The Federal Tax Credits Blog

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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: 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: $16 Billion dollar question?

August 04, 2007: 08:43 PM EST

WASHINGTON—(Dow Jones)- The U.S. House of Representatives passed a $16- billion tax bill Saturday that would extend renewable energy tax credits and encourage energy efficiency, paying for itself by axing tax breaks to oil and gas companies.

Now that the oil companies are getting a new tax, how much of this tax will be passed on by the oil companies to consumers such as you and I? Can you afford this tax?

Is this tax a feel good measure by the democrats to say that “we are sticking it to big oil” and not really explaining how this tax will reduce the cost of gasoline to you and I?

Do Nancy Pelosi, John Murtha, and Harry Reid have plans for this money as pet projects in their own districts?

Perplexing questions I would like answer too.

Answer: In the blink of an eye, a $16 billion tax bill can be passed onto oil companies. How can anyone believe the government doesn’t have enough tax money to keep bridges and roads in good repair? The problem is, they don’t use the money for those things.

5 Ways Congress Can Bolster Growth

Direct stimulus aside, Congress could help the economy in several ways, including by persuading companies to spend their cash and by lifting trade.

$1-A-Gallon Biodiesel Tax Credit Extended, DER 03/11/10

Question: how can i get quick cash?

okay so i have to pay about $390 before the 13th of this month or i will go to jail. i havn’t got my tax refunds back yet but i know im suppose to get about $700. I also have very bad credit. If i go to a cash advance place, will they lend me $390 if i show them proof that i can pay them back by having them look online in the gov. database to verify that im suppose to get that kind of money within less than a month? I can’t ask any friends for money b/c they’re all poor and my relatives have already lended me money. Where else could i go to get quick cash!?

Answer: Nobody goes to jail for owing money. Here you should get approved depending on where you live

http://www.debtreliefprogram.esuperfind.com

good luck

Tax credit ticking

Robert and Cia Johnson bought their first home Tuesday, securing a federal tax credit only a day before it was set to expire.The incentive, which offers an $8,000 credit to first-time buyers and a $6,500 credit to other qualifying buyers, had an April 30 deadline for buyers to sign a purchase contract and until today to close on the deal. The Johnsons are fortunate.

Rep Demetrios Giannaros Answers Questions on HB 5163- Part 1

Wonkbook: Harry’s Reid’s busy summer; BP bankruptcy?; Bernanke’s outlook

Harry Reid has put together a packed Senate schedule for the summer, including financial reform, war funding, energy legislation and Elena Kagan’s confirmation. Meanwhile, Wall Street is starting to think about a BP bankruptcy. And Ben Bernanke is predicting an unpleasant recovery.

Senate Session 2010-04-13 (18:47:30-19:13:11)