The Federal Tax Credits Blog

Archive for the ‘Disability Credits’ Category

Question: Disability Tax Credits?

I am currently on disability and receive CPP and would like to know about Disability Tax Credits. Where can I locate this information?
Thanks in advance.

Answer: In the General Tax Guide, instructions for lines 316 and 318.

And here:

http://www.cra-arc.gc.ca/nwsrm/txtps/2009/tt090209b-eng.html

News in brief

Here are a selection of brief news items from this week’s paper edition, and possibly a few news briefs that didn’t make it in the paper.

Disability at work: A guide to the Disability Discrimination Act 1995 and Disabled Persons Tax Credit ([Information leaflet] / West Midlands Low Pay Unit/WERAS) …

Mr. Controversial Episode# 7

Question: Any California Income Tax Experts Out There?

I am a retired senior (I work parttime) who always has been able to get the EIC (Earned Income Credit) for a disabled child that lives with me and always will. This year I worked for myselft earning about $400 per month. I want to be able to still claim the EIC. How can I do that without a W-2 or a 1099? Thank you.

Answer: If your income is under the maximum for EIC you can still get it.

SMS your views

Agree w Jessica. Wat bounty IRB referring 2? Spending taxpayers’ $s on sub std services? An insult 2 all M’sians! > Stop corruption!!

Self-employment Why Not?: A Disabled Person’s Guide to the Benefits, Tax Credits and Other Help Available When Considering Self-employment …

Moving into Work: A Disabled Person’s Guide to the Benefits, Tax Credits and Other Help Available When Considering Any Kind of Work …

Instructions for Schedule R (Form 1040), credit for the elderly or the disabled (SuDoc T 22.51:1040/SCH.R/) …

Discussion of Disabled Veteran Tax Credit

Question: I am an adult dependant can I use their income to get a credit card?

I’m a 30 year old disabled person. I live with my grandmother who fully supports me for the time being as social security disability is a long process. The income I have is mostly from ebay etc and isn’t substantial enough to file taxes on (not enough to get a credit card). My income may be low but I also have next to no expenses so realistically I know I could afford one with a certain limit maybe 5 grand, but I mainly want it for emergencies…medical etc. Now as it pertains to income reporting for hospital charity and various other social programs, they want the household income and my grandmother claims in as a dependant. So given this fact, it only seems logical I could use her income as household income to apply for a credit card. Would it be legal for me to do this?
claims me as a dependant*

Answer: If the application asks for household income then you can legally include the income of other residents in the same household.

If the application asks for “your” income then legally you can only use your own income.

Disney `Millionaire’, Marsh, First Republic, HSBC, Carlyle in Court News

Walt Disney Co. was found liable for not paying the U.K. creators of “Who Wants to Be a Millionaire” their share of profits from the quiz show broadcast on Disney’s ABC network.

Security And Privacy Requirements To Support Exchange of Health Information

First off, let me state that every person’s scenario is different. There are many factors in determining if you should sell now, or wait. Obviously, home values have declined since 2005/6. Condos and townhomes have especially been hit hard. So be prepared, if you are going to sell now, or soon- you would be selling for less than you bought it for. If you’re okay with this, then we need to look at what they are selling for now, and decide if you’re ready to list it at that going price point, or if you want to keep it and wait until the market returns. The problem here in waiting, is that when is the market going to return? In a year? In two years? 2014? It may be the best option to sell now, instead of waiting for the market. We are seeing an increased amount of Short Sales and Foreclosures in the market. You will have to compete with these “typically lower-priced” homes. Know that interest rates are ideal AND property values are declining, making it a great time for buyers to get into a home. And with the first-time home Buyers Tax Credit of $8,000- it appears to be a good time to sell, for the year.

This brings me to my next point. When selling, you can either price it ahead of the market, or you can price it to where you are chasing the market. The best scenario is to price your house or condo ahead of the market, so that you will sell it quickly. The alternative is to price it similar to the others, where you are continually doing price reductions (with the market) and end up selling where you should have priced it all along in the first place, and it took a much longer period of time (which means -$$).

