The Federal Tax Credits Blog

Archive for the ‘Child Tax Credit’ Category

City wins low-cost federal loans

In another boost to Lynn’s waterfront revitalization, the US Department of Housing and Urban Development has awarded the city low-cost financing to support development in the area.

HealthCare.gov: Young Adults and the Affordable Care Act

Question: OMG! i forgot to file an addition child tax credit for my dependent i all ready got my refund WHAT NOW?

CAN I AMEND OR DO ANYTHING ABOUT THIS? I GOT MY REFUND DD ALREADY I AM NEW TO DOING TAXES MY SELF SECOND YEAR….EXP.

Answer: Yes, you can file an amended return. It is Form 1040-X. You complete the form and MAIL it in. Amended returns are generally processed after the filing season, so don’t hold your breath. They do get processed however, so you will eventually receive the extra.

10 expenses to cut to help pay off credit card debt

In hard times, take a hard look at what’s coming in, what’s going out and see where you can free up some cash quickly to start hacking away at your debt

New Tax Deductions for 2010, 2011

Question: tax credit overpayment?

i recieved a letter regarding a overpayment on my tax credits for £5000. for the year 2006/2007.
it was a joint claim where we was recieving working a child tax credit. in 2009 me and my husband had split up and i had reported change of circumstances. i now continue to get child tax credit for my daughter.

when i had rang them they said it was beacause in the year 2006/2007 wen i had recieved the annual declaration pack, i didnt sdend it off. due to this it has become an overpayment.
could this be it?
help please as i havnt got this sort of money to pay back.

Answer: That’s shocking
tell them that is their mistake NOT yours and ask to appeal this overpayment

mind you, I asked to appeal an overpayment in June and I’m still awaiting the outcome
they should have recognised an overpayment years ago, not all this time ahead, so don’t even attemot to say you will pay them back – disagree with it,and stick to your guns,as it is their mistake

Heal your cuts

Tax crunch time is coming early. Will Congress act in time? Will a lame-duck Congress and President Obama try to beat the clock? If they don’t act, millions of taxpayers will be hit with higher taxes and subjected to an unpopular alternative tax system that was never designed for…

Tax Law Changes Affecting 2008 Tax Returns

Question: Is it worth being Non-Resident in Canada for Tax purpose?

I will be working in United Arab Emirates for may be 5 years or even more. I do not own a house in canada but following conditions apply to me;
- I have driver’s license
- Medical Card from a province
- Licensed as Professional Engineer (Membership of Professional Engineers of Ontario)
- I have bank account/credit cards in canada

My spouse and dependents will be living with me and my spouse does not work so I am the sole earner of the family.

Now the question is: Is it worth being Non-Resident in Canada? If yes, what are the advantages and disadvantages? And how to declare my self a Non-Resident?

Answer: The question of residency is decided based on the facts of the particular situation. They look at questions like whether or not you have substantial ties to Canada, and your intent.

If your intent is to leave temporarily, that tends to keep you as a resident.

If you have drivers license, bank accounts, health cards, those are things that are ties to Canada. If you have personal possessions in Canada, that is a tie to Canada.

The big items that tend to show you as not resident, in your case, is that you don’t own property, and that your family will be leaving with you. These are more important than bank accounts, etc.

If you are on a specific term contract, that tends to show that you are leaving temporarily, and more like a resident.

If you are Canadian citizens, you can come and go. If you are not citizens, but permanent residents, then if you are not in the country for at least two out of five years you lose your residency status.

I’m not sure what the general advantages/disadvantages are of keeping your status as residents. There will be effects on you eligibility for provincial health care plans. If you are not resident you don’t have to file and pay taxes. If you are resident you do. I’m not sure that there is an advantage to maintaining residency. If you are citizens, then as soon as you return permanently you re-establish residency, but there may be waiting periods to be eligible for the provincial health care plans.

For Ontario, to maintain health care coverage, you have to be here for 153 days in a 12 month period, and you have to be here three months to re-establish eligibility. (http://www.health.gov.on.ca/en/public/programs/ohip/default.aspx).

Here’s a link for CRA info on residency:

http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/rsdncy-eng.html

Canadian Natural Resources Limited Announces 2010 Third Quarter Results

CALGARY, ALBERTA–(Marketwire – Nov. 4, 2010) – Canadian Natural Resources Limited (TSX:CNQ) (NYSE:CNQ) C

Question: Tax credit on child care?

If I pay my friend that is a stay at home mom to watch my little girl. I pay her 28 dollars a day, can I still use that as a tax credit if she doesnt have a FEIN number? Do I need her to get one?

Answer: Yes, she can give you her ss# to put on your return for who you paid.

She is required to claim this as income, whether you claim the child care credit or not.

Mitchell Bard: The Tea Party All-Stars: The Worst of Extreme GOP Midterm Candidates

Noted football coach Bill Parcells once said, “You are what your record says you are.” Parcells’ quote jumped into my mind when I was thinking…

WBAL Radio Interview on Child Care Tax Credit 4 5 07