The Federal Tax Credits Blog

Posts Tagged ‘baby’

Question: child tax credits?i am a single parent and when my baby was 4 weeks old i applied for child tax i recieved two?

payments one for 34.00 and one for 64 but my claim has not been backdated can anyone help me? has this happened to anyone else and then recieved back payment sepretatly?

Answer: Ring the child tax credit office and query to them!

Life Since Katrina: 3 Stories Of Survival

Federal health officials are urging that hurricane victims be moved out of FEMA-supplied trailers as quickly as possible because of a health threat.

Legal Solutions – Harjap Does Benefits

Question: Flexible spending (cafetieria plan) option: Good or bad?

I signed up for a dependent care FSA this year. The total amount available per calendar year is $5000.00 and I chose the whole amount. I get paid weekly, so, I have $96.15 taken out of each paycheck.

My son’s daycare is $145 per week. I know that I will use the $5000 prior to year end so am not worried about “using it or losing it”. However, I was wondering if this is a good plan and how it will affect my child tax credits when I do my tax return next year? Also want to know if this account can also be used for my son’s medical prescriptions & Dr. visits? I heard that you may not be able to if you have only a dependent care plan set up.

Do you ultimately feel the FSA is a good advantage and why?

Thanks

Answer: You cannot use FSA-Dependant Daycare for Unreimbursed Medical Expenses (UME). However, if your employer offers an FSA for daycare, they probably also offer a similar program for UME (either a cafeteria plan or a Health Savings Acct).

This program will not effect your child tax credit, but it will effect your Dependant Daycare tax credit (you probably lost it). But the benefits you see from using the 125 plan, usually far outweigh the Dependant Daycare tax credit. Because you did the 125 plan, your tax refund will be smaller, however, you probably saved more than that throughout the year.

With the Daycare tax credit, you probably would have saved $600-$1050 (depending on your income level, higher your income, the lower the credit). With the 125 plan, you probably saved $950-$1950 over the course of the year, higher the tax bracket, higher the savings. Even though your tax refund may be smaller, you are getting larger paychecks.

To know for sure if this is a good plan for you, I would have to know a bit more information about your taxable income, but for a vast majority of taxpayers, the Cafeteria plan that you are doing is a good deal.

Queasing over Quantitative Easing, Part IV

By David Merkel. In my last post on this topic, I went over the orthodox and unorthodox monetary policy responses to the crisis in the US. Here were the orthodox options: Read more » »

Bipartisan Meeting on Health Reform: Part 2

Question: will i still get my childcare cost paid for by tax credits if my contracted hours go from….?

16 hours a week to 20 hours a week?????
i only get £10 a week i have a 18 month old baby! why sould me and my partener both work full time i would never get to see her, once she start school then i wil be going back into full time employment like i was before i had her…. so dnt fucking say i should go back to work full time when you dnt even know me! silly cow!

Answer: Is that what they’re calling other people’s money? Tax credits? How about you work 40 hours per week and pay for it yourself?

Child Care Costs Soar for Low-Income Parents

President Obama is proposing a two-part initiative to beef up financial assistance for families who pay for child care. But for Little Knights and Maidens Learning Center in Fernley, the money can’t come soon enough.

Tax Tips & Information : What to Claim on Income Taxes

Question: Poll Tax, if I dont pay it can I still claim Working Tax Credits?

Will it afect my state pention when I retere in 5 years time?

Answer: You mean Council Tax and non payment doesn’t affect credit, benefits, or anything really.

However, you could be imprisoned. Many boroughs are doing committal orders again.

Bear in mind, once a Liability Order is awarded at court, the Authority has the power to send in bailiffs, take money from your earnings or benefits, make you bankrupt or put a charging order on your house.

But benefits or pension? No, it won’t affect them.

Managing money: Keep finances in order

While the nation attempts to dig out of an extended recession, many are likely to resolve to improve their financial situation in 2010.

How to Claim $8,000 Tax Credit

Question: child tax credit in the UK, can anyone answer my question please?

I know that we are entitled to help with the costs of childcare, the only thing is I work for the childcare provider which is an ofsted registered nursery and I pay half price deducted directly from my wages. How do I prove to the tax office that I pay for childcare as I don’t have receipts or invoices from the nursery?

Answer: You must be under investigation by the Tax credits office for them to be asking for receipts and invoices. Also If that is a benefit offered by your company then you may be part of a salary sacrifice scheme in which case you need to send lot of documentation to the tax credit office. If you do work for the nursery then surely you can ask them for proof that you do pay for it? Also shouldn’t that then be deducted from your wage if thats the case and therefore on your payslip? You really need to get onto your employer. When you calculate you childcare costs you only need to mention the half you pay for….if you have overestimated or can’t provide proof your going to be in big trouble….maybe prison! get it sorted!

Housing market’s 2009 rebound caps record decade for prices

Property sector sees surprise rise in house prices, but outlook for 2010 is highly uncertain, says Nationwide Regional increase in the price of a house (pdf) House prices rose 5.9% in 2009 after a decade in which property values more than doubled, according to Nationwide building society. Despite the 2007-2009 price crash, Nationwide said the noughties had generally been “a very strong decade in …

Welfare Benefits and Tax Credits Handbook 2009-2010 $76.44 …

Welfare Benefits and Tax Credits Handbook 2005/06 $68.20 …

4th Quarter GDP worst; Israel goes Right-wing; Pregnant Teen Arsonist; Corrupt Judges; Animal Sex