The Federal Tax Credits Blog

Posts Tagged ‘taxes’

Question: Can I get the 2009 first time Home Owners Tax Credit if i have a cosigner?

I live with my fiance who owns a condo, and before we get married we want to buy a house together. My fiance has excellent credit, and i have good credit. Can i have her co-sign on a mortage (so that we can get a better interest rate) and still be able to recieve the 2009 First Time home owner tax credit? She does own her condo!

Answer: No – you will be considered co-owners and by her already owning a primary residence means that you will no longer be first-time home buyers. The only way you can qualify is if you can get the mortgage by yourself and do not put her on the title.

Blacks’ economic gains wiped out in downturn

Job loss has knocked some blacks out of the middle class and back into poverty. Some even see a historic reversal of hard-won economic gains that took black people decades to achieve.

Housing Tax Credit

Question: I am self employed – If i decide to work abroad (sweden) will my working families tax credit(from uk) stop ?

sorry – having a bit of a dumb moment!

Answer: yes, you would have to apply for benefits again when your in Sweden

Pera law faces more delay

The implementation of the Personal Equity Retirement Account (Pera) law is likely to be delayed further because the Bureau of Internal Revenue (BIR) fears unscrupulous people might take advantage of the law and declare themselves overseas Filipino worker (OFW) to Claim Tax Credits.

EBook International Taxation in America .mov

Question: Yet Another IRS refund question?

I electronically filed my return on February 4 and was given a direct deposit date of February 15. I also filed two other returns for my son and a friend on the same date. They both have received their refunds as of today, but I haven’t received mine. When I checked the “where’s my refund” website, it states that my refund is being processed and I should receive it on or before February 26. I did have additional forms that my son and friend didn’t have i.e. the 2007 hybrid car tax credit and the educational credit. Could that by why mine did not get deposited and the other two I filed on the same day did get deposited when scheduled? I have used e-file and direct deposit for about 7 years now and this is the first year that my refund did not get deposited on the scheduled date.
Sorry, correction, I did not file the education credit, it was the education deduction of $4,000. This form was not one of the forms supposedly affected by the AMT.

Answer: All returns that included the education credit were delayed by the IRS until February 11 due to the delay of Congress in passing the new AMT income levels. Even if you were not subject to the AMT, your return processing was delayed.

Tax Tips & Information : About Tax Deductions for a Hybrid Car Purchase

Question: How does the first time buyer tax credit work?

My fiancee and I are buying a home this year. It is our first place.
I have a few questions:

Can I apply for the 1st time buyer tax credit?

Can I receive the full $7500 or does it work on a sliding scale based on income?

How does it work with my fiancee since we are filing separately? Does only one of us claim it?

Thanks for the help.
I am aware it’s a loan. I’m just trying to figure out if I can get the full $7500 back.

Answer: The “credit” isn’t actually a credit but a loan that must be paid back over 15 years, albeit without interest. There are income limits and a fairly small purchase window that the purchase must fall within to be eligible. It’s also limited to 10% of the purchase price though with housing prices as they are in most of the country that won’t limit too many of them.

The issue on how the credit will be handled on unrelated parties buying a home together has not been addressed by the IRS as of yet. The legislation states that it may be apportioned “as the secretary shall direct” but no direction from the Secretary of the Treasury (presumably to be delegated to the Commissioner of Internal Revenue) has been forthcoming as of yet. One issue left glaringly dangling in the legislation is the MAGI cap. It’s pegged at $75k on a Single or MFS return or $150k on a joint return. Whether it would be limited to 2 x $75k on Single returns for unrelated joint buyers is unknown at present.

PM starts selling carbon tax to Australia

With parliament expected to debate the carbon tax in coming months, Julia Gillard is set to sell her plan to Australian households and businesses.

Keynesian Economics is a Failure – Why is Obama trying it again?

Question: How will I claim the childcare credit for next year?

My daughter is 2 years old. Last year, I didn’t claim any childcare credit because my mom was the caregiver, and it wouldn’t make any sense to deduct the amount and add it to her tax bill.

This year, we will be sending her to a daycare center that charges around $1200 a month. Do I need to get their tax id in order to claim it, or can I just put down their official name and address to claim it? Thanks.

Answer: Most centers will give you a form that you can use for your taxes. It will show them and their id, as well as your info and what you paid for care. Ask about it now to reassure your concerns.

Questions And Answers July 5

Pay Equity—Gender Gap 1. CATHERINE DELAHUNTY (Green) to the Prime Minister: Does he stand by his statement about equal pay for women: “The law at the moment actually provides quite clearly that it’s against the law to discriminate on the basis of …

Key Investments for Middle-Class Families