The Federal Tax Credits Blog

Posts Tagged ‘taxes’

Question: Roommate opening my mail!???

We share the same first name…very diffrent last names
Isnt this illegal?….I have found out she was fired from the bank for entering customers accounts unlawfully….and she lost her job at the watch store she says for attendance but she has a shyt load of watches?

The thing that is bothering me is she opens selective mail then says it was a mistake…..bullshyt junk mail she doesnt open…anything from the IRS or credit card info she opens….

Should I report her?

Answer: It sounds like your roomy is a shady character. I would have a SERIOUS talk with her about this and give her the chance to redeem herself. If she were to do it once more then I would take legal action and report her.

‘Stoopers’ scoop up discarded winners’ slips at horse tracks

Gamblers left $2.8 million in unclaimed winnings at Pennsylvania’s horse- and harness-racing tracks last year — and that’s just what no one else picked up.

ron paul on the Irs credit card reporting

Question: lifetime learning credit/tax mistake?

So I e-filed my taxes today using turbotax. I qualified for a lifetime learning credit, however I made a mistake while filling out the form. I entered the cost of my books in the form, and I learned a few minutes ago that books are not a qualified expense because “the cost of books is not a requirement to attend the institution.” That being said, I already qualified for my maximum refund without the cost of books being factored in- so my refund won’t change because of that mistake. I don’t want to do anything wrong: legally, ethically, or otherwise, what should I do? I’d rather not get into any trouble…

Answer: You are correct that books usually don’t count. The only time they do is if you are required to buy them FROM the SCHOOL (not from the school bookstore – than doesn’t count) in order to attend the class.

But if you qualify anyway for the maximum credit without the books included, I wouldn’t worry about it. Since you were entitled to the credit that you claimed, you’re OK both legally and ethically.

Brad Williams to challenge Sen. Walsh

After explaining at length the problems he has with state government — how there needs to be more businesspeople and fewer career politicians on Beacon Hill, more focus on creating a better business environment, and less state spending — state Senate candidate Brad Williams hands over a card for his investment management firm.

Requirements for $8,000 Homebuyer Tax Credit

We’re back with the latest edition of BuzzWords!

This time around, we take a moment to note the passing of yet another unfortunate victim of the economic malaise affecting our beautiful island state and offer a nice little addendum to last quarter’s environmentally themed issue: hybrid rental cars here in Hawaii!

No KanDoo!

Hawaii’s newest water-themed attraction, KanDoo! Island, has gone under after only two weeks in operation. The $8 million venture came to an abrupt halt mid-August when the fledgling company, unable to keep up with operating costs, discontinued paying its insurance premiums and employees whose paychecks began to bounce a few short days before the company began laying off of all but a dozen of its 253 workers.

The enormous, 98-ton, 148-foot-long steel catamaran, once moored 3 miles off the Waikiki shoreline, now sits idle in Honolulu Harbor. Equipped with a water slide, swimming pool, sundeck, and 4 full-service bars, KanDoo! Island offered a variety of water sport activities including snorkeling, scuba diving, jet skiing, and parasailing.

KanDoo! Oahu CEO Robert Maynard plans to have the island up and running again in the future, hopefully avoiding the fate of the now-defunct Hawaii Superferry which ceased operations earlier this year.

Hybrid Car Rentals In Hawaii (Finally!)

It’ll be a little easier to go green on your next Hawaiian vacation courtesy of Enterprise Rent-A-Car, the first nationwide rental car chain to offer hybrid rentals to customers here in the islands.

For now, there are 4 locations where renters may choose from Enterprise’s fleet of hybrid cars: Waikiki, Honolulu, and Kailua on Oahu and Kahului on the island of Maui.

The 2009 Civic Hybrid and 2009 Toyota Prius are the two most popular and widely available models. Fuel efficiency-wise, the Civic Hybrid gets 40 MPG when driving in stop-and-go city traffic and 45 MPG on the highway, while the same year’s Prius does a bit better, coming in at 48 and 45 MPG, respectively.

As of this writing, Enterprise Rent-A-Car’s daily base rate for a standard hybrid like the Prius was $42.74, the same as a comparable, non-hybrid vehicle like the Chevy Malibu, making the Prius the top choice for those looking to go green while also saving a little bit of green. A larger, full-sized hybrid – Toyota Camry – could be rented for $56.99 per day, about $10 more per day than a similar model like the Nissan Altima. For $75.99 a day, about $5 less than the cost of a standard SUV, a renter could drive off in a hybrid SUV like the Ford Escape Hybrid.

And that about wraps it up for our fall edition of BuzzWords…

Until next time,

The Friendly Folks At BuzzHawaii.com Wish You Well

For solar power, a time to shine

A growing number of South Sound residents have turned to the power of the sun to help power their homes. Nineteen solar-powered systems will be on display during the 2010 South Sound Solar Tour.

Volt Redesign Revealed

Question: Do you think the government should force you to make energy saving improvements to your home?

Consider this…. if Cap and Trade is implemented and you decide you want to sell your home, would you be happy to have a government inspector do an energy audit of your house and then force you to spend the money to upgrade your house before it can be sold?

Wouldn’t you think that upgrades ought to be the buyer’s choice after they own?
Would you approve of energy saving tax credits instead of forcing a person to do this stuff? Often, people who sell homes are not in the best of financial circumstances, especially nowadays. I think of the elderly who are trying to downsize and how little income they might have.
What other alternatives can you think of to making laws like this? Or, do you think this is just fine?
You are right, some energy improvements do have tax credits, but not all and there are several restrictions involved.

Answer: By government do you mean the people living in mansions and flying around in jets? The ones that know every trick in the book to avoid taxes? Well maybe if they practiced what they preach…
Cap and Trade is a scam!

PROGRESS: Carson City rises to meet challenges

This past year has brought its share of change to Nevada’s capital, both sobering and promising. Without a doubt, 2009 saw a slew of discouraging headlines, from retailers closing shop to unemployment figures climbing into the double digits as gaming revenues slipped throughout the state. Still, many things went right in Carson City, which local leaders say could help make 2010 a year of …

Toronto Drywall Installation is Covered by Home Improvement Tax Credit

Question: Will the tax credit cause people to receive little to no refund check in 2010 when they file income tax?

I’m talking about the making work pay tax credit added to paychecks each week through the stimulus package for low income families. Sorry for not clarifying earlier.

Answer: (Almost) Everyone is going to get a $400 tax credit ($800 for married filling jointly). Your employer should withhold $400 less from your paychecks. So you pay $400 less, but get a $400 credit on your tax return and the net result is that there shouldn’t be much change in your refund amount.

The danger some people face is if they work 2 or more jobs (including having a spouse who works). If both employers assume the tax credit and withhold $400 less, you’d have $800 less withheld, but you’d only get a $400 tax credit so you’d get $400 less refund or owe $400 extra.

The 2009 stimulus is called the “making work pay” tax credit and its explained in pretty good detail on the IRS website (link below). The important thing is that there won’t be any separate checks from the IRS this time. You’ll either get your money by having less taken out of your paychecks, or by getting a tax credit on your 2009 tax return that makes your refund bigger.

Also, note this tax credit is already implemented for 2009 AND 2010. Congress would have to approve an extension in order for it to continue for 2011 and beyond.

Charitable Tax Credits For 2009 Still Possible

It is still possible for those looking to get some tax write-offs for charitable donations to get those for the final two days of the year.

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Recovery: Making Work Pay-Smaller Take-Home Pay? January 2010