Tax Credit

[blsnelling]

Yes, another tax credit question

Does the 30% credit reduce my taxable income by that amount, or does it come directly off what I owe in taxes.

 

[ran3465]

It comes directly off, so you actually get that money.

 

[blsnelling]

It comes directly off, so you actually get that money.

Beautiful! Now I really want to do this!

 

[jreed]

So if you are recieving a refund, they add the amount to the refund?

 

[showrguy]

Beautiful! Now I really want to do this!

WHAT !!!!!!!!!!!
ya mean yer actually gonna buy something that burns wood ????
bowt time !!!

 

[04ultra]

Yes, another tax credit question

Does the 30% credit reduce my taxable income by that amount, or does it come directly off what I owe in taxes.

After your IRS tax aduit you'll be needing something








.

 

[blsnelling]

After your IRS tax aduit you'll be needing something

And it would be nice to see you actually post something that actually contributes every now and then.

 

[Storm56]

Yes, another tax credit question

Does the 30% credit reduce my taxable income by that amount, or does it come directly off what I owe in taxes.

You may want to check. It is my understanding that you do not get the 30% of the item being purchased, but in fact get the 30% reduction on the earned income. IE: The item cost $10,000. You get a 30% tax credit. You get a $3,000 deduction on your taxable income, so if you are in the 30% tax bracket you would actually get $900 back on your taxes.

 

[blsnelling]

We're talking about approxiamately $3,000 here. That would mean the credit would only be good for about $270

 

[04ultra]

And it would be nice to see you actually post something that actually contributes every now and then.

You need to call or talk too your accountant about your tax credit......You might be surprised how little you get ....

 

[blsnelling]

You need to call or talk too your accountant about your tax credit......You might be surprised how little you get ....

That's much better

 

[Storm56]

Like I said earlier, just check it out before you make the purchase. That was my understanding but maybe the person that I got it from was wrong.

 

[CrappieKeith]

....not a taxman ,but from what my tax man says you'll get to take as a credit 30% of what your buying. So a $3000 furnace would get you a $900 credit.

 

[blsnelling]

....not a taxman ,but from what my tax man says you'll get to take as a credit 30% of what your buying. So a $3000 furnace would get you a $900 credit.

What I need is a definition of a credit. Is it a credit off my adjusted taxable income? Or is it a credit towards the actual taxes I owe?

 

[04ultra]

What I need is a definition of a credit. Is it a credit off my adjusted taxable income? Or is it a credit towards the actual taxes I owe?

Call an accountant ...............................

 

[blsnelling]

Call an accountant ...............................

I'm sure there are guys on the forum here that have already taken advantage of this credit.

 

[gtstang462002]

I don't know the specifics on the tax credit that you are referring to, however, when I write off my tools as a work expense they get adjusted out of your taxable income. Charity donations work this way as well. I would imagine any other credits would work that way as well.

 

[mtfallsmikey]

I thought it was just a straight rebate/check???

 

[Storm56]

Looked it up on the net. It is in fact a tax credit. 30% of the item up to a max credit of $1,500. Unit must be a qualifying product so be sure the unit is eligible. Guess the old adage: Don't believe everything you hear applies to me in this case as I got it from someone else that supposedly had checked it out for himself.

 

[milkman]

I don't know the specifics on the tax credit that you are referring to, however, when I write off my tools as a work expense they get adjusted out of your taxable income. Charity donations work this way as well. I would imagine any other credits would work that way as well.

I don't know, but wouldn't that be a tax deduction and not a tax credit? Why do they have to make it so complicated?