The Federal Tax Credits Blog

Posts Tagged ‘incentives’

Question: Accounting (Sales Taxes Payable) Missing 2 Numbers & I have All Proper Transactions Listed?

Goodwin Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $13,944. All sales are subject to a 5% sales tax. Compute sales taxes payable, and make the entry to record sales taxes payable and sales. (Round your answers to 0 decimal places. For multiple debit/credit entries, list accounts in order of magnitude.)

March 16 DEBIT CASH $13,944
………………….CREDIT SALES $13,247(incorrect!
CREDIT SALES TAXES PAYABLE $697 (incorrect!)
The only thing incorrect is the 2 numbers. What am I doing wrong?

Answer: If the register total is $13,944 and sales tax is 5%, then $13,944 must be 105% . Therefore, sales must be 100/105 x 13,944 = $13,280. Similarly, sales tax is 5/105 x 13,944 = $664. Alternatively, you could work out sales tax by 13,944 – 13,280 = $664.

To Sell a Home Right Now, You Have to Be Competitive From the Start

In this July 15, 2010 photo, a “For Sale,” sign is displayed outside a home in Springfield, Ill. Since the tax credit deadline passed at the end of April, housing has started to falter.

Credit Card Trickery! Don’t get caught in the traps, check your statements!

Question: How messy is your room/home office/home workspace right now and why?

No matter how much I toss I can’t seem to make any headway, I am this close to just throwing it all out! It is either keep it all or toss it all. You never know what to save anymore – pefect example – we can get an income tax credit on our phone bills for the past 3 years I think…who keeps phone bills that long?!?!? This credit is for the “normal” residential customers and businesses. The normal customers usually toss bills after they’ve been paid, no? *ARRGH*

Answer: Tel me about it. I can’t rid of any of my paper either and I feel like the pile never goes down and i feel overloaded.

Tax credits boost home sales 39%?

Federal tax credits for homebuyers helped fuel a 39 percent surge in home sales in Connecticut in May compared with a year ago, The Warren Group reported Monday.

(Cleveland Real Estate) For Sale First Time Home Buyer Tax Credit Able

Question: Good, reliable wind generator?

I am wanting to place a wind generator on an existing tower that has a broken down wind generator on it. I need sometihng atleast 10 Kw but something bigger would be good. The tower is approximately 80 feet tall. The quality and reliability of the company is most important. Also if you know anything about federal or state refunds, rebates, or tax credits i would apprecite that information.

Answer: The Bergey mentioned by engineer… is a good one, also check out the Jacobs 31-20 it is a 20 kw system
the web site is www.windturbine.net
another site to see the Bergey system is www.bergey.com
the Jacobs does require annual oil changes and greasing and the generator is quite heavy so you will need a strong tower to support it.
If you go to www.dsireusa.org you can find incentives for your state.
The feds offer very little in rebates/incentives for individuals. I called my congressmans office and his staff did some looking in to it, they didn’t find much last year but things change from year to year so it may pay to do some checking.

FPL Group Announces First Quarter Earnings for 2010

JUNO BEACH, Fla.—-FPL Group, Inc. today reported 2010 first quarter net income on a GAAP basis of $556 million, or $1.36 per share, compared with $364 million, or $0.90 per share, in the first quarter of 2009.

Buy Wind Turbines

Question: Do the energy tax credits for 2009 apply to new home construction?

Answer: It’s not entirely clear

http://www.irs.gov/newsroom/article/0,,id=206871,00.html

It appears to be covered

http://www.irs.gov/pub/irs-pdf/f5695.pdf

http://www.irs.gov/pub/irs-pdf/f8908.pdf

Do a search on the IRS site for “energy tax credit construction”

For the 2009 First-time homebuyers credit, be sure to go directly to the IRS site, and talk to a tax professional or accountant:

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Here’s a good summary

http://www.hawaiihome.biz/2009/05/first-time-homebuyer-tax-credit-faqs/

http://www.hawaiihome.biz/2009/05/first-time-home-buyers-tax-credit-2009/

The IRS wants to know the purchase price. The purchase price is the adjusted basis of your home on the date you purchased it. This includes certain settlement or closing costs (such as legal fees and recording fees) and your down payment and debt (such as a first or second mortgage or notes you gave the seller in payment for the home).

Email me if you have questions.

Many see local business as vital to the economy in the next decade

Looking back over the last decade, who knew Y2K would be the least of our worries? Another decade bites the dust, and many are glad to see the end of it, hoping the new decade will see brighter days.

Tax Credits and New Home Construction Incentives

Oregon Lottery offers many games for the residents of the state to play. But with so many to choose from, which are the best games? The answer to the question is either Megabucks or Powerball, but depends on what type of lottery player you are.

There are two types of lottery players. The first is the type that dreams of a life of affluence and luxury – You know all the good stuff like mansions, Bentleys, yachts, and exotic vacations. This type of person wants to play a lottery game that offers the highest jackpot amount and he doesn’t even consider the odds of winning. For this type of lottery player, the best game that Oregon lottery offers is Powerball. Powerball offers huge jackpots, sometimes reaching into the hundreds of millions of dollars. Of course, the odds of winning Powerball, at approximately 1-in-195-million, are bad.

The second type of player also wants to win as much money as possible, but pays attention to the game odds because she wants to play a game with a better likelihood of winning. For this type of player, Oregon lottery offers a game called Megabucks. Megabucks has jackpots of a few million dollars to tens of millions of dollars. But the kicker is that you are approximately 32 times more likely to win the jackpot on one Megabucks ticket than you are on one Powerball ticket. That’s because the odds of winning the Megabucks jackpot are much better, at about 1-in-6.1-million.

Megabucks and Power ball are Oregon Lottery’s best games, but many more are offered than just those two. Also offered are instant scratch lotto games like Red Line Bingo, Cafe Crossword, Sudoku, and Jumbo Bucks. It is a good idea to compare the prize payouts in these games to the odds of winning prior to making a purchase.

Tax credit for some hybrid cars ends Thursday

Hybrid-car buyers have just a couple more days to take advantage of a state tax credit for their vehicles. Oregon’s tax credit for new gasoline-electric hybrid vehicles ends Thursday, Dec. 31. The tax covers hybrids like the Toyota Prius, Honda Civic and Ford Escape. However, the next …

Rep. Gelser: Expands incentives for renewable energy use