The Federal Tax Credits Blog

Posts Tagged ‘deductions’

Question: Should mothers who keep their babies get the same tax credit as those who adopt?

There’s a special tax credit of $11,650 for out of pocket adoption expenses, why not one for mothers who keep their babies? Don’t they have out of pocket expenses, too?

Answer: OK my opinion….

Yes this tax credit will help adoptive parents, but I do think that it should be ONLY for the foster care parents whom choose to adopt the child. Why you ask? Because it is expensive when you adopt, most of the foster parents arent doing it because of infertility etc. We are adopting our foster children because we have come to love them unconditionally, and have bonded with them as our own children.

Now I am not trying to put down or insult the familys who cannot birth their own children, I am simply stating that as a foster parent I am not picking out the color, sex, etc. of my soon to be adopted child. I have sincerely fallen in love with the child/children and want them as a part of my forever family.

So I do think that the Tax Credit should be for Foster parents who adopt.

On the note of mothers who choose to keep their babies, then good for them, I have 2 bio-children of my own, I didnt CHOOSE to keep them for the yearly tax credit we get back from the IRS, We choose to keep them because there is NO OTHER CHOICE for us. We are married, we are ok on money, not rich, but our bills get paid, we have a roof over our head and food on our table. We may of had our children young, but we triumphed through the ‘out of pocket expenses’ for keeping our bio-children.

Just my serious opinion!

Solid Results and Higher Dividend for COGECO Stemming From Continuous Growth in Canadian Cable Operations Despite a …

MONTRÉAL, QUÉBEC–(Marketwire – July 7, 2011) – Today, COGECO Inc. (TSX:CGO) (“COGECO” or the “Company”) announced its financial results for the third quarter and first nine months of fiscal 2011, ended May 31, 2011.

Ron Paul’s Texas Straight Talk 6/27/11: How Should Government Treat Energy Producers?

Question: I forgot to claim the education credit on my 2006 tax return, can I ammen my 2006 taxes?

this deduction may or may not result in a refund but is it worth the cost to have someone look at it?

Answer: You can amend your return up to 3 years after the original filing, so you have plenty of time. As an earlier post pointed out, however, education credits do not reduce your total tax liability below zero — so be sure the amended filing will save you more in taxes than it costs to prepare the filing (especially if you have to pay someone else to do the work).

Shape Your Financial Future With Allianz Life

MISSION, KS–(Marketwire – 06/20/11) – (Family Features) Most news stories about baby boomers and retirement have focused on the first wave of boomers turning 65 and getting ready to retire. But while the younger boomers aren’t quite making retirement headlines yet, those in their late 40s are realizing what retirement will look like for them in a few years — and they’re worried. According to …

Tax Credits – Too Valuable to Overlook

Question: Why do democrats not support tax credits for health insurance?

Universal Healthcare is on the agenda for this next election. However for several years republican and democrats have been trying to come up with a way to pay for healthcare.

At one point it was proposed that all health insurance costs could be written off on your income tax. Thus making it a tax deduction. Hillary Clinton, Obama, and a majority of democrats are against this method?

However they are all for tax deductions for buying a hybrid car. Isn’t this a better alternative than trying to implement a system that is not the best method for healthcare?

Answer: Can’t see why they’d not want to have health insurance costs to be tax deductible. As for rectifying the problem of healthcare access in this country, it seems like a step in the right direction. If people could deduct the cost of health insurance from their taxes it would make shopping around for the best and most affordable insurance a good option, and have the effect of creating a more competitive environment in the industry. As it is, the only way to have that benefit is to take whatever healthcare provider your employer does business with.

Tax law changes delay tax filing for some, but there’s good news on Valentine’s Day

The Internal Revenue Service is showing some love to taxpayers on Valentine s Day – it finally will start processing tax returns delayed by last-minute tax law changes.

Ron Paul, Tax Credits, Tax Deductions

Question: International Adoption tax question.?

We adopted our daughter from China. We started the process in 2005, our home study Anniversary date was 12/05/2005 Because of the very long match waits we did not travel till Feb of this year, 2008. The adoption as far as China is concerned was finalized in China, Our Daughter became a US citizen when we touched down back in the states. Both my husband and I traveled to China so the adoption would be complete there. Our State, VA requires a 1 year followup for the ‘re-adoption’ to receive a VA Birth Certificate. Our Agency as well requires a 1 year update this will be at the end of Feb. 2009.

Does anyone know about the Federal Government Tax credit for adoption? It is my understanding that it is around $10500 or so. Can we claim this credit this year on our 2008 taxes or will we be forced to wait one more year to claim this on our 2009.

Answer: Hi Lilly,

I think you can claim the tax credit on your 08 filing. You’ll need IRS form 8839. The instructions are on IRS publication #968.

If you google the form and publication, you should find what you’re looking for.

BTW- Congratulations!

Senate Tax-Cut Plan Would Add $857 Billion to Debt Over Decade

Senate leaders released an agreement crafted by the White House and Republicans to sustain Bush-era tax rates through 2012, set the estate tax at the lowest rate in 80 years, extend jobless aid and cut payroll taxes by 2 percentage points.

ABBA Fund Introduction

Question: wisconsin homestead tax?

I live in a facility for the elderly as an independent because I do not require or receive any extra services. The rent I pay for the year is $13794.00 If I file for homestead credit I can claim only 69% or $9517.86 My question is what am I paying rent for, that I cannot claim to the state for credit?

Answer: for homestead credit you have to had to pay properity taxes. on real property

Gordon Brown switches NHS fight to home front

Prime minister promises births and palliative care in the home in new health service manifesto Gordon Brown published a manifesto for the NHS today confirming legal guarantees for every woman to choose a home birth and to give terminally ill people a right to palliative care at home as part of a strategic shift in the Labour campaign to focus on public services. In a day campaigning in marginal …

Community Tax Center 2008 IRS stimulus Package Day 03.28.200