The Federal Tax Credits Blog

Posts Tagged ‘taxes’

Redistributing wealth to Wall Street

Remember those dark days after the 2008 financial collapse, when Congress vowed it would get tough with the banks? Well, that resolve seems to be dwindling. A move to undo some of the reforms legislators were touting just months ago was barely stopped on June 8.

Why You Should Have a Business Credit Coach!

Question: Regarding changes to the $7,500 tax credit, in the 2009 stimulus bill?

This is really confusing and a bit agrivating. My wife and I bought our first house last April so we claimed the $7,500 tax ‘credit’ on our 2008 returns we filed today. We then come to find out, this is not a credit at all but a 0% interest loan! So we are now indebted to the government $7,500.

Icing on the cake is that in the new stimulus signed this month, this tax credit provision will be updated to $8,000 and will NOT have to be repaid for home buyers that qualify for the credit.

Will the revision doing away with the repayment apply to my credit, or am I pretty much screwed?

Answer: You’re NOT getting “screwed.” You got an interest free 15 year signature loan with a 2 year deferment on the first payment. The imputed interest on that is between $7,000 and $8,500. I’ll happily take that off your hands and cover the payments with a $50 kicker for you if you wish!

You are not eligible for the new credit as it applies only to purchases in 2009.

WEEKEND ECONOMIST: Altered states

Economic analysis of the individual Australian states shows the Western Australian economy is surging again, while Queensland is still recovering from floods, and growth conditions in Victoria, NSW and Tasmania are less positive. 25 Jun 2011 11:08 AM

$8000 2009 Tax Credit Expiration COMING SOON!!!

WaterFurnace Launches Ad Campaign That Features Jeff Gordon and the Benefits of Geothermal Heating and Cooling Systems

FORT WAYNE, IN–(Marketwire – 07/01/11) – WaterFurnace Renewable Energy , a leading manufacturer of residential and commercial geothermal and water source heat pumps, announced the launch of a new advertising campaign that features Jeff Gordon and the benefits of geothermal heating and cooling systems. The multifaceted advertising campaign showcases the four-time NASCAR Cup Series champion in …

Question: Retirement Savings Contribution Credit – Would IRA Contribution In Feb 2011 Count Towards 2010?

Line 1 of form 8880 asks for “Traditional and Roth IRA contributions for 2010. Do not include rollover
contributions”.

A recent Yahoo article said the deadline for contributions was tax-day, but I do not see this in the instructions.

If I contribute this week (February 2011), can I apply it towards my 2010 Retirement Savings Contribution Credit?

-Frank
Thanks to all! Cleared it up for me.

Answer: Yes ! Just make sure when you send it to your IRA company that you check the box or whatever that says its for your 2010 contribution. You can deposit all the way up to tax day. You can even file your taxes before you make the contribution, then make the contribution after you get your refund as long as its before tax day.

How Boomers Can Protect Assets in a Divorce

People in various stages of life have different priorities when it comes to divorce: Younger divorcees tend to focus their energy on child custody while baby boomers consider issues like Social Security benefits, pensions and retirement savings.

Boost Your Tax Refund with IRAs

Question: energy efficiency tax credit?

I filed my 2010 taxes through turbo tax and went for the up to $1500 tax credit for replacing household windows, doors, etc. now i had a new energy efficient heat pump and outside condenser put in, it cost 5500 roughly. but all i got back from taxes was $54.00. anyone know as to why?
The heat/AC is the only thing i have done to my home. i havent replaced any windows or doors

Answer: There’s a lifetime credit amount. Your windows used up almost all of it previously

Firm harnesses ambient energy

LARAMIE – Imagine a house that has no energy bills, a house that is off the grid and powered by natural resources – sun and wind.

Understanding Geothermal Heating and Cooling with GeoComfort