The Federal Tax Credits Blog

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Question: What is the best way to set up payment accounts for loved ones?

I have a few brothers that I want to set up a bank account for, so that they can draw from it as needed.
I have a few needs:
1. Cover potential liability reasons (if one of them were to clear out the account(s) or drastically overdraw the account(s), I need to be protected). Would debit cards be better for this?
2. Need a way to check on account, probably online
3. Ideally, a way to auto-refill the account every month
4. Ideally, a personal inscription, eg “The Family” under the brother’s name on the card.
I think I have a few options:
1. Set up an LLC and set up a small biz account that way. But I’m afraid of the costs, and I have no idea what the tax implications are. Literally, all I’ll be doing is to fund the account for these guys, who will withdraw from it.
2. Just set them up as additional users on my credit card, but a) if they overdraw, I have to pay fees, b) there’s a delay for charges.

Are there banks (online?) who offer free additional users on debit cards?

Answer: Why?

The easiest thing (with the least liability for you) is to just send them a check each month or deposit it directly into their account.

Or, you can give them a pre-paid credit card each month.

But seriously, you aren’t doing them any favors. From what you’ve written it sounds like they’re irresponsible. The best thing you could do would be to teach them to be responsible, not fund their problems. Do you plan on supporting them until they die?

As far as your options:

1: this is not a business so an LLC doesn’t make sense.
2: only do this if you’re willing to have them run up thousands in debt and you have the means to pay if off.

I really can’t stress enough what a bad idea I think this is. Eventually they need to act like adults. Better to help them now than wait until things come to a head.

Good luck!

MoneyGram International Reports Fourth Quarter, Full-Year 2009 Financial Results

MINNEAPOLIS—-MoneyGram International, Inc. , a leading global payment services company, today reported financial results for the fourth quarter and full year 2009. Money transfer transaction volume increased 7 percent, and money transfer fee and other revenue increased 6 percent in the fourth quarter of 2009 versus prior year.

2010 Homebuyer Tax Credit

Question: I am going to invest in Houston, buy it and rent it out (good idea)? First time buyer.?

I have been reading alot on articles. It a buyer market and I am thinking of the future. I know there is alot of land in Texas, but Houston is rated #11 avg 3-4% increase. I have good credit and I want to purcahse a house in Texas and rent it out. I am new to all of this am curious what people think. I will put 10-20% down and planning to keep the house for more than a decade. I live in california. I been reading about property managers who take 5% of the rent. I know i ave property tax, closing cost, and isurance any more thing I need to know beside the loan?

Answer: Before you buy anything in TX check how much property tax will you be paying. I had checked the Dallas area and its about $5000 property tax a year for a house that cost $170,000 so if you will get $1200 -rent you will have to pay about $500 a month for taxes and insurance without counting the mortgage. Do your math….

Just hours left to cash in on Home Renovation Tax Credit

Serkan Senturk of Kenwood Hardwood Flooring installs a new floor in the home of Post columnist Jamie Golombe. Golombek is having his hardwood floors done just in time to qualify for the home …

REALTOR announces housing tax credit expansion!

Obama To Call For Extension Of Bonus Depreciation Through ’10 Official

WASHINGTON -(Dow Jones)- U.S. President Barack Obama will call for temporary bonus depreciation, a $38 billion tax cut that would let businesses more quickly recover their capital expenditure costs, to be extended through 2010.

Part 3 of 10 – Third and Final Presidential Debate – John McCain and Barack Obama, October 15, 2008

Question: New home buyers credit and energy property credit.?

I’m purchasing a new home tomorrow. The title will have my fathers name on the title as well as mine (The bank basically wanted his on it too). He has owned a house for years, I have not. I was wondering if I still get the $8,000 tax credit for a new home buyer. Also, the house is a foreclosed house that is not fully constructed. (Basically has drywall in it and nothing else). I am putting energy efficient appliances in it and wondered if I get the energy credit as well. I know it’s for existing homes, but taxes have been paid on this house for 2 years now so does that make the house existing? Thanks in advance!
I should add, I’m more worried about a tankless water heater (it qualifies), not so much appliances.

Answer: For the house to be considered for FTHB credits you must have a certificate of occupancy prior to 12/01/09. You father being on the title has nothing to do with the FTHBC if you otherwise qualify. I don’t think the energy credit would apply in this case.

YOUR PLACE TO CALL HOME: State offers home-buying incentives

If buying a new home this year is one of your New Year’s resolutions, the state of Missouri gave you an early Christmas present right before the holidays.

Energy Star Appliance Conservation Program

So long 2009

Compiled by Observer staff Another year is gone in the City of Vision and in spite of hard times being felt across the nation, Rio Rancho still saw some major development and some major stories.

Home Wind Turbine, Home Wind Turbines