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Archive for the ‘Child Tax Credit’ Category

Have you ever been in a situation where you were building a template in Microsoft Excel 2003 and it would have been really useful to actually have a drop down box so that your users could choose from a preset list, rather than them simply typing in their own values? Well the cool part is that Microsoft Excel 2003 allows you to build your own drop down boxes in the application and in this article we will show you exactly how to do this.

The first step in the process of us create a drop down box is to first create a new workbook. So, open Microsoft Excel 2003 and create your new workbook. On the first work sheet add the following headings –

Cell A1 – Title
Cell B1 – First Name
Cell C1 – Last Name

Now click on the second worksheet in your workbook. The name of the worksheet should be called Sheet2. In cell A1 type the word Title and then in the following cells –

Cell A2 – Mr
Cell A3 – Miss
Cell A4 – Mrs
Cell A5 – Ms

What we now need to do is to select the cell range A2 to A5. We are then going to give this range of cell addresses a name. To do this simply select the Insert menu and then choose the Name option from the drop down menu and choose Define. The Define dialog box will open and in the Names in Workbook text box simply type in the name Title and press the OK button. What you have now done is to simply create a named range which you can work with.

Now, return to the first worksheet. We now have to go to cell A2 and define the drop down box. Click on cell A2 and then choose the Data menu. From the drop down menu choose Validation. This will open the Data Validation dialog box.

In the Allow drop down list, choose the List option. The next step is to define the name Title as the range. You can achieve this by typing in the following in the Source text box –

= Title

To complete the process, simply press the OK button.

Return to the cell A2 and you will now see a drop down box. If you click on the arrow you will see the results from your second sheet.

One of the problems you will notice is that the values in the drop down box are not in alphabetic order. To get them into the appropriate order simply go to Sheet 2 of your workbook and choose the range A1 to A5. Select the Data menu and then in the Sort dialog box make sure you click once on the option button – Header Row. Now press the OK button.

If you return to Sheet1 you will now find that the Title drop down box is in alphabetical order.

Drop down lists can be used for virtually an Microsoft Excel template. Remember one thing though, if you do not want your range for your list to be on the same worksheet, then you must name the range.

Tax Tip: Important tax law changes for 2010

Here are several important changes that the IRS wants you to keep in mind when you file your 2010 federal income tax return in 2011.

Authors@Google: Gordon Bell & Jim Gemmell

Question: I made a mistake and got too much 2006 child tax credit refund. How much is interest/penalty on that?

I claimed children as dependents who were claimed on someone else’s return for EIC. I have amended all returns and paid back the child tax credit I received for 2006. Will the IRS charge me penalties and interest on it since this money they refunded me in 2006 was not actual taxes I “owed?”

Answer: They’ll probably at least charge interest, and maybe penalties. Yes it’s money you owed – you got a refund you weren’t entitled to.

How it played out: The Herald looks back on 2009 predictions

It was a year of setbacks and unwanted surprises. Unemployment went up. School budgets went down. And Gov. Mark Sanford took a vacation that ended as the most infamous “hiking” trip in state history. Today, we look back on predictions that appeared in The Herald on the first day of 2009.

Maria Minna on the child tax credit

Question: Obama is bringing back the marriage penalty?

Obama wants to do away with the “Bush tax cuts.” Among those cuts were the elimination of the marriage penalty and an increase in the child tax credit.

Why hasnt he said anything about the marriage penalty?

Answer: He never mentioned much of anything so your surprised how?

Your letters Dec. 29, 2009

On Dec. 17, the News-Press ran an article concerning a tax break for IRA owners who have reached 70½ years old and have certain IRAs.

THE FAIR child tax credit PROPOSAL ACT TO PRESIDENT OBAMA AND CONGRESS

In the last 20 years, investment and mortgage brokers have made a killing refinancing mortgages and using the accumulated home equity to pay off debt. A Second Mortgage, a term that in my parents day, was only whispered in dark alleys, has all but been replaced by the politically acceptable “Line of Credit”. For many home owners, this is as common as a credit card.

Many borrowers begin innocently enough, refinancing in order to take advantage of lower interest rates. Once their advisor points out how much equity is available in their homes, then the wheels start turning. We could pay off the credit cards, finally renovate the kitchen, or take that trip to Hawaii we’ve always dreamed of. Then suddenly, after a home appraisal and a few signatures, you’re debt-free; except for your mortgage, which has increased by 20%. In addition, you now have a handful of empty credit cards, just ripe for the picking. If you think this is an exaggeration, just type in the phrase “home equity loans” in your favorite search engine, and be prepared to get over 5,6000,000 million results.

