The Federal Tax Credits Blog

Archive for the ‘Claiming Tax Credit’ Category

Question: lots of questions re: signing on / jobseekers / benefits can you help?

can anyone please explain in real easy terms whats what here. hubby and i are self-employed and work is drying up rapidly, we are getting worried that there wil be no work at all soon, what do we do? i get child tax credit and hubby gets a small amount of working tax family credits – can we apply for rent/council tax benefit now? do we have to wait ’til we have no work? how do we prove we have no work no income? what happens if a bit of work comes along whne we are claiming jobseekers – say 2 days work – we obviously take it, so do we come off jobseekers for 2 days then sign on again? lots of questions, w’ve been luckcy enough to have never had to do this before – also how do we prove we a jobseeking when claiming? do we sign on indiviually? if we claim obseekers do we automaticlly get rent and council tax paid? would really appreciate hearing from somone who is going through this – thanking you

Answer: What they normally do is calculate how much money you are making from your business at the moment and if it is under a certain amount you can get some kind of benefits. if you work 16 hours or less you can still qualify for most benefits but any more than that is classed as fully employed. You should just go to the job centre or social services and they will explain everything to you, and tell you what you are entitled to – if anything.

also if you go on to benefits and you find some sort of paid work, even if it is only a couple of days or whatever you still have to declare it to them

Savings possible for 2009

First, the bad news. It’s tax time. The good news? Seniors can save on their taxes when filing their 2009 return if they know where to look. Now I’m not the money columnist for the paper and I’m not qualified to give financial advice.

IRS Self Employed Tax Deductions & Write Offs 2010, 2011

Question: About how much do you get back for a qualifying relative?

My boyfriend claimed our child on his taxes and got like 4000 back. He got the tax credit or whatever its called. He is going to ammend his taxes and claim me as a qualifying relative. How much more will he get back for claiming me? Just an estimate if no one knows the actual $ amount. He made about $11,000.00 last year. Thanks!
he did not
“fudge” numbers. And yes i am a qualifyiny relative, i’ve lived with him for 2 years and hes supported me and i did not have a job. Therefore, i am a qualifying relative. And he got the Earned income credit. He had his taxes done. So no he will not be in prison. Everything was done CORRECTLY. He just wasnt sure he could claim me. But he can.

http://answers.yahoo.com/question/index;_ylt=AuFrQ18Ir3CY9dCeBqz072Psy6IX;_ylv=3?qid=20100224071200AA1LMOv

Answer: NOTHING
That was due to refundable credits, like EITC, and ACTC (and CTC).
It merely reduces his taxable income by $3650 to claim a Qualifying RElative
It likely makes no difference as he may have no taxable income anyway
There are specific requirements to be met for him to be able to claim you: www.irs.gov qualifying relative BUT COMMON SENSE is in error, qualifying relative does NOT have to be related

HUFFPOST HILL – MAY 27, 2010

What’s Your Reaction? Good news if you’re unemployed: Congress will vote on unemployment benefits. Bad news: It might be a while. Good news if you’re gay and patriotic: It looks like DADT repeal will pass. Bad news: You’re going to have to wait at least until the end of the year to enroll.

How to renew your tax credits

Question: Can I claim the First time Home Buyer Credit on my 08 return even if I havent closed on a house?

I havent closed on a house but I heard you can claim the credit on a new house purchase before July 1. I am using H&R Block Tax Cut and it asks me for a purchase date and value, etc.

I thought you could claim the credit early?? I take it I misunderstood everything?

Answer: No, you did not buy a house yet. You will be buying in 09, so it goes on 09 taxes.

You can not claim a credit “early” as it has not, and may never, occured.

Credits, increased rates change tax demographic

BARSTOW • After more than two months of preparing tax forms for residents, some local tax consultants are noticing a difference in people who have completed their forms early and those who have waited till the last minute. Because the rebates and…

Senate panel says Larry Craig acted improperly

Question: Can I claim child tax credits if I work and my wife is unemployed?

I am working but my wife is unemployed but seeking employment, can we claim child tax credits.

Answer: If you are over 25 and work over 30 hours per week you can claim working tax credits

if you have a child and you are over 16 and working over 16 hours per week you can claim both working and child tax credits

Does not matter that wife works or not

Ethanol tax credits face stiff fight

An E85 fuel pump. (File photo/AP) WASHINGTON — Ethanol’s extended run of taxpayer backing could be in jeopardy. A coalition of opponents to the corn-based fuel is working to block the extension of billions of dollars in biofuels tax credits, set to expire at year’s end.

FIRST-TIME HOMEBUYER FRAUD : Reports: Kids claim $4M in tax credits

Question: 2 property taxes do we combine the taxable value on both taxes?

‘trying to do our state tax. We get winter property tax and summer property tax bills a year. When filing for property tax credit, it shows taxable value…do we combine the amount on both tax bills? or use the amount only of the last tax bill?

Answer: It’s the same property. Just put down the value from the latest bill.

Stimulus tax credit buys robots and tractors

Rick Heflin recently bought a $110,000 assembly robot for his computer electronics company — and the stimulus bill helped pay for it.

Home Values 7500 Tax Credit