The Federal Tax Credits Blog

Posts Tagged ‘banking’

Question: is there any point in me applying for the £500 maternity grant?

hi i was just wondering if any body out there had been awarded the maternity grant even though they were not on any benefits and were not classed as being on a low income,I am currently pregnant with my third child and was not able to claim the grant with my first two due to being awarded the basic family element of tax credits,but have worked out on the tax credit calculator that after the birth of my baby i should be awarded higher than basic family element and that’s after the baby element bonus,just wondered if any one else had been lucky enough to get the grant who was in the same situation as me?
thanks for the replys,think i will apply for it but after i have had the baby,so i can get tax credits reviewed too.

Answer: My wife didn’t qualify when she was pregnant as she wasn’t on benefits…even though she was on a low income.
You have to qualify for the higher element of child tax credit to qualify as well as benefits etc.
When the baby was born she applied again (as you automatically get the higher element of child tax credit with a new baby) and she qualified. She managed to buy all sorts of bits and pieces for the baby, it really helps.
You have until baby is 3 months old to apply. direct.gov has all the info.
Good luck

Phasing Out High Risk Nuclear Power: The Real Alternatives

This is a multi-part investigation of the cutting-edge clean alternative energy sources available to replace the dangerous, polluting technologies of the past.

UIC Financial Aid Webinar Part One: Myths of Financial Aid

Question: New to buying a house…I know NOTHING need advice. Thanks to all?

Ok, I am SICK of apartment living. I definitely want a house and know I have to work on saving money and building better credit. I’ve weighed the options of apartments to houses…They BOTH have pros and cons unfortunately but have decided we REALLY need a house. I’m married with a child and one on the way in a 2 bedroom small ass apartment. I feel so SUFFOCATED.

Anyway, I was hypothetically wondering if it’s possible to still purchase a house with crappy credit? Mine is about a 630 and my husbands is probably not even on the charts. In the last few years we were stupid about credit cards but are trying, slowly but surely to pay everything off. Our total “debt” is about 10,000 combined.

Also, lets say I CAN get a house. What is included in the mortgage monthly payments? Is it possible to get a DECENT 3+ bedroom home for under 750/month TOTAL tax, insurance and mortgage? Or is that a silly dream? I definitely don’t want to buy a crap hole-something liveable….

Answer: Wow – a lot of info to digest, but I think you are in better shape than you think.

First, go to your bank and get pre-approved for a mortgage loan so you know what you can afford to look at. When you fill out the application you may be able to roll that $10K into the loan amount if the house appraises high enough (there is equity in the house).

Second, get a realtor (be picky and ask lots of questions) – it costs you nothing but saves you a lot of heartache and headache in the long run.

ALWAYS get a home inspection! Don’t waive it because you are feeling desperate to move into a home for you and your babies.

Have the realtor check out the neighborhood once you start looking – recommend you drive through that neighborhood morning/noon and night so you know what REALLY happens in that area.

The local police department can provide crime rate(s) for the areas you are loking at.

The Realtor should provide local school info, approximate taxes, etc.

PITI means: Principle, Interest, Taxes and Insurance. That usually runs about $125 more each month than the amount the realtor tells you your house payment will be.

Let the realtor know you want the past 12 months of electrical/water (utility) bills for the property so you can budget accordingly.

Your credit score is high – your husband will be the co-signer and not looked at as much as yours – He still needs to turn that around, though.

Good Luck in your new Home!

Wayne: Tax system should restore fiscal sanity

When you speed past the sign that says “Warning: Bridge Out,” you shouldn’t be surprised when you start to plunge. Kentucky cruised by numerous warnings on the journey to its biggest financial crisis ever.

How to Organize Your Tax Papers

Question: Why is my refund so much less if I have to file a 1099 vs. W-2?

I work for a real estate broker. He does not deduct anything from my paycheck, which means I have to 1099 at tax time. I am considered low income and get all the benefits of a single parent, head of household, full time daycare, etc…. My Federal refund this year will be $1060. If I filed W-2, showing no employer deductions for Medicare and SS taxes, my Federal refund would increase to $3,256! I don’t get it, my income and credits are exactly the same whether or not taxes were taken out during the year. Is there anyway to obtain the higher refund without defrauding the IRS??

Answer: when you file your taxes and show you received a 1099 it automatically figures in the self employment tax which is double the amount you pay if you have a W2. With the W2 it will only charge you the employees share. With a 1099 it will charge you both the employee and employer’s share.

If you received a 1099 you have to file your taxes showing you received a 1099. The IRS already knows because they were sent a copy.

Interactive Brokers Group Announces 2010 Results

Interactive Brokers Group, Inc. an automated global electronic market maker and broker, today reported a diluted loss per share of $ for the year ended December 31, 2010, compared to diluted earnings per share of $0.87 in 2009.

Carlsbad Real Estate Broker | Aviara, La Costa, Bressi Ranch |Federal Tax Credit

December FOMC Minutes Are Out!

Read them below… Nothing too surprising, really. markets aren’t moving much. A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors in Washington, D.C., on Tuesday, December 14, 2010, at 8:30 a.m.

How can tax policy shape Canada’s future? – Deloitte Canada

Question: If Obama’s stimulus package passes in the Senate, when will we start getting the tax benefits he’s proposing?

As part of the stimulus, Obama is proposing a $2500 college tuition tax credit. I am a college student and was wondering when this tax credit will take effect, that is, if it gets passed? I am doing my 2008 taxes right now and am wondering if they will be impacted. Or, will the new tax credit not go into effect until next year (2009 tax year)?

Answer: it wont be for last year, and count on the first of never

Obama toasts ’season of progress’ after big wins

WASHINGTON (AP) — Buoyant in political victory, President Barack Obama on Wednesday wrapped up a long, rough year in Washington by rejoicing in a rare, bipartisan “season of progress” over tax cuts, national security and civil justice.

Obama secret Pharma 3 6 trillion dollar deal