The Federal Tax Credits Blog

Posts Tagged ‘credit’

Question: Earned income credit/tax refund question?

I have a questions for any qualified accountants/tax service employees or anyone who might know the answer.

My husband and I qualify for EIC. Typically we get around an $8000 dollar tax refund each year. We had a baby this year in March. So we now have 4 children under the age of 16. I went to the free Turbo Tax refund calculator (which in the past and this year for my sister was pretty accurate). When I put in that we had 3 dependents, it said we would get $10,289 but when I bumped it up to 4 dependents in went down to $6265. Is this right? Would the refund amount go down with a 4th dependent?
I didn’t think it sounded right either. I do remember our tax guy saying last year that our 4th child wouldn’t make our refund amount go up much, if any. But I couldn’t imagine it going down by $4000!

Thank you all for your help

Answer: No, that doesn’t make sense. You wouldn’t get LESS EIC for four, just wouldn’t get any extra for the 4th child, and you should get the Additional child tax credit for the 4th child too. You wouldn’t get less overall with 4 kids than you would with 3.

8000 Tax Credit 2009

Question: Why do Obamabots still believe the middle class and poor will get tax cuts?

Obama has promised everyone making under $250k that they’ll get a tax cut. We know politicians lie though, and here is an obvious example. The $1000 per child tax credit families use to put more money in their pocket will expire in 2010 and Obama has promised to not renew it. A tax credit is much better than a tax cut! In 2010 poor and middle class families will actually lose the $1000 per child credit in essence raising their taxes dramatically! Even if Obama cut their tax rate they will still lose out on more money (slight of hand/smoke and mirrors/lies/whatever you want to call it).

Answer: When the Bush tax cuts expires in 2010, everyone including those making less than $250K will enjoy a tax hike.

Not to mention the tax added to electricity, natural gas, or auto registrations.

School expenses may qualify for tax credit

With the arrival of August, families with school-aged children are paying school registration fees and starting to buy school supplies.

Welfare Benefits and Tax Credits Handbook 2009-2010 $75.67 …

Welfare Benefits and Tax Credits Handbook 2010/2011 $49.69 …

Individual income taxes after 2010: post-permanence-ism.: An article from: National Tax Journal $9.95 This digital document is an article from National Tax Journal, published by Thomson Gale on September 1, 2007. The length of the article is 10030 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the author: This pa…

2010, 2011 child tax credit Amount

Question: Do I qualify for the 1st time home buyer tax credit?

While going through a divorce I moved from my home 8/1/06 (I have a signed lease for my new residence) and it sold 03/31/07. Since this was not my primary residence after 8/1/06, it appears I would qualify for the $8k tax credit if I purchase a new home after 08/01/09 this year? In reading the definition of 1st time homebuyer in the stimulus bill, it states “The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.”

Answer: It sounds like your primary residence became a secondary residence after 8/1/06 therefore you did not own a primary residence after that point. After 8/1/09 you may qualify for the tax credit if you buy a primary residence after 8/1/09 and before 12/1/09. Here are some FAQ about the credit for more information:

http://www.federalhousingtaxcredit.com/2009/faq.php#2

Ohio Executes Man Who Killed Two at Warehouse

Prison officials say 38-year-old Roderick Davie died by lethal injection at 10:31 a.m. Tuesday.

Qualifying child definition amended.: An article from: Journal of Accountancy $9.95 This digital document is an article from Journal of Accountancy, published by American Institute of CPA’s on November 1, 2009. The length of the article is 542 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Qualifying child defini…

CIP addresses qualified research definition.(IRS Coordinated Issue Paper): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on January 1, 2000. The length of the article is 1240 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTit…

Definition of supplies clarified for purpose of R&D credit. (research and development): An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on February 1, 2010. The length of the article is 965 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Definition of supplies clarifi…

New Markets Tax Credit (NMTC) Basic Overview

Question: hybrid car tax credit?

i bought a hybrid car (toyota prius ) in 2005 and i did not take the tax credit for it on 2005 tax returns(did not know at the time).now i would like to file an amended form for 2005 but i keep getting different answers as to how and h&r block that did the 2005 return seems to know less than i do…i know someone out there knows what form besides the 1040x i have to use for this and is it a tax credit or an adjustment to my gross income…i think it is a credit ????thanks bill

Answer: You need to complete the 1040X and Form 8910 the amount of the credit would be reported in column C for Credits, After completing the entire 1040X (including the explaination of changes on the back or page 2 of the 1040X. attach the 8910 to the 1040X and mail it in, it will take 8 to 12 weeks to process

http://www.irs.gov/pub/irs-pdf/f8910.pdf

http://www.irs.gov/pub/irs-pdf/f1040x.pdf

http://www.irs.gov/pub/irs-pdf/i1040x.pdf

ENER1 Reports Second Quarter Results for 2010

ENER1, Inc. , today announced financial results for its second quarter ended June 30, 2010. Â Net sales were $16.1 million in the second quarter of 2010, an increase of 113% over net sales of $7.5 million in the second quarter of 2009. Â Net sales were $27.0 million for the six months ended June 30, 2010, an increase of 72% over net sales of $15.7 million in the prior year six month period. Â …

Toyota Cars & Trucks : About the Toyota Camry Hybrid Tax Credit

Question: What’s the status on the $8000 tax credit extension?

So I’m in the process of getting my first house built and was supposed to close on Wednesday. Yesterday I found out that was not going to happen because the mortgage company is stuck waiting on some flood paper (stating that the land isn’t in a flood zone from what I understand).

The home builder then told me that it might be a week (or even an extra day) before they could get all of the paperwork done, missing the $8k tax credit. I’ve read online that they are trying to extend it for people that started before April 30th so that they could qualify up until September 30th.

Is that true or am I out of luck?

Answer: You read wrong. The extension is for active military and government employees who are stationed over seas. For everyone else the extention expires tomorrow.

MHI Hospitality Corporation Reports Financial Results for Second Quarter 2010

MHI Hospitality Corporation , a self-managed and self-administered lodging real estate investment trust , today reported its consolidated results for the second quarter ended June 30, 2010.

Congress passes extension and expansion of homebuyer tax credit.(Briefing Book)(Law overview): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on December 1, 2009. The length of the article is 528 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Congress passes e…

First Time Home Buyer Tax Credit and Other Mortgage Real Estate Related News