The Federal Tax Credits Blog

Posts Tagged ‘government’

Question: I have issues and no solution. can someone advise me?

I have a problem. In 2006 I could not file my taxes due to the w2 forms missing from a job I had from January to April. The factory closed in April and I moved 3 times since then. I never received my tax forms and could not contact the company to give them my new address. Now I am living in South America and will be here this coming tax season. What should I do about filing my taxes? I’m going to be 2 years behide this coming tax season. I’m worried and have no ideal how to get in touch with the IRS. I have no money, no job. I’m in crisis. I owe a credit card debt, college education debt, car repoded. Now I’m illegal in South America and can’t get a job because of it. HELP!!!! Can I make a web site asking for help? to recieved donations just so I can get legal and get a career? How would I do that. A lot of questions in one. sorry

Answer: you can download the tax forms from the internet and then file them using the best info you know about. If you don’t have the forms to send in, they will deal with it. Send in the forms for both years. Filing an incomplete tax return at least means one is filed, and they can’t get after you for late filing.

2010 Nonprofit Wish List

Wish granted? Let us know by sending an e-mail to nancy.raskauskas@lee.net. We’ll check it off the list and pass your thanks on to the community. (Photo illustration by Wendy Kieffer | Gazette-Times)

New Car Tax Credit – Quick-Tips Video – NewCars.com

Question: Can someone explain Obama’s American Opportunity Tax Credit?

I am not sure if I completely understand it, so please correct me if I am wrong.

Obama states that he will make the first $4,000 of higher education free for Americans in exchange for a 100 hours of community service and that this will be eligible per year/ per student. I am not sure if this only applies to public universities and not private education.

While I think the idea behind it is good, I am concerned where the funding will come from. According to US Census Data, there were 17.2 million people enrolled in higher education in 2006. Funding this program would have the potential of costing $69 Billion per year plus any other additional bureaucratic costs (this is the highest estimate and includes private universities). Where will this money come from?

I support investing into higher education, but if I am understanding this correctly, then I am not sold upon its practicality.

Answer: When you figure out where he plans on getting all the money for that, then maybe you can work on figuring out where he is getting all the money for all his other big plans. Every plan he has is going to cost BIG bucks. Maybe he thinks once he is President he can spend the way he has been in his campaign, on somebody elses wallet. I don’t think he even knows all his plans are IMPOSSIBLE!
Oh, and be sure to let the rest of us know.

Obama considers tax code overhaul

President Obama is considering a call early next year for an overhaul of the income tax code to lower rates and raise revenues in what would be his first major effort to begin addressing the long-term growth of the national debt, advisers said yesterday.

Mary J. Blige – It’s A Wrap (Credit Edit)

Question: OMG! i forgot to file an addition child tax credit for my dependent i all ready got my refund WHAT NOW?

CAN I AMEND OR DO ANYTHING ABOUT THIS? I GOT MY REFUND DD ALREADY I AM NEW TO DOING TAXES MY SELF SECOND YEAR….EXP.

Answer: Yes, you can file an amended return. It is Form 1040-X. You complete the form and MAIL it in. Amended returns are generally processed after the filing season, so don’t hold your breath. They do get processed however, so you will eventually receive the extra.

10 expenses to cut to help pay off credit card debt

In hard times, take a hard look at what’s coming in, what’s going out and see where you can free up some cash quickly to start hacking away at your debt

New Tax Deductions for 2010, 2011

Question: Why doesn’t Obama/DEMs get credit for passing 25 tax cuts to help both business & individuals?

“We were intrigued by the claim that Democrats passed 25 tax cuts last year, so we contacted the White House press office and asked for a list. And they gave us one, all from the economic stimulus package championed by Obama and signed on Feb. 17, 2009.

We checked them out, provided sections and page numbers in the stimulus for reference, and added a brief explainer for some.”

http://www.politifact.com/truth-o-meter/statements/2010/feb/02/david-axelrod/axelrod-claims-democrats-passed-25-tax-cuts-last-y/

Answer: Nobody is telling the people . They all just respond to attack ads one by one .

Obama Says He’ll Negotiate With Republicans on Bush’s Tax Cuts

President Barack Obama said he is “absolutely” ready to negotiate this month with congressional Republicans, who have hardened their stance that soon-to-expire Bush-era tax cuts should be extended for high-income taxpayers.

Marjor Garrett reports on Obama’s tax credit problem

Question: What/How do I get child tax credit?

I’m divorced and “X” and I agreed to alternate each year with the child tax credit. What is the IRS form that needs to be filled out, and where can I get more info to ensure I do it right? I assume my “X” needs to sign a document that states I get the credit this year right? and I send that in to the IRS this year. THanks for your help.

Answer: the form that “X” will need to sign is form 8332

Guest Contributor: Clarified IRS instructions to help nonprofits prepare for Nov. 15 filing

The IRS substantially redesigned Form 990, Return of Organization Exempt from Income Tax, beginning with tax year 2008. After the 2008 filing season, the IRS has expanded and clarified the instructions and reporting requirements.

PTIN: Preparer Tax Identification Number