The Federal Tax Credits Blog

Posts Tagged ‘taxes’

Question: If my wife and I purchased a new home in June 2009, does the new tax credit recently passed benefit us?

We did live more than 5 years in previous home. Is this retroactive?

Answer: No, the new law wouldn’t apply to you. If you were a first time homebuyer, then the prior law with a credit of 10% of the purchase price up to $8000 max credit would apply. If you aren’t a first time homebuyer, then no you aren’t eligible.

Housing-Market Bust Is Changing Buyer Behavior

Typical buyers intend to live in their home for 10 or 15 years: NAR.

1st Time Home Buyer Tax Credit

Question: Will the credit for energy efficiency window purchase in 2008 be available when I do my 2008 tax return?

I purchase Energy Efficient windows in 2008, will the credit be available when I do my tax return?

Answer: Nope. This credit is skipping 2008. It will reappear in 2009.

Keep in mind, you were only talking a whopping $200.

‘I’m not recommending for every future president that they take a shellacking like I did last night’: Obama

The full story of Democrat President Barack Obama’s first public reaction to his party’s midterm losses.

Energy Efficiency Wizard Tip of the Week-getenergyactive.org

Question: Alternative Minimum Tax Question…Please Help.?

Hi:

I want to know if tax credits are allowed when calculating the AMT? If so, which ones apply? Thanks in advance.

Answer: First you calculate your income tax, including the AMT surcharge, then you see if you can claim credits against it. Personal credits (child tax credit, education credit, childcare and EIC) are allowed, to be used to reduce the tax bite. Other credits are not.

Obama ready to deal on extending tax cuts

WASHINGTON — A possible compromise on extending Bush-era tax cuts for rich and poor alike — at least for a while — is in the works after the Republican triumph in midterm elections.President Obama signaled flexibility on taxes after the “shellacking” voters delivered to Democrats. White House press secretary Robert Gibbs said Obama is willing to consider a compromise for a one- or two-year …

AMT credits allocated in a consolidated group. (alternative minimum tax): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on August 1, 1994. The length of the article is 1694 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: T…

Navigating the AMT system.(alternative minimum tax): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by Thomson Gale on April 1, 2006. The length of the article is 1317 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Navigating th…

Simplification proposal could ease complexities of AMT for some businesses. (alternative minimum tax): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on July 1, 1997. The length of the article is 979 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: The …

Getting to Know Your Taxes: Highlighting Tax Relief

Question: A question about the 2009 home tax credit?

There are 2 homeowner tax credits for 2009. One is for eight thousand dollars and the other is for six thousand five hundred dollars. I would like to know how this affects me as a homeowner. In easy to understand terms, I would like to know if i will be getting this tax credit. I have owned my home for over 20 years. Any help you can give me would be appreciated.
I have owned and lived in my home for over 20 years

Answer: You are not eligible for $8000 credit is you own a house.
If you sell your present house and buy a new house, you get $6500 credit if you meet the requirements.

Make those repairs now

The government is about to get a lot less generous when it comes to helping homeowners save energy.

Remodel Replace Refund!: Your DIY Guide to the 2009-2010 Federal Tax Credit for Homeowners $4.00 Part home improvement book and part financial instrument, Remodel, Replace … Refund makes sense of the home remodeling provisions of the 2009-2010 Federal Tax Credit for Homeowners. Learn which types of improvements qualify and how to file the paperwork to get your share of this popular element of the Stimulus Plan. Then, see clear step-by-step photos that show how to do the work yourself–most …

FCCAA seeks volunteer tax preparers

Fayette County Community Action Agency (FCCAA) Inc. is seeking volunteers for its Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs. FCCAA is hoping to recruit accounting and business students from local colleges, business schools, retirees, homemakers and other professionals who wish to join the current volunteer network. Volunteer tax preparers will be part of an …

David Duke for President? — It’s up to You!