Posts Tagged ‘benefits’
Medical Tax Credit
May 26th, 2009
Question: is there a tax credit on the medical part of 2007 tax form for buying a car to accommodate a wheelchair?
Answer: Just as an automobile does not qualify for a deduction for non-handicapped taxpayers…you’ll not be able to deduct the entire cost of the car simply because one is required to use a wheelchair.
If, however, you had to outfit the car with special features to accomodate your handicap (hand controls, lift gate, special door), those additional expenses would be deductible to the extent your total medical expenses exceed 7.5% of your adjusted gross income. Not the whole car…just the additional expenses to permit it’s use by one who is medically handicapped.
Hope this helps.
Hospitals Welcome First Baby Of 2010 and Last Baby 2009
If you had the choice, would you like the attention that comes with delivering the first baby of the new year or the tax break that accompanies a last minute 2009 newborn? Kathryn and David Dobbs of St. Louis claimed the “first” baby title when their son arrived Friday, New Year’s Day at 12:05 am at SSM St. Mary’s Health Center in Richmond Heights. The yet to be named seven pounder joins two and …
Tax Deduction Tips : Types of Medical Expense Tax Deductions
Posted in Tax Credit Help | 
Tags: benefits, health, irs, medical, medical tax credit canada, medical tax credit ontario, medical tax credits, tax | 
No Comments »Child Tax Credit Eligibility
March 20th, 2009
Question: What are the eligibility exceptions re the Empire State child tax credit?
Are there any reasons why would I NOT be eligible to get it? I’m a New York State Resident & am the Custodial Parent of my 10-year old daughter.
Answer: Hello, BronxGal! According to the form instructions, any child that is elibigle for the federal child tax credit is eligible for the Empire State Child Credit.
If your daughter lived with you more than half the year, you have not filed Form 8332 releasing the dependency exemption to the father, and your income is within the limitations, you should be able to claim both credits. Good luck!
Taxed by taxes? Free help is available
Relief for taxpayers is coming to Greene County
How many child tax credits can I take?
Child Tax Credit Eligibility Canada
March 13th, 2009Any Tom, Dick and Harry who is not able to repay the debts cannot file for chapter 13 bankruptcy. Some of the eligibility criteria to file for chapter 13 are as follows :
* Any business even if it is sole proprietorship is not eligible for filing chapter 13 bankruptcy. Only the debts, that are linked to the business and that the owner is personally responsible for, can be included for filing chapter 13 bankruptcy.
* The personal bankruptcy of commodity brokers and stockbrokers cannot be included for filing chapter 13 bankruptcies.
* If the secured debts are more than $1,010,650, the debtor cannot file for chapter 13. Home loans and the filing of lien by the IRS are the examples of secured debts.
* If the unsecured debts are more than $336,900, the debtor cannot file for chapter 13. Some prominent examples of unsecured debts are medical bills, back utility bills, card debts, legal bills, and charges of the department store.
* To prove one’s eligibility for filing chapter 13 bankruptcies, one has to exhibit sufficient income after deducting some expenses and payments to service the secured debts, to do the necessary repayments.
* One must submit the proof of filing the state and federal income tax returns for a minimum duration of 4 years before the date of filing the bankruptcy. The filing of chapter 13 can be rejected if the applicant is not current on Income Tax Filings or has not submitted any proof of being regular at tax payment.
Do you fit in the above mentioned eligibility criteria? If yes than file for chapter 13 bankruptcy. The chapter 13 bankruptcy plan can be funded through the following sources of income:
* Income through self employment
* Benefits through social security
* Freelance commissions
* Benefits on account of Worker’s compensation
* Public benefits
* Alimony in case of divorce
* Royalties
* Regular salary or wages
* Pension payment
* Seasonal work wages
* Disability benefits
* Benefits due to unemployment and strike
* Child support benefits
* Rent
* Profits due to selling of property
* A working spouse could also be the source of funds
The best bankruptcy advice can be got from bankruptcy attorneys and bankruptcy lawyers. We take pride in having association with the top most experienced bankruptcy attorneys. The chapter 13 bankruptcy filing can include the personal bankruptcy. The credit card bankruptcy and the medical bankruptcy form the major part of the personal bankruptcy.
Top-10 year-end tax tips
With barely a month to go before the end of the year, Jamie Golombek offers up his top 10 tax tips to help you get your house in order
Parents Eligible Tax Benefits : Tax Preparation Services Canada
Tax Working Credits
March 11th, 2009
Question: Will i be entitled to working tax credits?
After my baby is born will i be entitled to working tax credits? It says on the website that we have to claim as a couple but i dont know whether this means we both have to be working more than 16 hours a week? We will have a child under 16 and i will be working 25 hours a week after maternity leave but my partner is a student at uni and unemployed?? if i am entitled can i get any payments during maternity leave?? thanks.
Answer: Depending on your income you will be entitled to Working and child tax credits once the baby arrives.
Enter your details into this link and it will work out how much you could be getting.
http://www.entitledto.co.uk/Default.aspx?AspxAutoDetectCookieSupport=1
E. Idaho county working to turn trash into power
POCATELLO, Idaho — Officials in eastern Idaho are negotiating with an Atlanta-based company to produce electricity from methane found in decaying garbage in the Bannock County landfill. County officials have applied for a permit to extract and burn the methane, and G2 Energy is interested in paying for the infrastructure needed to produce the power in exchange for part of the profits and …
Working Tax Credits
Child Care Tax Credit Or Fsa
February 20th, 2009
Question: Dependant Child care vs. child tax credit?
I am considering enrolling in Dependant Child care FSA, however, I am not certain if it will offer a better tax break than the child tax credit and additional child tax credit. Which offers the better tax advantage?
Answer: You mean you have a choice of enrolling in the DCB at work or paying with after-tax dollars and getting the Child Care Credit.
The short answer is you have to figure your taxes both ways. In the case that you have adjusted gross income in excess of $43,000, your child care credit is 20% of up to $3,000 of expenses for one child, or $6,000 for more than one child. If you are in a tax bracket greater than 20%, the DCB are more beneficial.
If you are in a tax bracket less than 20%, the child care credit may be more beneficial, but you must consider that DCB reduce your AGI and may raise or lower your other credits, such as the Earned Income Credit, child tax credit, and Additional child tax credit. So it is important to figure both ways before you sign up for DCB.
Thomson Ambulance Association
Your Thomson Fire Protection District is made up of an EMS Association and a Fire Association and is funded by your tax dollars, insurance billing, donations, fundraisers and grants.