The Federal Tax Credits Blog

Posts Tagged ‘jetta’

Question: FHA loan: Using Fiance’s credit with mine to get house?

Hello, my Fiance’ and I are getting married on November 7th, 2009 and are hoping to take advantage of the first time home Buyers Tax Credit and are currently looking at foreclosed houses. Only problem is she is a Nanny and does not pay taxes on the income she uses and will not be able to claim her money until next year on her taxes with me (making her). So my question is her credit is much better then mine (almost perfect, she has a car and a few credit cards) but cannot prove her income, so I’m stuck with so-so credit and want to get the best rate possible…is there any banks out there that can use both of our incomes and credit scores together towards an FHA loan? any help would be wonderful. And I don’t even mind hearing from loan officers who think they can help us!

Answer: Congrats on your up coming wedding.
Sorry, but anyone applying for the mortgage will have to provide income documentation. You have a couple of choices here.
1) Wait until she has filed her taxes.
2) Apply on your own – With an FHA loan, a person with a 620 score gets the same rate as someone with an 800 score.
3) Credit repair – work on getting your scores up if they are under a 620.

Soaring on solar

Soaring on solar

1900 sq ft $99000 100% USAD Rural Development grant financing HEY YOU GET AWAY FROM MY CAR!

Question: I would like to lease 2009 BMW X5 DIESEL…?

I live in Rockvill, Maryland.

I’ve been looking to lease luxurious SUVs and just found this special offer at one of BMW dealerships website in my area.

It says:

[just Announced Special !
Lease for $479
or
Finance at 2.9%

2009 BMW X5 Twin Turbo Diesel with Panarama Roof, Heated Seats, Keyless Entry and BMW Ultimate Service.

* Stock# 138006. Terms: 36 months/10,000 miles per year. Lease requires $3500 plus 1st payment, refunddable security deposit, tax, tags and acquisition fee. BMW Conquest lease cash already used in lease calculation. On approved credit through BMWFS. Vehicle shown is not actual vehicle. Offer ends June 30,2009. Subject to prior sale. Must qualify for lease or finance through BMWFS.]

Does this sound reasonable? Can I still negotiate about the downpayment and monthly payment even though it is a special offer?

Answer: Is that the type vehicle that you really want?? Remember that diesels require diesel fuel that may not be available everywhere. They are also noisier than gas powers vehicles. The lease only allows 10,000 miles per year and that is not very many. If you go over on the miles you will be required to pay a penalty.

I also note a $3,500 cap reduction and an acqusition fee whatever that is. This deal sounds good on the surface ($479 per month) but not so good when you read the fine print.

Clean Energy Fuels Reports 61% Revenue Growth in 2010

Clean Energy Fuels Corp. (NASDAQ:CLNE) today announced operating results for the fourth quarter and year ended December 31, 2010.

Daily Driver 2 19 09

Question: Is there a car rebate similar to the tax credit for new home buyers?

New home purchasers are receiving what i believe is a $8,000 tax credit. Did a similar law pass that affects people who are buying a car.

I’m planing on purchasing my first car and I just wanted to be informed on this.

Answer: LiGirl is right.

Although ‘Cash for Clunkers’ is a great way to get out of your old, inefficient vehicle, it is not a tax credit.

Chevy allows 15 future buyers to test drive Volt

Chevrolet is putting 15 would-be buyers behind the wheel of its 2011 Volt to road test the electric vehicle ahead of its release this fall.

Jim Flaherty says no to mortgage interest being tax deductab

Question: I can’t afford a house but should I just go ahead and buy one anyway?

Seems like the smart thing to do since when I default I know the government and tax payers will save me so I will get my house for almost nothing. While I am at it should I go ahead and get a new car and apply for some credit cards?

The American Dream?

Answer: You’re too late on this game. The banks no longer give out no money down, interest only loans. That’s how they got burned in the first place.

Time Running Out For Homebuyer Tax Credits

Prospective homebuyers hoping to take advantage of one of the two federal tax credits have three more business days to sign purchase contracts and qualify for the tax credits.

smart Value Days at smart center Annapolis – MD

The drop dead date to apply to the IRS Voluntary Disclosure Program was October 15th, however U.S. taxpayers still can file a voluntary disclosure under the IRS normal procedures.

In 2009, the IRS and U.S. Department of Justice commenced its highly publicized investigation into Swiss bank UBS AG and U.S. accountholders who failed to inform them of these assets. However, the investigation did not end with UBS. The IRS has made it very public that offshore tax evasion remains a top enforcement priority. The Department of Justice has gone after taxpayers regardless of the amount even taxpayers with assets of $20,000 or less in offshore accounts.

U.S. taxpayers with offshore assets and accounts are required to disclose these interests to the U.S. government on their Form 1040, U.S. Individual Tax Returns, and file a corresponding Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). If IRS agents find out that a taxpayer has not disclosed an interest in an offshore account or income accruing on such accounts during the course of an audit, the IRS may impose harsh penalties including the greater of $100,000 or 50% of the offshore account balance for willful failure to file an FBAR for each account. These penalties, compounded with interest and fraud penalties, can essentially wipe out the taxpayers foreign assets. To make matters worse, taxpayers could be exposed to criminal prosecution and jail time for tax evasion.

In March 2009, to prod taxpayers to come forward and disclose previously undisclosed offshore accounts in exchange for minimal penalties and the promise not to refer the case for criminal prosecution, the IRS announced the creation of the IRS Voluntary Disclosure Program. As a result of pressure on UBS and other offshore institutions, thousands of U.S. taxpayers with previously undisclosed offshore accounts took advantage of the Voluntary Disclosure Program and joined before the October 15, 2009 deadline.

Despite the fact that it is too late to enter the IRS Voluntary Disclosure Program, the option to file a voluntary disclosure under the IRS normal procedures is still available. There are a plenty of advantages to filing a voluntary disclosure as it is far better to disclose to the IRS than to have the IRS discover you. As is with the Voluntary Disclosure Program, a traditional voluntary disclosure can provide taxpayers with previously undisclosed foreign accounts with a way out possibly avoiding the most severe of civil fines and criminal prosecution.

In addition, those U.S. taxpayers with undisclosed offshore bank accounts should be made very aware that the voluntary disclosure process is a comprehensive and delicate one as with all dealings involving the IRS. Extreme care must be taken in deciding on whether to file a voluntary disclosure or not. U.S. taxpayers are highly encouraged to get in touch with a tax attorney experienced in resolving disputes with the IRS as soon as possible.

For example, if a taxpayer has already been investigated and contacted by the IRS, it may be too late to file a disclosure. Therefore, time definitely plays a significant factor as the IRS continues its pursuit of undisclosed offshore account holders. The window of opportunity is closing on those who do not come forward and file to take advantage of possible reduced penalties and potential prison time. Again,it is advised that U.S. Taxpayers with undisclosed offshore accounts seek the advice of and direction of legal counsel on the matter.

IRS wants receipts, not your word, to value charitable giving

If you’re giving cash, cars or clothes, make certain to consider what will and what won’t work next April.

Recovery: Time is Running Out – December 2009 (ASL, Captions & Voice Over)