The Federal Tax Credits Blog

Posts Tagged ‘taxes’

A day in the life of a community action corporation executive director

EMPORIUM – Eliminating obstacles so people can become financially independent is the job of Ken Straub, executive director of the Northern Tier Community Action Corporation, and his co-workers.

NESCOR on Better Connecticut with Scott Haney

Lower your 2009 tax bill before new year starts

Though good tax planning can take weeks and even months, there are some last-minute things you can do now to lower your 2009 tax bill.

Question: All jargon aside… FSA vs. Child Care Tax Credit?

I’ve been looking into setting up a flexible spending account for dependent care with my company, but the more I read about it, the more confused I get. I have two children and as of now, they go to daycare part-time. Their dad takes them and then goes to work. In the near future, this will not be possible, as he will be starting a job that requires working many, many more hours. So, my two are going to have to go to daycare full-time, but the expense is going to be outrageous! Is a flexible spending account the right thing for me to do? Also, we pay daycare costs on a weekly basis….will this have any effect on us? Basically, will someone explain this to me in layman’s terms?? Help!

Answer: Hi Charley,

Ultimately, you will need to do a dollar-for-dollar comparison to decide which is best for you. The general rule of thumb is:

Two Children or more – An FSA is more favorable on taxable income above $68,750:

CCTC – 20% of $6,000 = $1,200
FSA – 25% of $5,000 = $1,250

Hope this helps!

—
Brad

Signs of a silver lining

Experts believe house prices will fall again next year, with VAT, stamp duty and other tax increases all dampening demand. Photograph: Owen Humphreys/PA Panic over. Six months ago you could not pick…

IFAs & HMRC’s new offshore disclosure initiative

Solar heating is an excellent way to meet your energy demands through renewable sources that not only help you with reduced costs of operation but also make you go green and reduce your carbon footprint. With solar energy, one of the simplest things to do is to use it for heating purposes, and solar heating is increasingly gaining acceptance of people who want to save money and be environmentally responsible citizens. Solar heating doesn’t require you to first convert solar energy to electricity, which can be costly and inefficient for the present technology. Therefore solar heating presents a wonderful opportunity to tap into the infinite potential of the sun to run our lives.

The best thing with using solar heating is that you get lots of incentives, depending on where you live. You can get direct tax benefits and also indirect incentives that will ultimately result in lowering the price even further. This is one reason why you should consider this option seriously right now. Solar heating can be used for a number of sources of your everyday use. Solar heaters provide an excellent way to get a continuous supply of hot water to your home. You can use solar heating not only to heat water but also to heat the space and keep your home warm.

Another important area in which you can use solar heating is your pool for example. You will be surprised to know the amount of energy used by your pool for staying warm and inviting. Why not save on some electricity bills and use solar heating for this purpose? Apart from your pool, you can also get your solar heater installed for ready hot water anytime. The best part about solar heating is that it is quite cheap, which means you will more than cover up for the initial one time installation costs that you incur by running the system for a few years. You can greatly save on the electricity that your house consumes and also do your part in saving the planet in the same step. You couldn’t have asked for a better deal, and there could be no better time to adopt solar heating than now!

Lynn Little: Energy-efficient improvements can mean tax credits

The American Recovery and Reinvestment Act (known unofficially as the stimulus package) includes cost-saving tax credits for qualifying energy-efficient home improvements.

Tax credit deadline approaches

Many appliances in the home are a must. It is impossible to imagine having a function home where necessary things get done without these appliances. For example, in the kitchen, a stove and refrigerator are the two major appliances you require to cook and store foods that are perishable as well as any leftovers from your cooking. A dishwasher, microwave, toaster, blender, food processor and mixer are some of the other kitchen appliances that you may feel your kitchen is not complete without.

Other important major appliances include the washing machine and dryer. Washing and drying laundry at the laundry mat can be expensive, time consuming and a headache when there is no close laundry mat nearby. Having a washer and dryer in your home or apartment makes a major difference in how long it takes to wash, the number of times you can wash and how much it will cost.

There is a proverbial laundry list of appliances that makes your home a functional place where tasks get done efficiently and quickly. It is no question that purchasing these appliances can represent some big ticket expenses if you attempt to purchase them outright from some retailers or from some manufacturers showrooms. Fortunately, there is more than way to buy appliances today and one of the best ways is to locate cheap appliances online.

Don’t let the word cheap scare you away. It is in no way intended to be associated with inferior quality but instead is indicative of the good quality you can find online at a price you can be very comfortable with. The Internet, often referred to as the information superhighway, is perhaps the greatest invention in existence when it comes to information searching and gathering. This holds true for appliances and having the ability to find them at a very cheap price.

One drawback to the Internet is that it is a public source of information and not all sites provide the most accurate information. This should not deter you from your search for cheap appliances. You can still find some of the best prices on the web. The point of focus is to understand how to search. When you are looking for cheap appliances, you are going to come across private and public sellers. There are sites that offer the opportunity to buy on site.

The best way to find cheap appliances is to look for a website that sells them such as a wholesaler. Some warehouse companies offer appliances at clearance prices because they are closeouts or have slight manufacturing defects. These appliances work perfectly and often have a limited warranty against defective workmanship. If you find an appliance at such a site, you should be prepared to make the purchase online as the price may be a “web only” price meaning you must use a credit card or warehouse account to finance the purchase at that time. As an added incentive you may receive free shipping and free removal of your old appliance, making it an even better deal.

What You Need to Know About Taxes in 2010

How can you maximize your tax return and what should you do if you get an e-mail from the IRS?

3 Bedroom 2 Bath in Griffin, GA For Sale