The Federal Tax Credits Blog

Posts Tagged ‘tax’

Question: 8000 first time homebuyer tax credit?

I sent off my taxes for the credit and they sent me a letter stating they had dissallowed the claim because their records indicate the i had previously claimed one of the following Real estate taxes form 8396 Mortgage interest credit, mortgage interest points or residental energy efficient property credit or proceeds from real estate transaction. I have never purched a home before so what does that mean

Answer: So get out your 2006, 2007, 2008 tax returns and look. The form 8396 is pretty obvious; Schedule A with mortgage interest or property taxes should be as well. (Property taxes on vacant land or investment property won’t prevent you from getting the credit, but do confuse the clerks.)

If you have form 5695 and don’t have a home, your return would be showing a fraudulent credit.

Real Estate Weekly: Homebuyers and sellers in Baltimore area signed 2,731 contracts in May

Solar educational site Mount St. Mary’s University in Emmitsburg will soon become home to a large solar farm. The Frederick County Planning Commission unanimously approved plans Wednesday to put 220,000 solar panels on a 135-acre parcel of university land. The $60 million project is scheduled to be completed by the end of next year. Constellation Energy [...]

Congressional Committee on Science & Tech – Renewables – Dr. Michaels – Wind & CO2

Tad, I read with interest

In reply to The Carbon Tax We Had To Have : Tad, I read with interest both your responses and the Drum article. Clearly I’m no match for your academic expertise, so I offer comments to you with great trepidation. The problem I have with both Ben’s and your comments is that both of you are from fixed perspectives. Ben’s perspective must by purpose encompass the “political” perspective i.e. one …

Question: Who do we owe money to ?

Who do we owe all this money to?? in regard to the national debt from the credit crunch. If you consider all the countries in debt – who do they owe the money to and who controls them who are owed this money ?
The latest news is > the banks are crippling the growth of the economy because they will not lend money to business and individuals for mortgages etc.
Why has my tax baled out a private concern (bank) ?? yet elderly people will have to pay more money to live in a residential home – as a believer in democracy i would like my tax to go to the elderly – not the banks and the bonus pay for bankers – which has not been stopped or curbed.
A bit of a mix of a question but i am sure YA people will respond.

Answer: Paper money is debt. That paper in your pocket indicates someone owes you something you can use. Paper money is not wealth. The things you can use are the wealth.

We and our governments have been “buying” things we want and need without producing equivalent value in things other people want and need. That creates “debt.” We owe them things they want.

That is the dangerous situation we have now. Our jobs and industries have been “outsourced” to cultures who pump out so much excess labor they are desperate to work for a fraction of our former salaries and wages. Their employers now sell the products made by foreign workers to us for more “debt.”

They have begun to bring back that debt (our currency) to us and are taking away our metals and other raw materials. They have a big chunk of the thirteen trillion dollars in debt we have accumulated. That can put a good bite into the resources we need for the future. Some domestic manufacturing owners have also been accumulating a lot of our paper “IOUs” (currency) and they cash that in to accumulate even more material assets.

Another problem now is as our debt grows, the value of our IOUs (our currency) can drop. When we have issued more debt (currency) than our real material assets can comfortably cover, and/or creditors become less interested in accepting more of the debt, people want ever more of that paper debt (currency) for the material things (real wealth) they give us. When they lose faith we will eventually repay them with the material things they want the value of our currency begins to drop rapidly (seen as prices rising rapidly).

News, briefly

See what’s happening in and around Kingston.

Prudential Homesale on Fox 43 on $8000 Tax Credit

Question: Can you get Home Access Grant if you get BOTH child tax credit and Working Tax Credit?

On the form it asks you to tick which benefits you are receiving and the one that I receive is the child tax credit. But then next to it in brackets it says (but not working tax credit).
This is a tiny bit confusing! Is it saying that you cannot claim if you’re receiving them both or is it just to say… we only need to know whether you are receiving child tax credit and you do not need to let us know if you are also receiving working tax credit?
Please help!!!

Answer: you need to be on child tax credit and on free school meals to get the grant.You also have to send a original letter from child benefit dated after december 2008 with your application form.hope this helps

Lawmakers mull overhaul of business Energy Credits

Nearly a dozen tax credits will go away, others will shrink and the controversial BETC will be replaced with a new, significantly smaller program under a compromise plan advancing in the Legislature.

Cynthia Strickland Talk About the First Time Home Buyer $8000 Tax Credit

Question: Can someone explain the apparent american infatuation with tax breaks?in light of our crumbling infrastructure?

Is there a disconnect somewhere?

depleted military, health care issues, porous border, need of renewable energy, soon to be bankrupt social security etc..
???

Do you think americans are delusional???
and believe in ignoring spending money on things that are really needed unless its just an ouright emergency and even then just pay for it on a credit card???
thanks sewious..for helping make my point…about americans being delusional. “the military and border are the only things that need our collective attention” LMAO…ROFL.
whose collective attention do other things require? Martians???

Answer: That’s because the private sector is what runs the economy, and not the government. Private spending vs. Govt spending.

Government can’t help the economy by “spending money on thigns that are really needed”. This spoiled generation always thinks there is something we NEED to buy or spend money on. The best thing government can do with the money it steals from the public is to give it back to them and let them control how it is spent, the public always does a better job spending money than the government. Did you know that out of ever dollar spent on welfare, only 20 or 30 cents actually go to those who need it? Whereas in a church, at least 90% goes to people who need it.

The only big things the government really needs to spend money on collectively is the military, schools, and roads. And even many libertarians don’t support publicly funded roads and education.

There is nothing wrong with the govt giving money back to the people, in fact it is the right thing to do. Especially when you have a government who mismanages how money is spent. The sooner the public has money to spend, the sooner the economy will get back in shape. There are also a lot of other factors, obviously, but the bottom line is businesses need buyers.

Boy Wonder

Senate votes to repeal ethanol tax credits

The Senate voted Thursday to repeal tax credits for producing ethanol, a vote that budget cutters hope will demonstrate a growing appetite in Congress to end special interest tax breaks to help reduce government borrowing.

Mayor Lewis of Gilbert, Arizona – Attracting Renewable Energy Companies -buildaroo.com