The Federal Tax Credits Blog

Posts Tagged ‘child tax credit changes 2009’

Question: will i get working tax credits this new tax year ?

My income for my husband and i fell drastically in October 2009..with the new tax credits award pending for April 2010 will we see a change in our child tax credit award and will we now qualify for working families tax credit…just wondered because I onow they base the award on last years income but thats no help to us ..we have struggled for the last 6 months and are hoping for some more help
thanks

Answer: You should do because its year to year so if your circumstances have changed which they have and you give them a total of your income of the past year they will work it out from there.I would ring them up and ask them directly what you have to do , i would do this ASAP because you may be entitled to some help now.

Entries under “Column”

Every day tens, if not dozens, of albums are sold in record stores across America. And yet the average American musician represented by a major record label is forced to scrape by on only millions. Their only fault: Being born talented and with a marketable face.

Tax Tip: Additionall child tax credit

Question: Do I qualify for the new amended home buyer tax credit?

I have owned our first home for 4 years now and I know they just made some changes to the home buyer tax credit to include homeowners who have owned their homes for a certain time but I am not sure of the specifics. Please help.

Answer: To qualify for the expanded “repeat buyer” credit, you must have owned and lived in your main home for a minimum of five full consecutive years out of the last eight years AND buy a new home that you occupy as your main home for a minimum of three years. Unless you can complete the five years by June 30th (and be under contract no later than April 30th) you don’t qualify.

Tax law changes expand ways to save

SALISBURY — Residents facing hardships during the recession could find a little financial relief through a number of tax law changes this year, according to local accountants.

CATA – Part 1 – SR&ED Tax credits – Changes

Question: How will the 2009 federal withheld change next month?

I see that it is a 6.2% tax credit with a limit of $400/year. I am only making $12 and not even getting 40 hours/week and mine works out to be over $1000/year. Am I doing something wrong? It would seem to me that just about everyone is going to just end up with $400. How is this handled? Will the federal withheld only be reduced until the $400 is used up?

Answer: Dear B: The “making work pay” credit is a refundable credit, which means it will be refundable to you even if you do not have any tax liability. It is calculated by multiplying your income by 6.2% until you reach $400 for singles and $800 for couples. This credit is claimed on next years taxes or through a reduction in with holding in your pay this year.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor

Unity worked: MPP

There was a need for all three levels of government to work together when the economic downturn was in full swing during 2009 and those governments proved a lot can be accomplished through partnership, says MPP Leona Dombrowsky.[...]

JCTC Changes 1 – payroll, FTEs, relo (OEDA 2009)