The Federal Tax Credits Blog

Archive for the ‘Child Tax Credit’ Category

Question: Who qualifies for EIC or child tax credit?

What would they qualify for if….

The child was born Sept. ‘08. The Mom & Dad do NOT live together, but the child is listed as living with the Mom, but they have joint custody. Very good friends, just cant live together. Anyway, Mom doesn’t work, she’s a stay at home Mom (living with relatives). She will not be filing taxes so will not be claiming the baby as a dependent. Has no problem with Dad claiming the baby. Dad just makes $10.00 an hour. Would he qualify for EIC or child tax credit? What exactly is EIC?

Answer: EIC is Earned Income Credit. It’s a refundable credit for low-income taxpayers who have a qualifying child that they support, who lives with them.

Neither of you can claim the credit.

You can’t – because you have no income.

And he can’t – because the child must live with you to make you eligible.

If he provides over half the child’s support, he can claim the child as a dependent, though, which will reduce the amount of tax for him.

Question: Can you claim the adoption tax credit if you adopt your girlfriends child?

I understand you can’t claim it if you adopt a spouses child; but can you claim it if you adopt a girlfriend’s child? My daughter is 3 her biological father has agreed to sign his rights over to my boyfriend of 2 years, we are having a child together and want both children to have the same father “legally”. we are also able to pay court expenses out of pocket… We plan to get married one day, but that wont be for several years… does anyone know about this or know of a good website?

Answer: Since you are not adopting your spouse’s child you are eligible for the credit bases upon that criteria. See the instructions for Form 8839 for further information: http://www.irs.gov/pub/irs-pdf/i8839.pdf

UK Economy GDP Growth Forecast 2010 and 2011, The Stealth Election Boom

By Nadeem Walayat . The British Economy as with other developed economies entered 2009 in recession and on the brink of Depression, after unlimited bailouts , hitting the Quantitative Easing panic button and running a huge 15% of GDP budget deficit, the UK economy has managed to claw its way back out of recession as the Q4 data will show when released during late January 2010. Read more » »

Written comments on a tax credit for certain nonrecurring expenses relating to adoption of a child with special needs …

Tax treatment of adoption expenses: a sizable tax credit is available, but with possible changes on the horizon.: An article from: Journal of Accountancy $9.95 This digital document is an article from Journal of Accountancy, published by American Institute of CPA’s on April 1, 2010. The length of the article is 3386 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Tax treatment of adoption…

Adoption expenses credit: foreign-born child.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by Thomson Gale on October 1, 2006. The length of the article is 974 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Adoption exp…

If you’re the parent of an elementary, middle or high school student in Alabama, Tennessee or New Jersey you’ve probably heard about zanybandz animal bands. They are also known as animal bracelets or animal rubber bands. They are colored silicone rubber bands that look normal while wearing but snap into fun animal shapes when you take them off. To call them popular among kids is a true understatement. Many parents have been on waiting lists for up to three weeks to get their hands on a pack of animal bands. Fortunately, now you can order zanybandz online at zanybandz.com. Animal bracelets are the hottest items for kids to wear, share and collect this year. No one knows precisely how the trend got started but the animal bands popularity began to spike around Christmas of last year. Since then they have been a mainstay among kids as young as eight and as old as 30. Yes, even office workers are riding the animal bands train. After all, they are real, functional rubber bands, just with a fun twist. Everyone is trading them now. If your part of the country hasn’t experienced the animal bands craze yet, get ready. It doesn’t look like the tsunami is about to slow down any time soon. It’s just getting started. With most of the country still in the dark about these animal shaped rubber bands, manufacturers still have quite a ride ahead of them. Who could predict such a thing?

If you remember beanie babies or webkinz you may remember that they came from nowhere. Suddenly every kid in America had to have them. Cabbage patch and Elmo dolls sold for hundreds of dollars as Christmas neared. While I can’t imagine animal bands ever demanding hundreds of dollars due to scarcity, they are only $4.95 per 24 pack now, I can see how the price could rise as manufacturers rush to keep up with demand or even hold back production to create the scarcity they need to keep the fad alive. Either way you look at it, animal bands are here right now and right now kids are going crazy over them. Animal bracelets can be found in select toy and gift stores across the country or online at zanybandz.com.

