The Federal Tax Credits Blog

Posts Tagged ‘economics’

Carbon Tax Evasion

Question: Confused about tax credits??!!!?

My husband works full time and Im a stay at home mum. We are currently getting the minimum amount of tax credits. I am going back to work soon and I went onto their website to get an estimate to see what would happen to our tax credits.

When I put in the details of my husbands and my new work the amount we would get a year went up by about £1800. I thought no that cant be right so I went back to the start and put in my husbands hours and me not working and it came back correct to what we’re getting now???

The increase wasn’t to childcare as we don’t qualify for help with childcare costs, it said the actual working element would go up.

My question is… how does this work? Is it right? Will we actually get more when I am working too? This tax credits thing is SO confusing.

Answer: The problem with doing an est online it doesn’t take into consideration your current circumstances and you may be entitled to more tax credits because tax credits is designed to help people back into work. I would call the helpline and the can ensure that your getting the correct payments now and do an est for you.

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J.K. Lasser’s 1001 Deductions and Tax Breaks 2012: Your Complete Guide to Everything Deductible $12.39 A straightforward guide to taking tax breaks and deductions on your 2011 tax returnCompletely revised to reflect important changes in this year?s tax laws, J.K. Lasser?s 1001 Deductions & Tax Breaks 2012 will help you take advantage of every tax break and deduction that you may be entitled to. This comprehensive guide is clearly organized by subject matter so you can easily find situations that ma…

J.K. Lasser’s Small Business Taxes 2012: Your Complete Guide to a Better Bottom Line $11.94 The tax facts and strategies that every small business owner needs to knowOwning a small business is a big responsibility. While all small business owners seek to improve their bottom line, few realize all the ways that both current and new tax laws can help them do so. With J.K. Lasser?s Small Business Taxes 2012, you?ll quickly discover how. Written in a straightforward and accessible style, thi…

J.K. Lasser’s Small Business Taxes 2011: Your Complete Guide to a Better Bottom Line $3.00 The tax facts and strategies that every small business owner needs to knowWritten in a straightforward and accessible style, this reliable resource offers a complete overview of small business tax planning and provides you with the information needed to make tax-smart decisions throughout the year.Focusing on best business practices and strategies that help you use deductions and tax credits effec…

Veronique de Rugy: The Facts about the Alternative Minimum Tax

Question: Did Obama’s aunt SIGN UP for her tax CREDIT as an UNDOCUMENTED IMMIGRANT?

Part of the economic stimulus bill that was just passed by the House (except for House Republicans and 11 Democrats who voted against it), includes “tax credits” of $500 per person and $1,000 per couple. (Note: if the recipients pay no taxes, it’s not a credit, it’s a handout.) Apparently the wording specifically disqualifies “nonresident aliens” – Washington-speak for illegals – people with no Social Security numbers could still get the cashola:

Undocumented immigrants [liberal reporter-speak for illegals] who are not eligible for a Social Security number can file tax returns with an alternative number. A House-passed version of the economic recovery bill and one making its way through the Senate would allow anyone with such a number, called an individual taxpayer identification number, to qualify for the tax credits.
Is she coming out of hiding in the White House’s rose garden to collect her 500 dollars for not working?

Answer: I am sure she is. And just like the mother in law mooching off the American people living in the White house. Why do we have to pay for that. Throw her out.

Black economic gains reversed in the Great Recession

Baltimore– Growing up black in the segregated 1960s, Deborah Goldring slept two to a bed, got evicted from apartment after apartment, and watched her stepfather climb utility poles to turn their disconnected lights back on. Yet Goldring pulled herself out of poverty and earned a middle-class life – until the Great Recession. First, Goldring’s husband fell ill, and they drained savings to pay …

Save Our Homes Budget Cuts Action

Question: Higher Education Tax Credit Question?

OK…so I am a 2009 graduate from a 4 year institution. I paid for my 2009 spring semester in November 2008. My school sent my 1098-t form in January of 2009 which included that tuition payments of $6559.00 for fall 2008 and $6559.00 for my spring 2009 semester. After filing last year for both semester (total 13118.00) the federal government said I was allowed $754.00 for the education credit…this year with the Obama Higher Education Tax Credit, I would have gotten $1000.00 automatically for just the spring 2009 semester of $6559.00 and additional income back which would have totaled more than $2000.00…But because I filed previously for one semester a year ago I am only allowed about $600.00…its a weird predicament. Is it possible to amend my previous year tax return, send in the $754.00 to the IRS for the education credit and then file my 2009 portion for the one semester of $6559.00 to get back $2000.00 instead of $600.00 ??

Answer: Doesn’t work that way. You paid it in 2008, it’s not eligible to be used in 2009 for tuition credits.

Christie’s plan would allow for-profit companies to run 5 failing N.J. public schools

Gov. Chris Christie speaks in Camden about a proposal for school management organizations. / JOHN ZIOMEK/Courier-Post CAMDEN — With the enthusiastic backing of powerful South Jersey Democrats, Gov. Chris Christie Thursday announced a five-year pilot program that would allow persistently failing schools to hand oversight to private education companies.

Real Tax Cuts Making a Real Difference

Question: What is a Tax Credit, and how do I get one?

For the United States. I need this information for a family project, and I also need something to cite. Can anyone help out?

Answer: There are quite a few tax credits. These fall into two types: Refundable, and Nonrefundable. Refundable credits can lower your tax liability to below 0 so that your refund can be higher than what you put into it yourself. Nonrefundable credits never lower your tax liability below 0.

Examples of Refundable credits: Earned Income Credit, Additional child tax credit.

Examples of Nonrefundable credits: Education Credit, Retirement Savings Contribution Credit.

Look at the 2nd page of the 1040 form for more available credits — you can pull one up at http://www.irs.gov

Buchanan focuses on jobs, economy and debt

LAKEWOOD RANCH — The United States will collect $2.2 trillion in taxes this year, about $1.5 trillion less than it will spend.

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J.K. Lasser’s Your Income Tax 2012: For Preparing Your 2011 Tax Return $14.15 This guide offers easy-to-follow, expert advice and guidance on planning and filing your taxes. It covers some of the most important tax topics, from what you must report as income and strategies that will save you on taxes to how much tax you actually owe and what deductions you can claim….

J.K. Lasser’s 1001 Deductions and Tax Breaks 2012: Your Complete Guide to Everything Deductible $12.39 A straightforward guide to taking tax breaks and deductions on your 2011 tax returnCompletely revised to reflect important changes in this year?s tax laws, J.K. Lasser?s 1001 Deductions & Tax Breaks 2012 will help you take advantage of every tax break and deduction that you may be entitled to. This comprehensive guide is clearly organized by subject matter so you can easily find situations that ma…

Rep. Neal discusses proposed tax credit for homebuyers