The Federal Tax Credits Blog

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Avalon Code – Summary Lists and Errata Guide

Avalon Code (DS) Avalon Code

Arlington Door Install

Question: Where do I find a lender that will do a bridge loan so I can use the home buyer tax credit upfront?

The US Dept of Housing and Urban Development is allowing FHA-approved lenders to develop bridge loan products that would enable a first time home buyer like me to use the home buyer tax credit upfront to cover closing costs. However, I have yet to find a lender that is participating in this.
Please be sure to proofread your answers before submitting them. It is always hard for me to understand what you are trying to say if it is full of bad grammar.

Answer: Many lenders are working on it. Most do not have their systems ready to make use of the program yet.

Clairvest Reports Fiscal 2011 First Quarter Results

TORONTO, ONTARIO–(Marketwire – 08/10/10) – Clairvest Group Inc. (TSX: CVG – News ) today reported results for the quarter ended June 30, 2010. (All figures are in Canadian dollars unless otherwise stated). Clairvest’s book value was at $291.6 million or $18.28 per share, at June 30, 2010, compared with $18.32 per share at March 31, 2010. The decrease in book value per share was attributable to …

BRIDGE LOANS BRIDGING THE GAP REAL ESTATE BRIDGE

Question: REAL ADVICE PEOPLE!!!!!!!!!!!!?

OK hears the deal my grandma bought me a Nintendo ds it was 129.00 plus tax i went to summer camp and a kid went in my bag and stole it and my grandma always be talking about keeping up with my stuff and what i was going to was secretly take her credit card and buy a used one for 90.00 off Amazon do you think i should do it my grandma sends me to a private school and if i asked her to buy me a new one that would be expensive and she would get really mad and she has high blood pressure problems too just tell what would be best to do

Answer: Anything but steal her money! She will get a printout of what she spent on her credit card and when she sees the second nintendo ds payment she will be more upset than if you tell her now. I suggest telling your parents, they will understand ( if they’re good parents) and if you make a deal with them they may buy you a new one for Christmas just like your old one. You wouldn’t have to tell your grandma (and cause a fatal heart attack) and it would seem as though you never lost it in the first place.

Hope it helps =)

Kentucky Speedway Gets NASCAR Sprint Cup Race

Stock car’s top series will visit the 1.5-mile oval for a 400-mile race on July 9, 2011.

Tax Tip: Summer Day Camp Expenses — July 2010

Question: Is it good to extend my tax filing status until Oct 2009 and take the first time home buyer credit 8K ?

I am planning to buy my first home and will be closing it at the end of May 2009. I haven’t filed my 2008 taxes yet.

1)Does it make sense to ask for tax file extension and then file after I close my home in May and claim the 8K credit as well ?

2) Or am I better of filing next year and claim the 8k credit ?

Answer: You have the following options:
file 2008 returns now and amend later.
file for an extension for 2008 return
or
claim it when you file 2009 return next year.

You choose which option suits you best based on the income in 2008 and 2009. This credit is phased out for high income people, and if you fall in that category, choose the year which favors you most.

Dozens of groups in Champaign-Urbana risk IRS status

About 100 nonprofit organizations in Champaign and about 50 in Urbana are at risk of losing their tax-exempt status if they don’t file returns by Oct. 15, the Internal Revenue Service said. read more

Homebuyers Tax Credit Extension Likely

Question: Chances of financing a new car?

So, I’m fairly certain I need a car, and I’m fairly certain that I want a Honda Fit. I applied for financing about a year ago for one and was turned down because my school debt was still too high. Since then I’ve reduced it about $10,000 leaving my debt at $9,900 student line of credit which I am making steady over payments, and will increase those now that my MasterCard was paid off by my tax return.
I’m wondering what my chances are to finance the entire vehicle if that is the only thing that I owe on and pay only about $500 a month in other bills.

And yes, yes I know I could get a used car for only a few hundred dollars, but I want a good car that is going to last me for the next 10 years, not something I’m going to have to take to the garage every three months like my last car.

Oh, and in Canada, if that makes a difference.

Answer: Well you didn’t mention your income or available down payment, the two main considerations besides your credit. But assuming you have a decent job that you’ve held for a reasonable period of time, and your credit score is good, you shouldn’t have any trouble.

Due to the world economy right now, dealers are anxious to sell cars but they’re not going to sell them to ‘high risk’ buyers without charging higher interest rates and/or requiring a higher down payment.

If you can’t qualify for a purchase, you might consider leasing one (Honda has a special right now on leasing a Fit — $150 a month and about $2,500 down, I think), and then purchase it in a few years when you (hopefully) will have more income and lower debt.

Midas Reports Second Quarter Results of $0.06 Per Share

ITASCA, Ill.—-Midas, Inc. reported net earnings of $0.8 million—or $0.06 per diluted share—for the second quarter ended July 3, 2010, compared to $0.4 million—or $0.03 per diluted share—in the second quarter of 2009.

General Motors is an ANTI-AMERICAN Company…