The Federal Tax Credits Blog

Posts Tagged ‘child,’

Question: tax credits child care element?

how do they check it? i mean do they wirte to the after school care looking for proof of how many hours the children were in they seem very trusting to me! i phoned them to tell them that my child care costs were going up (which is true) and they just said no problem they will change my info on the computer….. i live in the uk x

Answer: yes the reg number u give them when u first input your cc is what they use. roughly about once a year the do random checks on peoples details by calling the cc providers and searching for them through our data base, that is when they catch you out if you are not telling the truth, also you would be suprised how many cc providers call to say you have not been sending your child and to stop cc
hope that helps x x

Governor Paterson announces 12 new laws that go into effect on New Year’s Day

ALBANY, January 1, 2010– Governor David Paterson announced today 12 new laws that go into effect for 2010 including new laws that will enact new Tier V Pension, institute consumer protections and will make election law changes, according to a release from the Governor’s office.

Child Care? You Wot! I Cant Afford That..Can I?

With the busy schedule most parents face today, it is becoming more and more necessary to find reliable child care for your children. Learning how to choose a babysitter is one of the most important things a parent can do in preparation for this difficult and sometimes frustrating situation.

There are several factors to consider when picking a day facility or babysitter for your child. These include the number of other children in the group, the facility, the training of the staff and monetary concerns. Determining your comfort level with each of these items is the first step in deciding where to place your child.

There are several different options available to parents looking to place their children in a child care setting. These options are:  in your own home, daycare in the home of the sitter and a day car facility.  Considering each is the best way to choose a babysitter. 

At Home:  This option means only your children will be involved in the day care situation, your child will be most comfortable because he or she will be in your own home. As you are picking your provider, their training will be a match to what you want. This is an expensive option.

At the Providers Home:  There will be several children, though not as many as in a day care facility. It is also comforting for the child to be in a home situation. Most of these providers have some official training as well. This is the medium price level for a child care situation.

Day Care Facility:  this has the most other children and is in facility as opposed to a home. The staff is always professionally trained and the cost is usually the cheapest.

Learning how to choose a babysitter is an important step in taking care of your children and ensuring they have the best possible care.

New Laws for NY in 2010

Twelve new laws take effect in New York State starting January 1.

WBAL Radio Interview on Child Care Tax Credit 4 5 07

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.

Robert Peston

The retail bank set up by men who’ve not run one before

Question: i gave birth to my daughter in october, will i still get the child tax credit for her?

I gave birth to my daughter in mid october, Will I still get the child tax credit when I claim her as my dependent?

Answer: If you do not qualify to be a dependent of someone else yourself,and you have adjusted gross income of at least $8500 you could qualify to receive some portion of the child tax credit. Also you could qualify for the Earned Income Credit if your earned income falls into a certain range. There is also the possibility of receiving $300 from the Recovery Rebate stimulus that was originally given in 2008.

Be sure and check with a good tax professional for advice as to what you will actually qualify for depending on your income.

Laura H – H&R Block – Senior Tax Advisor 5
**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.

LOOKING BACK 2009

Maui County’s economy continued a downward spiral in 2009 that began late in the first quarter of 2008 when Aloha Airlines and ATA stopped flying. Tourism, the main driver of Maui’s economy, struggled, with hotel occupancies in the 60 percent range.

Recovery: Making Work Pay (ASL, Captions & Voice Over) – June 09

Question: How much will my stimulus payment be? All tax info is included. Need help with IRS calculator?

I don’t get the online calculator because I didn’t use any of the IRS forms, I filed online through HR Block. My main question is the about the amount of child tax credit that it asks you to enter. Is that the initial child tax credit or that plus the additional child tax credit combined? That makes a 600 dollar difference in the amount the calculator tells me I am going to receive. child tax credit is 383 and the additional child tax credit is 1617. I am not sure which one they are asking for. All of my info is below, please let me know which amount I am to enter and how much that means I’ll get back if possible. My spouse did not work in 07 and I have 2 dependents. Thanks for your help.

Total income: 28,144
AGI: 28,144
Standard deductions: 10,700
Total Deductions: 24,300
Exemptions: 13,600
Taxable income: 3,844
Income Tax/ Tax Before Credits: 383
child tax credit: 383
Federal Withholding: 102
EIC: 2,455
Additional child tax credit: 1,617
Total Payments: 4,174

Answer: Your rebate will be $383 plus $300 for child.
The rebate payment is equal the amount of tax liability on the return (tax liability on the return Form 1040 line 46 or Form 1040A line 28) with a minimum amount of $300 and a maximum amount of $600 for individuals.
For information on stimulus tax rebate read: http://taxipay.blogspot.com/2008/04/list-of-articles.html

Michelle Singletary: Tweaking toward a better future

WASHINGTON — Despite a still funky economy, many people are doing well.