The Federal Tax Credits Blog

Posts Tagged ‘taxes’

Question: do i get any kind of tax return back for being a full time student while collecting unemployment benefits?

i am currently tending college full time basis all year long in 2009 i have a 1098-T from the college. The amount billed for qualified tuition and expenses is $9,599.20. also the scholarships or grants portion on this form states $6,515.00. I am also on unemployment and have a 1099-G from them that is for $9,073.00. i didn’t have any federal withholding taken out for that . i have one dependent for which i do claim every year on my taxes. i am also filing head of household. any other details let me know i can add more info to help you let me know if i am able to receive any return back like hope tax credit or the learning tax credits & higher education tuition and fees deductions. please any information is greatly appreciated i do my taxes online on irs free file website my self i just want to know if i am doing this right when i get my return amount back thanks again!

Answer: You may be getting some back. It depends on whether or not you ever claimed the Hope Credit, if you haven’t claimed it. You may be able to get back up to 40% of your college expenses. I have to assume from your information that you probably had loans to cover the additional $3000 in tuition and expenses. You would be receiving 40% back up to $1000. It is called the American Opportunity Credit. As far as Earned Income Credit I don’t believe you are qualified for it because its not considered earned income, however because you file HOH and have a dependent you should not owe any tax and therefore should receive the whole $1000 back for qualified education expenses. You can go to any IRS free file site, the easiest that I have found and walks you through everything is www.hrblock.com.

Obama, Eagles, and Frogs

Question: is there a tax credit for individuals that broughyt a new car in 2006?

Answer: Yes there is if you bought a hybrid vehicle brand new. The max deduction for the hybrid is 2000 dollars. The other deduction is if you itemize, you can take the sales tax off on your Schedule A.

CU-Boulder’s newest carport will trap solar power for campus

A new carport at the University of Colorado will provide shade for cars while generating solar power for the campus.

Save Thousands Sales Tax Credit New Ford Expedition Harriso

Question: When will we know if $8000 tax credit for first-time home buyers will be extended to 2010?

I’m a first-time home buyer and am interested in purchasing a home, preferably next year rather than this year, if the $8K tax credit is extended. Does anyone know the timing on when one of the bills is expected to be passed? I would rather know this summer to determine if I can wait or not.

Answer: not until way into fall. I would not expect any news until around Halloween.

A new bill has been introduced which would increase credit to $15,000 and extend it 12 months. But that bill is in committee and no one knows if it has much of a chance.

Google Profits From Tax Credit for $750 Million Energy Plan

Google Inc. (GOOG) plans to ramp up its $750 million investment in clean energy projects by taking advantage of tax rules to channel more funds into wind, solar and other renewable power sources.

Real Estate Financing – FHA Mortgage and First Time Home Buyers – RealEstateMarketingThisWeek.com

Lease a 2010 Honda Insight at John Holtz Honda