2009 a year of community cooperation

Community leaders stepped up in 2009.

Feldman Law Center – News by Feldman Law Center — Unfortunately, California homeowners are being overwhelmed by foreclosures, and many people feel there is no end in sight to the situation. Legislation from California and the federal government has helped some people, but it is not enough. Loan modification attorneys are working with people everyday who either do not have access to the right information, or who feel left to deal with lenders all by themselves. While the legislation can be helpful, President Obama and the California legislature are not there to help make phone calls and negotiate loan modifications.

Foreclosure sales in California rose about 32 percent in the month of May of 2009, and 35 percent in April of 2009. Just the California foreclosures from the month of May represent more than $8 billion in total loan value. That means $8 billion worth of homes were foreclosed upon. However, the good news is that lenders continue to voluntarily postpone the majority of foreclosure sales. Lenders, such as banks and mortgage companies, are doing everything possible to delay foreclosures, and that includes working with California loan modification attorneys and homeowners on loan modifications.

In fact, of the foreclosures scheduled, lenders postponed 40 percent at their own request and another 33 percent at the mutual request of the lender and the borrower. This means that lenders are absolutely willing to renegotiate the terms of mortgages, and homeowners who are in danger of (or are in the midst of) foreclosure proceedings still have hope. Foreclosures often seem like the end of the world, and even with the new legislation, they can be overwhelming. However, as evidenced by these statistics, lenders are not interested in taking over your home. The Feldman Law Center has seen lenders take unique steps to negotiate with borrowers and homeowners in an attempt to keep the homeowner in their home, making affordable payments.

Things are particularly tough for homeowners in southern California. Researchers from Columbia Business School said that over 30 percent of borrowers in San Diego and San Bernardino counties owe more than the refinancing limit with Sallie Mae and Freddie Mac. In Los Angeles county, there are 29 percent of borrowers who do not qualify for refinancing because of the less-than-5-percent restriction from those two major mortgage lenders.

However, loan modification attorneys can help homeowners and borrowers overcome these restrictions. Foreclosures seem to run up on people quicker than they think, in part because they are focusing on their immediate crisis (such as paying a car loan) and not the looming one of foreclosure. However, it is never too late to contact a California loan modification attorney to help you keep your home and avoid foreclosure. A qualified California loan modification attorney will know the laws, know the lenders, know the mortgage companies and be able to offer quality advice on a variety of subjects. Trying to fight a foreclosure without a qualified loan modification attorney is a bad idea.

Visit us at www.feldmanlawcenter.com or call 800-588-0425.

Biz Buzz: Home construction keeps on falling

New-home construction in San Luis Obispo County continued its decline in 2009, according to the California Building Industry Association.

Re: California begins vaccinating kids. Is it safe for you?August 7 2009

Question: i gave birth to my daughter in october, will i still get the child tax credit for her?

I gave birth to my daughter in mid october, Will I still get the child tax credit when I claim her as my dependent?

Answer: If you do not qualify to be a dependent of someone else yourself,and you have adjusted gross income of at least $8500 you could qualify to receive some portion of the child tax credit. Also you could qualify for the Earned Income Credit if your earned income falls into a certain range. There is also the possibility of receiving $300 from the Recovery Rebate stimulus that was originally given in 2008.

Be sure and check with a good tax professional for advice as to what you will actually qualify for depending on your income.

Laura H – H&R Block – Senior Tax Advisor 5
**This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

LOOKING BACK 2009

Maui County’s economy continued a downward spiral in 2009 that began late in the first quarter of 2008 when Aloha Airlines and ATA stopped flying. Tourism, the main driver of Maui’s economy, struggled, with hotel occupancies in the 60 percent range.

Minnesota dependent care credit (House research information brief) …

Regulations provide guidance on child and dependent care credit.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on February 1, 2008. The length of the article is 4503 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Regulations provide guidance …

Child and dependent care expenses : for use in preparing … returns (SuDoc T 22.44/2:503/) …

Recovery: Making Work Pay (ASL, Captions & Voice Over) – June 09