When I was growing up, paying off your mortgage was the goal of every home owner. This was more than a goal, it was a way of thinking that was ingrained and passed on from parent to child. People sacrificed vacations, and the term “reuse & recycle”, didn’t exist – the concept was an automatic given. Most large purchases were planned, with the attitude “don’t buy it until you can pay for it.”

This is not to say people didn’t go bankrupt or face large debt, but overall the attitude and acceptance toward refinancing was very different. Sadly, now many of those diligent homeowners who saved all their lives are now victims of the latest mortgage trend – the Reverse Mortgage. No longer able to afford to live off their savings, these retirees have agreed to mortgages that will basically turn over their properties to the hands of the bank when they die.

How did we get to this point? How did we evolve from a society where a Second Mortgage was considered shameful, and absolutely the last resort; to a place where refinancing is as commonplace as a applying for a credit card.

Many will argue that the change in thinking is simply the result of a new generation that never lived through the Depression. These are the children of parents whose motto was save versus spend, and who are now breaking free of those imposed values.

The other obvious contributor is simply inflation. Take an “I want” society, increase the rate of inflation, minimize wage increases, and something has got to give. Add to this, easy access to credit and you have the perfect formula for a debt ridden economy.

Here are some examples of inflation in action based on an income of $40,000.

In 1960, that $40,000 would be the same as having $291,014.86 today.

In 1970, that $40,000 would be the same as having $222,011.34 today.

In 1980, that $40,000 would be the same as having $104,539.32 today. (hmmm…maybe something to do with the 18 percent energy hike in 1990 – that’s for another article).

In 1990, that $40,000 would be the same as having $65,906.96 today.

It’s all relative, you say, “Wages have gone up since 1960, it all balances out”.

That’s true, wages have increased, but not nearly enough to compete with the rate of inflation.

According to the Consumer Price Index Detailed Report for March 2008:

“Consumer prices rose 4.1 percent in 2007, the largest increase since 1990.

Energy and food inflation increased significantly in 2007; Energy prices rose 17.4 percent in 2007, its biggest jump since an 18.1 percent increase in 1990. Food prices also recorded their biggest increase since 1990, increasing 4.9 percent in 2007 (see Table 1).

Increases in energy and food inflation alone accounted for the acceleration in overall inflation in 2007.”

The average wage increase is in the 2 percent range. That’s the high end and if you are lucky to have a job. The current national unemployment rate is at 9.4 percent.

Have we as a society, swung too far in the other direction? Would we be in this mess if we had of retained more of those Depression era values. It’s hard to say, but suddenly I have more respect for the frugal ways of my grandparents.

401(k): Are you saving enough? Run the numbers.

401(k) math is easy with a retirement calculator. Question on 401(k) is No. 7 in the reader mailbag.

Kiva Entrepreneur Godlove from Cameroon

Question: flexible spending account? child?

I really don’t understand about that. I am not sure I should do this. how does this work? on my w-4 filled out one for child tax credit but for fsa should I do it? if so how much? day care is going to cost 182/week. if I chose to do it, do I need to file a claim or when i file end of the year return? I am really duh on that part.

Answer: When I figure for my flexible spending account for childcare , I multiply the number of weeks in the year 52 x the amt{your case 182.00} Will you be having any off days where you will keep your child with you{as long as the day care doesn’t charge you.} subtract this amount. My day care gave me one week vacation a year. so I subtracted this amount. This is really more beneficial for you than using the childcare tax credit{ you cannot use both} Because By removing money for childcare before your taxes are applied to your income, lowers your your income bracket so you have less taxes to pay . That is why the program is considered a benefit . But be careful, save your receipts and turn them in , other wise the “plan keeps the money and we don’t want that. Money will be taken from each check before taxes are applied to your earnings for child care . you will get his money back after you turn in your receipts for child care without the tax man ever touching it . A planned legal loophole!

Dancing With The Stars: Helio Castroneves Is A Daddy!

Well, he’s conquered Dancing With The Stars and the Indy 500 – surely he’ll have no problems raising his new baby girl. Helio Castroneves and girlfriend Adriana Henao welcomed their first child, Mikaella, into the world yesterday. Keep reading for more details… After being acquitted for tax evasion last spring and then winning the Indy 500 again, Helio [...] SHARETHIS.addEntry({ title: “Dancing …