.42 Part home improvement book and part financial instrument, Remodel, Replace … Refund makes sense of the home remodeling provisions of the 2009-2010 Federal Tax Credit for Homeowners. Learn which types of improvements qualify and how to file the paperwork to get your share of this popular element of the Stimulus Plan. Then, see clear step-by-step photos that show how to do the work yourself–mo…

HM Revenue & Customs: PAYE, Tax Credit Debt and Cost Reduction, Fifty-eighth Report of Session 2010-12, Report, Together with Formal Minutes, Oral and Written Evidence (House of Commons Papers) …

The Secret To Home Buying in 2010 “Exclusive First-Time Homebuyers Workshop – April 3, 2010″