The Federal Tax Credits Blog

Archive for December, 2010

Question: child tax credits question?

I am starting work full time, so my son has to go to nursery. How does the childcare element of the tax credits work? I know it goes to the nursery, but as it isn’t for the full amount of the fee, do i just set up a direct debit for the remaining amount?

Answer: Hey I deal with benefits so hope this advice helps. As long as your working and using a registered childcare provider tax credits will paid up to 80% of your weekly childcare costs however this will be all means tested against your income. Any help towards your childcare will be paid within your normally weekly or 4 weekly tax credit payment and its up to you to pay the actual childcare provider. If you need any help working out how much help you will get for your childcare costs its better to phone the helpline on 0845 300 3900 and they can do and estimation for you to give you an idea. Just make sure when you call you have accurate costs of your childcare provider then that way its easier for an estimate to be given to you. Once you have made a decision regarding your childcares cost just call the same number to add the detials and payments will be updated within a few days providing there is no problems with your claim. Good luck!!

Calendar

Submissions for “Community Calendar” are required two weeks preceding the date of publication. Send to: Mary Ann Bottari, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026; mbottari@pioneerlocal.com. Information may be faxed to (847) 486-7495.

Child Care? You Wot! I Cant Afford That..Can I?

Question: Have i filled in my working tax credit form wrong?

Its the first year my partner and I are claiming tax credits and I’m a little confused! There is a section of the form to fill in our salaries for the tax year 09-10 April to April, however since April my partner has changed jobs and is now on a slightly higher salary, there isn’t a section to complete about your circumstances since April 10 and was wondering what to do if anything? My partner thinks that we don’t have to do anything until they review the claim in April 2011 but I have heard of horror stories of people having to pay back thousands because they filled in the forms wrong or didn’t inform HMRC when they changed jobs, I obviously don’t want to get in trouble or claim anymore than we are entitled to. I would put in a covering letter but I know the form gets checked my a computer and whenever I phone I’m on hold for such a long time. I thought I would see if anyone could help before I rack up my phone bill trying again. Thank you

Answer: send in tthe form then send in separate notice for change of circumstances and this be then be processed and keep you right

IRS says tax season to start on time

Following last week’s tax law changes, the Internal Revenue Service announced last week the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until mid- to late February to file their individual tax returns.

IRS TAX TIPS: Making Work Pay – Retirees (ASL, Captions & Audio)

Question: Do the energy tax credits for 2009 apply to new home construction?

Answer: It’s not entirely clear

http://www.irs.gov/newsroom/article/0,,id=206871,00.html

It appears to be covered

http://www.irs.gov/pub/irs-pdf/f5695.pdf

http://www.irs.gov/pub/irs-pdf/f8908.pdf

Do a search on the IRS site for “energy tax credit construction”

For the 2009 First-time homebuyers credit, be sure to go directly to the IRS site, and talk to a tax professional or accountant:

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Here’s a good summary

http://www.hawaiihome.biz/2009/05/first-time-homebuyer-tax-credit-faqs/

http://www.hawaiihome.biz/2009/05/first-time-home-buyers-tax-credit-2009/

The IRS wants to know the purchase price. The purchase price is the adjusted basis of your home on the date you purchased it. This includes certain settlement or closing costs (such as legal fees and recording fees) and your down payment and debt (such as a first or second mortgage or notes you gave the seller in payment for the home).

Email me if you have questions.

Energy stocks, low volumes drag TSX

Canadian dollar down 0.03 of a cent to 99.91 cents (U.S.).

Tax Credits for Energy Efficiency

Hometown Happenings 0126

Community happenings….

Innovation and the Transformation of the Global Energy System

Question: Question about being a student in Alberta with a loan and making alot of taxes, do I get any back?

I am a student in Alberta that has received a student loan this year in the amount of $6000. I have worked this year in the amount of 39,000 Gross Income and I have got almost $9,500 in taxes taken off for the entire year. My question is I think I have made too much money than the allowable amount, and since I have got alot of taxes taken off also am I going to be screwed and not get any of this back…or am I even going to have to owe any like a lot now? I seem to remember getting my student loan credits “banked” or something was what the H&R block reps have said the last 2 years.. can’t remember what they ment but will this also factor into it? Thanks for any advice.

Answer: It is worth spending a few of those 39,000 dollars on a professional tax consultant to sort out your tax situation.

Charities make final appeal

Charities are making final appeals from Central Albertans after seeing a drop in donations through the holiday season.

PORTLAND OREGON HOME FOR SALE / DESIRABLE ALBERTA ARTS AREA