The Federal Tax Credits Blog

Posts Tagged ‘affordability’

Question: Why didn’t they take out income tax this year? – HELP!?

Ok, now I am upset. I had 2 jobs this year. The first job I made 16,000 and they took out almost $2,000. The second job I made about the same, and they took out NOTHING! Why, I claimed O zero on my deductions. Then I started looking at my husband’s checks and they didn’t take any federal taxes out of him either! He made less then me by a good portion, and had 3 jobs that didn’t take out anything….One stub even said EXEMPT on the federal income tax line. Are we going to end up owing alot? My husband is out of work right now too, and I really can’t afford anything. The good side is we baught a home in the last year so we do get that 8K tax credit.. PLEASE, PLEASE help!

Answer: We would have to know what you made total, what your husband made, How much in total you paid in federal and state taxes, how many children you have…etc. There is no way for any of us can even guess what you will owe or how much you will get back without knowing all of that.

Real-estate incentives out of style among price-focused shoppers

MINNEAPOLIS — Government cash didn’t help John Foley and Cindy Case sell their Minneapolis house before the federal homebuyer’s tax credit expired at the end of April, so the couple decided to take matters into their own hands.

Energy Tax Credit Fox 47 2009 11 15 Manthe Job

Question: Question about education expenses, deductions, and credits on taxes?

Well my question is if I received a 1098T, and it has something listed in the tuition section (I was a student for the first half of 2009), does that mean I can qualify for the tax refund thing? Basically the reason I’m confused is while I did have the huge tuition bill, I paid it with student loans, not from my bank account. Does that disqualify me from listing it on my taxes, or not?

If that didn’t make sense I will add more info, this is my first year of filing “real” taxes (b/c I graduated college in 2009 and got a real job shortly after), so I don’t know all the fancy terms yet. I’m using TurboTaxOnline. Thanks!

Answer: Paying with loans is the same thing taxwise as taking the money out of your bank account, since you have to pay back the loans. Expenses paid with grants or scholarships are not eligible for an education credit.

Tax credits for college credits

Tax-advantaged strategies to fund children’s college education continue to offer CPA clients some relief from that heavy financial burden, but their value will vary widely according to each taxpayer’s financial picture.

FastWeb Insider Secrets: Education Tax Benefits

Question: if i started college in december but got loan in jan does that count for 2009 or 2010 taxes?

i started university of phoenix in december and applied for loans at that time but didnt get the funds till jan 12 to pay for classes starting in december does this count for taxes this year or next year? can i use the hope tax credit for this?

Answer: I would say that would be 2010 taxes, you didn’t actually get your money until January 2010.

Child Care, EITC, Tuition and Household Credits Can Boost IncomeTax Refunds

ALBANY, February 18, 2010– New York State Department of Taxation and Finance Acting Commissioner Jamie Woodward today urged qualifying taxpayers to take advantage of a host of family-friendly credits that lower tax bills and increase refunds.

Well Prepared for High School and College: Maryland’s Nonpublic Schools

Every single child has the right to education. This is enshrined in our Constitution in the form of Directive Principles of State Policy. Education is a tool necessary for life and everyone should possess it. Moreover, the government has made primary education mandatory for children till the age of 14.

In the rural areas where literacy rate is quite low, government has set up body known as Anganvadis. These has been set up in almost every village of India. These are actually day care centres for working women. A large number of such Anganvadis are being maintained by the Indian government. NGOs have joined hands with these Anganvadis in order to educate more and more people. They are trying their level best top act as a bridge between the cities and villages by providing Montessori education to kids in the rural areas. And they have named it as “The Butterfly Project.”

Lately, around 1, 000 delegates from 120 different countries showed up at World Innovation Summit for Education (WISE). This three day summit was held in Doha, Qatar. They released a document with 10 points which said educate all under “21st Century education.”

Education Resources was a involved in the 2009 budget also. It was done for the nation. Number of education related strategies have been started in the Indian Interim Budget for the year 2009.

Under centrally Sponsored Scheme government is trying to generalise secondary education system. India has various Career options

Higher Education (HE): For maintaining and to increase the standard of living higher education is a must. To build a fully knowledge based society government is trying tooth and nail. The outlay on Higher education increased by 900% in the 11th five year plan. An Ordinance published to establish 15 central universities. 6 IITs are already in function at bihar, Andhra Pradesh, Rajasthan, Orissa, Punjab and Gujarat in 2008-2009. In 2009-10 government is planning to set up 2 more IITs in Madya Pradesh and Himachal Pradesh.

Education loans Schemes (ELS) has been made very easy, therefore, the loan accounts have increased over 4 times during 31st March, 2004 to 30th September, 2008. The amount increased being from 3.19 lakhs to 14.09 lakhs.

ITIs: The budget announcement that was made in 2004-2005 stated that 500 ITIs have been saved for quality performance. National Skill Development Corporation was set up by the government in July 2008 with an investment of 1, 000 crore. It was extension in In term Budget.

Government is taking up measures to provide quality Career Resources. Although there is a big list of Career Options to choose from but till the time Career Resources are improvised these options cannot be used to the maximum.

A look back at 2009

The year 2009 will be remembered for its ups and downs, both on Wall Street and Main Street, as the economy sputtered. The inauguration of the nation’s first black president, Barack Obama, was cele…

Vivian Moreno Lives United (2009)

Question: How do I determine which college tuition tax deduction/credit I am entitled to?

My son (age 19) started college in fall 2007. I made monthly payments towards his college tuition/room board. I received a 1098 recently. I do not understand this form, plus it is in my son’s name even though I am making the payments.

Thanks for any help!!

Answer: You can claim it as he is your dependent. You need to look up the information for the Hope credit. You don’t have to understand the 1098 in order to use it. Just insert the amounts in the boxes! You must file the 1040 in order to use it. I believe their is at least a worksheet or form you will need, too. It should all be in the FAQ section I found for you.

http://search.irs.gov/web/query.html?col=allirs&charset=utf-8&qp=&qs=-Wct%3A%22Internal+Revenue+Manual%22&qc=&qm=&rf=&oq=&qt=hope+credit

Don’t Miss Out on Tax Savings

Many Tax Credits Available to Long Islanders Senator Kemp Hannon is reminding you to review this end of the year savings checklist, to make sure you don’t miss out on your savings.

Recovery: Education Tax Credit-Claim it-Students – Jan 2010