The Federal Tax Credits Blog

Posts Tagged ‘stimulus’

Question: The new stimulus package and amending my taxes?

We are in the process of purchasing a new home, and the new stimulus package allows for a $8000 credit if you are a first time home buyer.. so can I go back and amend my taxes and get the new $8000 tax credit instead of the current $7500 “loan”

Answer: Yes, you’ll need to amend your taxes. But when you finance your new home, make sure that you don’t finance through a Government Housing Agency that allows you to finance with 0% down because that’s what my husband and I did and those mortgages don’t qualify for the tax credit.

Please learn from my mistake!!!!!

Senate Tax Cut Package Filled With Sweeteners, Obama Predicts Passage

The sweeping tax cut bill introduced Thursday night by Senate Majority Leader Harry Reid is chock-full of sweeteners which could serve as a legislative pacifier for Democrats outraged over the concessions President Obama has handed to Republicans. 

$8000 tax credit

/C O R R E C T I O N — Acorn Energy, Inc./

Nov-2010 by Acorn Energy, Inc. over PR Newswire, we are advised by a representative of the company that the columns in both financial tables were inadvertently inverted. The complete, corrected release follows:

Replacement windows that qualify for the 30% TAX CREDIT in the 2009 Stimulus Plan

Question: How much do I owe in taxes?

I’m a college student who gets $14,000 in scholarships per year. My tuition and fees expense for this year is approximately $4,666. My parents cover what my scholarships don’t cover and are going to try to get the tax credit for education (American Opportunity) that is in ARRA, the stimulus package. I read the IRS publications concerning scholarships and taxability, and it says that money that goes towards room and board is taxable. Because I make more than my exemption, do I still have to file taxes? How much do I owe? I’m still my parents’ dependent.

Answer: You will not owe anything. This will be handled on your parents return. Hopefully they will have a professional handling it. They will receive a 1099 regarding what was paid in scholarship and should know what they paid.

Readers chime in on Stimulus Tracker series

Reader reaction to the Stimulus Tracker series was largely negative.

Did You Know? The RE/MAX Edition 3.1

Question: If wind energy is so “profitable”, why do they need a bailout?

http://thehill.com/business–lobby/alternative-energy-producers-seek-stimulus-funds-2009-01-09.html

Solar and wind executives are arguing that they need help from the upcoming stimulus measure in order to meet President-elect Obama’s goal of doubling alternative energy production in three years.

They argue that the economic downturn has limited the effectiveness of a tax credit that supports the wind and solar industries. They want to change the credit to a refund in the economic stimulus package. Credits help investors minimize their tax liability. Refunds act more like a direct payment.

Answer: Don B writes: “God forbid that we should help this budding industry that can save us from the clutches of OPEC”

God forbid that we should save ourselves from the clutches of OPEC by drilling here at home instead of waiting on the budding industry that will NEVER take the place of oil, coal, natural gas, and nuclear energy.

People who think that wind energy can and will take the place of oil, or even a small part of it, are naive and deluded.

“instead lets give it all to the bankers on wall street, aty least then we won’t have to hear about where it went !!
(Because the GOP in all their wisdom gave it away without asking for any accountability AGAIN)”

Most GOPers voted against it. Most Democrats voted for it. But you direct your ire against the Republicans. And as usual, turn a blind eye to what the Dems have done.

Planet writes: “The railroads, oil companies, phone companies, the electric companies, etc, etc, ALL had federal help getting started in this country. ”

Total falsehood. All private enterprise that were funded by private investors. In those days, there was no such thing as federal help for such projects. The railroads got loans from the federal government and nothing more. No subsidies for research and/or development. The oil companies got interference (hot help) from the government, but no subsidies. Same with the electric companies, the telephone companies, etc.

“Solar and wind power need that same kind of leg up to get off the ground. ”

No it doesnt. Unlike the railroad, the oil industries, etc. showed that they could get off the ground very well on their own. Solar and Wind power has been getting that sort of leg up from the government for the past few decades. And it produces nothing of value for the money. You act as if we havent been giving a leg up to solar and wind power.

Cash for Clunkers an ‘economic engine’

One part of the stimulus package that was a qualified success was the Cash for Clunkers program, which contributed to the sales of more than 680,000 vehicles in the summer of 2009.

The Energy Credit Card from Brobeck Solar Energy

Recession not over till it’s over

The National Bureau of Economic Research says the worst recession since the 1930s that began in December 2007 ended in June 2009. Stock markets soared. But most Americans and Main Street businesses continue to suffer severely.

Tax Deduction For Homeowners