The Federal Tax Credits Blog

Archive for the ‘Child Tax Credit’ Category

Question: will i get working tax credits this new tax year ?

My income for my husband and i fell drastically in October 2009..with the new tax credits award pending for April 2010 will we see a change in our child tax credit award and will we now qualify for working families tax credit…just wondered because I onow they base the award on last years income but thats no help to us ..we have struggled for the last 6 months and are hoping for some more help
thanks

Answer: You should do because its year to year so if your circumstances have changed which they have and you give them a total of your income of the past year they will work it out from there.I would ring them up and ask them directly what you have to do , i would do this ASAP because you may be entitled to some help now.

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Every day tens, if not dozens, of albums are sold in record stores across America. And yet the average American musician represented by a major record label is forced to scrape by on only millions. Their only fault: Being born talented and with a marketable face.

Tax Tip: Additionall child tax credit

Question: Why do Obamabots still believe the middle class and poor will get tax cuts?

Obama has promised everyone making under $250k that they’ll get a tax cut. We know politicians lie though, and here is an obvious example. The $1000 per child tax credit families use to put more money in their pocket will expire in 2010 and Obama has promised to not renew it. A tax credit is much better than a tax cut! In 2010 poor and middle class families will actually lose the $1000 per child credit in essence raising their taxes dramatically! Even if Obama cut their tax rate they will still lose out on more money (slight of hand/smoke and mirrors/lies/whatever you want to call it).

Answer: When the Bush tax cuts expires in 2010, everyone including those making less than $250K will enjoy a tax hike.

Not to mention the tax added to electricity, natural gas, or auto registrations.

School expenses may qualify for tax credit

With the arrival of August, families with school-aged children are paying school registration fees and starting to buy school supplies.

2010, 2011 child tax credit Amount

Question: 2008 Tax Rebate?

I understand that the $1200 (married filing jointly) I will get as a rebate for 2008 is esentially an elimination of the 10% tax bracket. But what about the $300 per child? Is that an “advance” on the child tax credit? When I file my taxes in 2009 for TY2008 will my child tax crdeit be reduced by $900 (3 kids)?
My question primarily has to do with the $300 per child. Where does that money come from? Is it an advance on your 2008 child tax credit? If so will my 2008 child tax credit be reduced when I file my 2008 taxes?

Answer: Yes, it is an advance on next year’s taxes.

While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.

It’s like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.

Mason County Man Pleads Guilty to Being a Felon with a Firearm

A Mason County man pled guilty on Monday in federal court to being a felon in possession of a firearm.

Tax Credit for Active Kids : Family Tax Preparation Services Canada

Question: im trying to find a way to get additonal child tax credit my huband made 5,000 in intrest income?

this year before we married he cashed out for a house. i have 5 kids and made 5,000 out of luck for earned income credit but want to get additional child tax credit any ideas?

Answer: Additional child tax credit is based on earned income.

*IF* you owe zero tax and there is child tax credit left over, you do form 8812 to see if you can get any additional child tax credit.

Eg, if the child tax credit was $3000 and you used $2000 to reduce your tax bill, $1000 could be left. Then you do the form.

If your earned income is more than $11750, it might get you some of it.

Child fitness tax credit little used by poor families, study finds

Canada’s fitness tax credit does little to encourage physical activity among kids from low-income families who can’t afford to pay registration fees, a new study says.

What’s the child tax credit in 2008 and How Do I Qualify?

Question: would like to ask a question to people in uk about child benefit?

I was told today that from the 2nd November 2009 child benefit will no longer be deducted from other benefit ie- income support or working tax credits that it is now not taken into consideration any more. has any one else heard of this.

Answer: ive not heard this as such, but i know they are not classing it as income now. it will have to included on any forms asking about income and benefits but will not be counted in the final figure.

our local council started in october taking CHB as a not counted income towards housing and council tax benefits. Tax credits are not included because it isnt means tested anyway.

But it could mean a difference in jobseekers payments and the new employment support allowance

Markets: A richer world?

We witnessed and endured what was probably the worst recession in decades, but surprisingly (or unsurprisingly) the world’s rich have managed to recoup their losses, with some becoming even richer last year.

No, there’s no such thing as a New Global Order. ..