The Federal Tax Credits Blog

Posts Tagged ‘advice’

Question: What can you do to ensure a comfortable retirement?

My mother is retiring next year.

What can she do now, within the UK personal finance spectrum (savings schemes, tax credits, pension scheme tricks and tips, discount schemes for pensioners) that will mean she can enjoy a nice lump sum on retirement?

She worked for the NHS for a time, but now works in a private health care and I’m pretty sure she has a private pension scheme too. Does that change things?

All answers ABOVE BOARD please! ]

Answer: On the personal finance level, I can’t advise you – but in terms of your mum thinking about her health in future years, she should definitely look at setting up some kind of arrangement with you / other kids/ trustworthy relatives whereby she can sign her house over to you (that is, if she is an owner-occupier).

You probably know that if your mum goes into care, she will have to use any savings above 18k to pay for her care – i.e. in effect she would need to sell her home to pay for it.

IN the long run it may well therefore make a lot of sense for her to ‘give’ the house to you – and she uses the money for herself over the years – I think legally you would need to charge has a small nominal rent.

This is all entirely legal. It means your mum could enjoy the capital in her home right now and in ‘nearer’ future years, and then if she does need to move into local authority or housing association sheltered accommodation or a care home, the state would have to pay, rather than your mum using her own money.

Something else your mum could look at is whether her existing home is in tip-top condition to prepare her for retirement – increasing age and fraility etc. Check out if you have a ‘Home Improvement Agency’ in your area. They specialise in helping over-60s and/ or disabled people stay living in their own home for as long as possible – i.e. they are entirely trustworthy and will do repairs, adaptations – sometimes for free, sometimes for a small fee.

Alcohol tax hike gets some cheers, some jeers

Starting Friday, it’s going to cost a bit more to buy your favorite adult beverage – and health advocates are delighted. For the first time in 38 years, the state has raised the sales tax on beer, wine and liquor. Officials say the increase will generate about $85 million in additional revenues. The increase raises the tax on alcohol from 6 to 9 percent, a jump advocates say will curb underage …

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Harman confronts Cameron over Budget during PMQs

Question: i am due child tax credit on good friday UK when will it be paid will it be thursday?

Thank you
hey toxic i have but i am 38 weeks pregnant please dont assume!!!!! your the type of person that pulls society down

Answer: It will probably be in today or tomorrow, My Child benefit went in on Mon instead of Tues and my Tax Credit went in on Tues instead of today. Check your bank account.

More bad news for ideologue Osborne

Overnight forecast of “lacklustre” growth at odds with overly optimistic OBR figures. George Osborne. Credit: Getty Images

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Tax Credits scare the living s#$t out of me

Question: child tax credits UK?

I get child tax credits for my daughter who is 3, and I’ve just had another baby and called the helpline today to request a form be sent to me for my 2nd daughter (who hasn’t been registered yet)

anyway….they said they could do it over the telephone and took at her details…this confused me because I thought they needed the birth certificate?!

They said it would take a couple of days to process and then I’d start getting paid for both daughters, has anyone else done it like this? how long did it take? and how come they can suddenly do it over the telephone? with no proof?!

Answer: you have never needed to complete a new application when you have another child.It has always been over the phone. They do not need to see the birth certificate because they liaise with child benefit who should have seen it.

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Michigan Earned Income Tax Credit – Free tax preparation available

Question: If my parents claim me as dependant am I still eligible for the hope tax credit? (They loan is in my name).?

My parents make less that 110,000 a year and I make no where near 55k/year. I was wondering who would be eligible for the write-off me or them?

Another question… Can I claim both the hope tax credit AND the student loan interest tax deduction?

Answer: The ability to claim the Hope credit goes with the dependency. Your parents will be able to claim the credit even if you paid the expenses.

The student interest deduction is separate. It also goes with the dependency. So if you are the one legally obligated to repay the loan and you are claimed as a dependent by your parents, neither one of you will get the deduction.

Tax loans rush tipped

Wing Hang Credit said it expects to dish out 15 percent more tax loans this year than in 2009, adding the lowest annualized rate may fall below last year’s 1.88 percent.

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FHA Mortgage Loans with Cash Out Refinancing

Question: tax credits overpayment! again! ?

2 years ago they overpaid me by £1400 which im still paying back. Now they have just written to me again saying i owe them another £477 from April 07 till Dec 07, this was nearly a year ago. Why do they keep doing this too me? im already paying back £100 a month and cant afford any more. its so frustrating i thought they were supposed to help people not keep getting them in debt. Theyu say there is nothing they can do about it but surely there is? they cant even tell me why it was overpaid. what can i do?

Answer: Go to your local CAB they will write a letter for you to them, they are pretty good at getting over payments over turned. If it was an error on their side then they should admit their fault and not charge you. Good luck

(AFX UK Focus) 2010-05-29 04:44 Glance-PRESS DIGEST – Financial Times – May 29

Financial Times

IRS not permitted to credit overpayments against subsequent year’s potential deficiency.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on January 1, 1998. The length of the article is 1051 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.From the supplier: …

Protecting older Americans against overpayment of income taxes (SuDoc Y 4.Ag 4:In 2/4/) …

Overpayment interest accrues on first-time homebuyer.: 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 June 1, 2010. The length of the article is 678 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: Overpayment interest accrues on fi…

Senate Session 2010-04-14 (13:49:24-14:45:40)