The Federal Tax Credits Blog

Archive for the ‘Child Tax Credit’ Category

Hornby PLC – Final Results

Hornby PLC – Final Results

International Travel Tips : Where to Find Good Airline Fares

FP Newspapers Inc. Reports First Quarter 2011 Results

WINNIPEG, MANITOBA– – FP Newspapers Inc. formerly FP Newspapers Income Fund announces financial results for the quarter ended March 31, 2011. FPI is the successor to the business of the Fund.

TYT Episode For December 21, 2009

IRS provides mid-year tax tips

The Internal Revenue Service reminds taxpayers that summer is a good time to consider mid-year withholding adjustments and money-saving summer tips. Tax planning now may provide a lower tax bill later.

Question: Tax question in regards to foster care / adoption?

I keep getting mixed answers so I’m confused. We have custody of a child that is in foster care. We will have had custody for over a year by the end of ‘08. We are in the process of adoption. My question is- can we claim the child for the ‘08 tax period? The adoption is expected to go through in early ‘09. Are there any tax credits for adoption? Thank you in advance.

Answer: A foster child placed by the State or a State authorized placement agency is treated as your natural child for tax purposes. Since the child will have lived in your home for more than 6 months at the end of 2008, you can claim the child under the Qualifying Child rule as long as the CHILD did not provide more than half of their OWN support and meets the age requirements, i.e. under age 19 or under 24 if a full time student.

The stipend you receive from the state is not taxable income to you and is not treated as self-support provided by the child. It has no affect on your tax return at all.

Contrary to what another poster seems to think, the child is NOT the “dependent” of the State. Legal custody has never been a requirement under the Tax Code.

Group files petition on affordable housing plan

A Clovis citizens group is seeking to put another ordinance to Clovis voters. The High Plains Patriots on Tuesday filed a petition regarding the commission’s passage of an affordable housing plan last week. City Clerk LeighAnn Melancon said the…

Gay Adoption Story Part 3 “Meeting Our Kids”

Question: Is it possible for a greater tax refund (due to credits) then the amount that was actually taken?

By taking the following credits:

Credit for Child Care Expense
child tax credit
Earned Income Credit
Additional child tax credit

while claiming Head of Household, I am calculating a refund greater then what was taken out of my paycheck last year. Is this possible??? Everything mentioned above are valid credits that I am entitled to.

Answer: With the earned income credit you can get back more than you paid. There is even a form you can fill out that will let you get it added to each paycheck.

Super-rich have seen their tax liability tumble

The super rich pay a lot less taxes than they did a couple of decades ago, and nearly half of U.S. households pay no income taxes at all.

Tax Tip for 2010 #5 of 20