The Federal Tax Credits Blog

Posts Tagged ‘web2.0’

Question: Are college application fees eligible for the American Opportunity tax credit?

I currently attend a community college and my family is going to receive the cost of tuition and books there under the American Opportunity credit. This year I also paid $60 each for 4 UC transfer applications, and I want to know whether or not that $240 is also eligible to be credited to us.

Answer: No.

New Markets Tax Credit (NMTC) Mapping Tool

Hurricane System Science

Question: Does the “new car” tax credit apply to both used and new cars or just new cars?

Hi, I bought a pre-owned car in April 2009. I know there’s a “new car” tax credit on tax returns for people who bought a new car in 2009, but does that apply to a used car?

Answer: new only it’s another way of getting in debt but i see what you are saying

All 8 Free Credit Report.com Songs With Lyrics

Open for Questions: Earth Day

Question: Did we lose “GREEN” tax deductions in 2008?

I was told by my tax preparer that Bush invalidated all the Energy savings credits before leaving office. Therefore, she could not deduct the $5500 i spent for new windows & new Air-conditioning unit. (a fairly involved affair since i live in a 1-bdrm condo, top/3rd floor)
From where i’m sitting it is inconceivable that someone would take away these credits. Is it really true????

Answer: The energy credits ended with the 2007 tax year. Bush didn’t invalidate them, they just were set to expire like many tax credits do. (Congress makes the tax law, not the president) Congress and Obama renewed the credits for 2009 as part of the massive bail out. If the economy wasn’t down the tube, the credits probably wouldn’t have been renewed.

As for the new windows and new A/C, only the new windows would have helped. A/C is not a qualifying energy credit. The purchase price of the windows would have been reduced to $2,000 and then the credit would have been 10% of that, for a maximum credit of $200. This credit would have been a non refundable credit.

Sorry that you missed out on the $200. If it makes you feel any better, I missed out on the $8,000 new home purchase rebate by 1 month.

The elusive face of anarchism

Portrait of an anarchist: Daniel Kyle Wilson, age 20. In a news photo taken May 1, 2008, he looks like a thrift-store ninja, ski-masked, wrapped in black from head to foot. His shoes are black, with three gray stripes. … Wilson stands in profile. His arm is cocked. His fist clutches a rock. He aims it at the window of the U.S. Bank on Fourth Avenue and Capitol Way. • EDITOR’S COLUMN …

How To Make Home Energy Efficient