The Federal Tax Credits Blog

Posts Tagged ‘tax’

Question: If Al gore wasn’t set to make billions off of crap n tax, would he even care about global warming?

Matt Taibi—Rolling Stone magazine:

“The bank owns a 10 percent stake in the Chicago Climate Exchange, where the carbon credits will be traded. Moreover, Goldman owns a minority stake in Blue Source LLC, a Utah-based firm that sells carbon credits of the type that will be in great demand if the bill passes. Nobel Prize winner Al Gore, who is intimately involved with the planning of cap-and-trade, started up a company called Generation Investment Management with three former bigwigs from Goldman Sachs Asset Management, David Blood, Mark Ferguson and Peter Harris. Their business? Investing in carbon offsets. There’s also a $500 million Green Growth Fund set up by a Goldmanite to invest in green-tech … the list goes on and on. Goldman is ahead of the headlines again, just waiting for someone to make it rain in the right spot.”

Answer: hell naw

Business briefs: March 10

CHATTANOOGA – Miller Industries Inc. is raising its annual dividend by 20 percent to 12 cents per share from 10 cents per share.

Dr. Robert Young at Rep. Roscoe Bartlett’s Go Green Energy Conference 2010.MP4

Question: What qualifies for getting a tax credit (up to $1500) for a new roof? Is there a…?

…specific list?
The roofer I asked did not know for sure. They said usually the light dray colored ones do but it always changes. Also said there is not rating per say like windows have. What will the IRS use this year?

Answer: The following is a summary regarding roofs – it is not specific – the energystar.gov website helps some. In prior years we had a problem here in NY because it only applied to 2 family homes. No mention in this that I see.

This citation says the roof has to be approved but there is no list (!). However, the manufacturer has to supply a statement that it is.

Yes, “metal roofs with appropriate pigmented coatings” and “asphalt roofs with appropriate cooling granules” that also meet ENERGY STAR requirements are eligible for the tax credit. The tax credit is for 30% of the cost of roofing materials only, up to $1,500 in 2009 and 2010. Installation or labor costs are not eligible for the 30% tax credit. Roof coatings are NOT eligible for the tax credit.
Unfortunately, a simple list of all roofs that qualify for the tax credit does not exist.
There are many metal and asphalt (either shingles or “Modified Bitumen”) roofs listed on the ENERGY STAR qualified product list. EPA can not confirm that these ENERGY STAR qualified roofs are eligible for the tax credit. Check with the manufacturer, and ask them to provide a Manufacturer’s Certification Statement.
If you want to look at the ENERGY STAR qualified roof list, look in the “Type” column for:
Metal roofs will have a Type = “Metal” (~ 2,000 metal roofs) Asphalt Roofs will have a Type = “Shingle” (~50) or “Modified Bitumen” (~50). Shingles are typically used on sloped residential roofs. Modified Bitumen is a rolled roof product generally used on flat roofs. ENERGY STAR qualified roofs:
Excel: http://downloads.energystar.gov/bi/qplist/roofs_prod_list.xls PDF: http://downloads.energystar.gov/bi/qplist/roofs_prod_list.pdf
Reflective roofs are not for everyone. They will provide the most benefit in hot sunny climates where you are using your air conditioning a lot. If your house is already shaded and the roof is not exposed to much sun, then a reflective roof may not provide a significant benefit. The benefits will also be lessened if the attic space is well insulated.
The law specifies: Any metal roof or asphalt roof installed on a dwelling unit, but only if such roof has appropriate pigmented coatings or cooling granules which are specifically and primarily designed to reduce the heat gain of such dwelling unit

Home Energy Efficiency Improvement Tax Credits
Consumers who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in existing homes can receive a tax credit for 30% of the cost, up to $1,500, for improvements “placed in service” starting January 1, 2009, through December 31, 2010. See EnergyStar.gov for a complete summary of energy efficiency tax credits available to consumers

How to Get More From Your Tax Return

The tax deadline is coming quickly. If you still haven’t done them yet, you may be able to take advantage of some tax credits that are sometimes overlooked.

Superior Windows & Doors – Oval Office

Question: Is an addition to my house considered home improvements or new construction in the eyes of the IRS?

I added an addition on to my existing primary home in 2010. Do the windows and insulation used qualify for the 2010 Energy Tax Credit if they meet the criteria set by the IRS?

Answer: the addition is addition to your basis
you may have the Energy Credits for the windows an insulation
otherwise you just increased the value of your home

11 tips to cut taxes before April 15

KUSA - How’s that 1040 form coming? April 15 will be here before you know it. On 9NEWS 5 a.m. we looked at some of the things you can do to manage your tax bill and avoid filing hassles.

Recovery: Energy Tax Credit-Claim It – 2011

Question: child tax credit 2009? I don’t know if my son qualifies?

Im getting ready for Tax Time and I was reading about dependents and this is what I found in order to claim dependents for the credit:

- must be your dependent son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of them
- must be claimed as a dependent on your tax return
- must be younger than 17 at the end of the year and younger than you (and your spouse if Married Filing Jointly)
- must not have filed a joint return with his or her spouse unless that return was filed only as a claim for refund
- must not have provided more than half of his or her own support
- must live with you more than half the year
- must be a U.S. citizen, U.S. national or resident of the U.S.

Ok, SO…I understand this (somewhat or I wouldn’t be asking) My son was born October 23, 2009 – can I claim him or do I have to wait until NEXT year, being that he hasnt lived with me for more than half a year??

Answer: Even when a child is born on Dec 31, 2009, you can claim on 2009 tax return and get all the benefits including child tax credit and EIC.
In short you are eligible.

The Children’s Place Reports Fourth Quarter and Fiscal 2010 Results

Issues Guidance for First Quarter and Fiscal 2011 Announces New $100 Million Share Repurchase Authorization

Ron Paul on the Public School System

Question: If I work 30 hours a week, could I get working tax credit?

Ok, so I have heard that if you work less then 30 hours a week then wouldn’t able to ge working tax credit. I work on minimum wage and work 30 hours.
How does this work?

Single and living with parents

Answer: Check it out with the Government, links below are the ones you need.

Snyder Deletes Michigan Earned Income Credit

I love Lester Graham of Michigan Watch. He asks questions others want to know but are afraid to ask. About the state budget, which will eliminate Michigan’s Earned Income Credit, Graham queried Snyder about raising working-poor taxes to support rich friends.

Ronald Reagan’s Socialist Program