Great, what is my point? Just make sure you understand that to sell in this market right now, your home has to be priced properly AND has to show very well. The days of just putting your home on the market “right away” are gone. You have fierce competition in your marketplace and neighborhood, and you need to get with your Realtor and have a complete game plan. If you structure your game plan well before you hit the market, then you are aligning yourself with success and will more than likely hit it. Like I mentioned, you are in a fierce, competitive marketplace and if you don’t have a SOLID game plan, you will be left out in the cold. Worse yet, your house will be on the market and become that “stagnant house” down the street. In your game plan, your Realtor will give you an opinion on value of your house, so you must decide whether that price is acceptable to sell, or whether you need to wait and possibly rent. Right now, a lot of sellers have decided they don’t want to sell in this tough market. That is just fine as long as you don’t HAVE to sell right now. Renting out your home might be a viable option right now, but know that being a landlord is work. Problems come up with the house, you get the wrong tenants, etc. It can take a lot of time and money.

As far as what is a good time to put your condo on the market (if you decide to sell and take the hit), I think that now might be the best time. Showings are up during the spring and summer, the $8,000 tax credit is out there, and new construction and sellers are offering fantastic deals and incentives. Typically, the winter months are slower, and I would say that your best chance to sell would be in the Spring and Summer. But with the rates being at where they are now, this gives buyers the chance to get in with a good rate, if qualified.

It is up to you to decide what is best for you. Each scenario is different, and you must make the decision yourself, hopefully with some guidance from your Realtor. It may be best for you to wait, but rates sure are low right now. With unemployment going up, home values will decline further. If you price it right now, and it looks good on the inside, and you have a solid marketing plan, you should be able to compete to sell. A lot of the people sitting on the fence have come out to buy with the way rates are right now, and with the first-time homebuyer tax credit.

Good luck, and do your homework before hiring your Realtor!

Legal Notices in the June 17th Edition of the St. James Plaindealer.

June 17th Legals

Barack Obama Bio

Gold bars are surprisingly efficient way to store significant amounts of money, whether it be an investment or otherwise. The main concern is the worth of the gold bar at the time. Of course, most people who buy gold bars will want to look for the highest quality. That is, the more pure gold there is, the better. There are two kinds of gold bars available for sale today: Swiss PAMP Gold Bullion Bars and Credit Suisse Gold Bars.

The Swiss PAMP gold bullion bar are 24 karat or 99.99% pure gold. These are produced in Switzerland. The PAMP name is universally recognized as high quality and will be accepted in most major dealers and traders. Investments in and trades with Swiss PAMP bars are relatively smooth because of the same reason. Each bar is registered and the owner is given a certificate that guarantees the bar’s legitimacy. The Swiss PAMP gold bar comes in exactly one troy ounce.

Credit Suisse gold bars are also 24 karat, 99.99% pure gold. The Credit Suisse Bank of Switzerland, after which the gold bars are named, officially backs each and every ounce of gold released in the Credit Suisse gold bars. Again, these bars are universally recognized and very popular among traders and investors. Credit Suisse bars come by the troy ounce in a bar that is 1.625 inches by .9375 inches. Owners of the gold bar will also receive an Assay Certificate and serial number for the gold bar.

There are other gold bars, but they do not hold the same history and reputation that these two Swiss types of gold bars hold. It’s suggested that you stick with the reputable names and not wander into the unfamiliar markets where the origins of the gold bar could be questionable.

When purchasing either of these two gold bars, you must double check for any Assay Certificate and serial number. Only the reputable institutions who have been dealing these bars for quite a long time will issue both of these; it’s not suggested to purchase bars from other dealers (even if the prices are lower) because they could easily switch out the real bar with a fake without your knowing of it.

Both the Swiss PAMP gold bullion bar and the Credit Suisse gold bar are safe ways to convert cash to gold. However, this is considered an investment and prices will fluctuate without any given notice. Gold seems to fluctuate like any other commodity when the US stock markets are in flux; you can also track gold prices on the European market, which operates on a completely different track. As always, these gold bars will change in price like gold itself. After all, they are both 99.9% gold.