gtstang462002
ArboristSite Operative
They keep it complicated to be able to suck the money out of you. That is why I pay an accountant and stick to what I know(Making cars go fast and chain saws cut fast)
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Tax Credit
- Thread starter blsnelling
- Start date
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They keep it complicated to be able to suck the money out of you. That is why I pay an accountant and stick to what I know(Making cars go fast and chain saws cut fast)
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just search the irs website for publications.
a 'deduction', like business expenses, contributions, medical, home interest, etc. is deducted from your income, then the tax rate is applied to that remaining income.
a 'credit' is applied against what you owe in taxes, after all income and deductions and taxes are figured. some credits will only reduce your taxes to 0, but not give a refund beyond that. Some will take your taxes into negative and give a refund.
'refund' is not the irs check in april, but actually refunding your tax liability.
Quiz: how much tax did you pay last year?
3/4 people will say I didn't pay any, I got a refund.
Duh........adding up al lthe state, fed, fica, sales taxes, vehicle taxes, phone taxes, you paid 20,000 or more, you just paid extra and got a 'refund' of your excess back.
why so complicated?
every persons tax break is another persons definition of 'loophole'.
congress is made up of lawyers. What do lawyers do...... is there a correlation there?
spacemule for congress......
k
a 'deduction', like business expenses, contributions, medical, home interest, etc. is deducted from your income, then the tax rate is applied to that remaining income.
a 'credit' is applied against what you owe in taxes, after all income and deductions and taxes are figured. some credits will only reduce your taxes to 0, but not give a refund beyond that. Some will take your taxes into negative and give a refund.
'refund' is not the irs check in april, but actually refunding your tax liability.
Quiz: how much tax did you pay last year?
3/4 people will say I didn't pay any, I got a refund.
Duh........adding up al lthe state, fed, fica, sales taxes, vehicle taxes, phone taxes, you paid 20,000 or more, you just paid extra and got a 'refund' of your excess back.
why so complicated?
every persons tax break is another persons definition of 'loophole'.
congress is made up of lawyers. What do lawyers do...... is there a correlation there?
spacemule for congress......
k
Booshcat
ArboristSite Operative
The credit is 30% of the cost of the total install. That's the unit and installation up to a max of $1500.00 I bought a $1200 tankless water heater in 2009, buying a new furnace in 2010. This credit is added directly to your tax liability or refund.
good un!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
biggenius29
Addicted to ArboristSite
I have the Caddy, which can get the tax credit. I got my stove installed, along with a high eff furnace along with a house remodel so alot of HVAC work.
If you dont install it yourself make sure you get someone that will do it for you, and as far as the IRS knows you purchased a really expensive furnace, (but got labor and parts for free.) I did the figuring and I got the installation and ductwork for free.
If you dont install it yourself make sure you get someone that will do it for you, and as far as the IRS knows you purchased a really expensive furnace, (but got labor and parts for free.) I did the figuring and I got the installation and ductwork for free.
That pretty much sums up what I'm hearing. That brings a $2400 furnace like the Caddy of SuperJack down to $1680! My pellet stove is now $3600 new and is only 4 years old, in perfect condition. Even with the tax credit, that's still $2520. I talked to the dealer today, and believe I could get $1500 out of it. I'm talking about putting in a new furnace for less than $1000 including the chimney!
jerryw66
ArboristSite Guru
Bought an oslo in september, the way it was explained to me was credit, not deduction, big difference, credit is like cash rebate, deduction is like reducing your income, or reducing your tax liability, deductions are fine, credits are money in the bank.
banjobart
ArboristSite Operative
You are one fart smucker, Brad. That is a damn good plan. You think like a criminal, I admire that. You will do well in this world.
I spent $3,500 on a Jotul with pipe, pad and installation last month. I take off $1,050 from what I owe the IRS bastards, I mean our benevolent great fathers in Washington. That takes my net cost for the Jotul job down to $2,450.
I spent $3,500 on a Jotul with pipe, pad and installation last month. I take off $1,050 from what I owe the IRS bastards, I mean our benevolent great fathers in Washington. That takes my net cost for the Jotul job down to $2,450.
jerryw66
ArboristSite Guru
Now that's what I'm talking about, Obama economic stimulus?
Well put.
banjobart
ArboristSite Operative
Yep. I'll vote fer any feller what sends me a fat check. Bush, Obama, don't matter. I like legal prostitution like the Mary Landrieu and Ben Nelson variety. Send me a check and I'll vote for ya. We are all gutter whores.
Just kidding.
Just kidding.
jerryw66
ArboristSite Guru
Now I'm snowed in and trying to do my income taxes. Just got back yesterday from Brainard MN ice fishing tourney and I can't find form 5695 on turbo tax to enter my expenses for my new jotul oslo so I can take advantage of the tax credit. Anybody else use turbo tax? I sure wish the wind would stop.
CrappieKeith
Addicted to ArboristSite
I use turbo tax only I go the long form that has all of those extras in it already....did ya win anything at the extravagaza?
She sure was icy Sat. morn...jack knifed the trailer after stalling out on a hill.Had to unload the quad and use it to tow the vehicle up the hill...good thing we had chains!
She was a wet one for sure......but the fishing was outstanding!
jerryw66
ArboristSite Guru
I use turbo tax only I go the long form that has all of those extras in it already....did ya win anything at the extravagaza?
She sure was icy Sat. morn...jack knifed the trailer after stalling out on a hill.Had to unload the quad and use it to tow the vehicle up the hill...good thing we had chains!
She was a wet one for sure......but the fishing was outstanding!
Nice pic, I got a new computer here and can't post yet, I'll work on it later today. I caught nothing, but one of our group was on the board until the final minutes, .63Lb was the last prize, a 400 quad, my buddies fish was .59, it was sure fun to watch.
I've been trying that long form, but can't find this page 5695, I'll work on it some more.
CrappieKeith
Addicted to ArboristSite
I have not started my taxes yet.....
jerryw66
ArboristSite Guru
Kieth, I see the yukon dealership, an old friend of mine had one, he moved away from here to a lake in norther MN. The furnace is still in use in the house he had lived in here. I here it works great yet. I helped a little with it and was well impressed.
CrappieKeith
Addicted to ArboristSite
That's great to hear Jerry...thanks for the heads up on that furnace!!!!!
banjobart
ArboristSite Operative
Go to:
www.irs.gov
And search for form 2009 5695.
Enter the amount of your stove installation, includes hardware, stove and labor on line 4. Multiply line 4 by 30% (.30) and enter that figure on line 5 (maximum $1,500).
Deduct line 5 from what you owe the Treasury. Enter the amount on line 52 of your form 1040.
I saved $1,050.
My stove installed with pipe, pad, parts and labor cost $3,500.
www.irs.gov
And search for form 2009 5695.
Enter the amount of your stove installation, includes hardware, stove and labor on line 4. Multiply line 4 by 30% (.30) and enter that figure on line 5 (maximum $1,500).
Deduct line 5 from what you owe the Treasury. Enter the amount on line 52 of your form 1040.
I saved $1,050.
My stove installed with pipe, pad, parts and labor cost $3,500.
the westspartan
Addicted to ArboristSite
I use turbo tax only I go the long form that has all of those extras in it already....did ya win anything at the extravagaza?
She sure was icy Sat. morn...jack knifed the trailer after stalling out on a hill.Had to unload the quad and use it to tow the vehicle up the hill...good thing we had chains!
She was a wet one for sure......but the fishing was outstanding!
Why do they call you Crappie Keith?
