The Federal Tax Credits Blog

Archive for November, 2008

Question: HOW CAN THE $8000 TAX CREDIT BE USED TOWARD YOUR DOWN PAYMENT?

I am in the process of closing on a home in Michigan. I heard that the $8000 tax credit that the government approved for first time home buyers can be used to help offset the closing costs. I am aware that you can claim this credit on you federal taxes but I have not been able to find out how to use these funds immediately at closing. Is there anyone out there that is aware of any lenders that has used these funds at the time of closing?

Answer: In some states, lenders ARE offering a bridge loan on the 8K to help with closing costs. You would need to contact your lender and see if they offer such and if you qualify.

South Delta’s newsmakers of 2009

Huntington, TFN treaty make history

Full Disclosure 6/1/2009 – $8,000 FTHB Tax Credit for closing!

Question: How long does the Sure Start Maternity grant take to come through?

My husband and I meet the criteria for the Sure Start Maternity Grant as we get child tax credit at a rate higher than the family element. Does anyone know how long it’s taking to come through at the moment? I live in Northamptonshire if that helps.

The baby is due December 23rd, but it’s already tried to come early twice now! So the sooner we get the grant the better!

Answer: I have just applied for mine, they say you can apply up to 11 weeks before baby is due and it should take about 6 weeks.
Congratulations, are you as excited as I am? x

Third ‘Cold Weather Payment’ to be made

THE Department for Social Development is to make a third Cold Weather Payment to low income homes following the recent cold snap. Related Stories Grapevine – January 6, 2010 Nominate teens that make a real difference to your communities Advice on dealing with Xmas debt

Mortgage Crisis Blame: Bush Tried, Dodd and Barney Frank Blocked. “Bushs Brain” Speaks

Question: What is a 1099 form and will I still be eligible to recieve the child tax credit?

I go to school full time and I worked as a dental assistant for a few weeks during the whole year in 2007. I am also a single mother of two children under the age of 5.

Answer: A 1099 form is a form filed with the IRS, with a copy to you, indicating that you received monies which are probably taxable, and for which you worked as an independent contractor. If you worked as a dental assistant, chances are high that you SHOULD have been classified as an employee, with federal tax withholding and Medicare withholding taken from your pay.

In either event, you are required to claim such income as taxable for a federal tax return.

The issue for YOU is that, as an independent contractor, you are liable for about 15% of your gross pay for SS and Medicare withholding, regardless of whether or not you owe any federal income tax.

If you desire to report your employer or make a determination of your proper status, you need to file Form SS-8, challenging that you should have been paid as an employee. If your challenge is successful, your employer will be required to pay half of your SS and Medicare tax, but you are still liable for your portion, plus any federal taxes owed.

McGuinty’s New Year’s reminder: Enjoy your tax cut

It’s the sugar to help the HST medicine go down but Revenue Minister John Wilkinson isn’t having a lot of success getting the message out about coming income tax cuts.

China’s One-Child Policy Comes To Western Countries

Today, more than ever before, document management software is a must for most organizations. The Ontario law enforcement agencies are using a document management process that simplifies e-disclosure and converts homicide case documents into digital format.

The Ontario Homicide Investigators Association (OHIA), which is comprised of a couple dozen local police services and government law enforcement agencies across the province, have standardized on document imaging format to manage and distribute case information to prosecutors, defense attorneys, and other applicable court staff. “The average case can be anywhere from 30,000 to 50,000 pages,” Ian Grant, detective inspector with the Ontario Provincial Police’s (O.P.P.) organized crime enforcement bureau, said. Hard copy documents can be difficult to cart into court and also take a lot of staff time, effort, and money to compile. Document imaging helps a great deal in moving toward a completely electronic system where no paper is required. Anything seized in paper format are scanned to allow officers to tag photographs, attach had written notes, black out sensitive, privacy-protected information in the document imaging.
 
While many cases are still using paper documents, document management is growing at a rapid pace. The courts have made it an acceptable method to carry out case management as long as it’s organized, contained in one spot, easy to use for the officers and legal professionals involved and, most importantly, readily searchable. Law enforcement agencies, have found that document management creates a much more efficient and effective work environment.

Laserfiche creates simple, elegant document management solutions that help organizations operate more effectively and run smarter.

HST Could Be a Boon to Underground Economy

Fears that the Harmonized Sales Tax will boost the underground economy are already being borne out.

Flaherty announces $34 billion deficit, prepared for more

Lower your 2009 tax bill before new year starts

Though good tax planning can take weeks and even months, there are some last-minute things you can do now to lower your 2009 tax bill.