The Federal Tax Credits Blog

Posts Tagged ‘january09’

Question: Can your paycheck be garnished for a nine year old credit card bill that is identity theft?

I got a notice this was going to be done. I thought this was illegal, that your pay could only be garnished for child support, taxes, alimony and student loans.
I’m a victim of identity theft and a police report and a report with the Federal Trade Commission has been filed with all 3 credit reporting agencies. Also, isn’t the statute of limitations 7 years?
I need help desperately, should I contact a lawyer? I’m in Tampa FL.

Answer: In FL, the statute of limitations on credit card debt is 4 years. However, that is 4 continuous years of living in florida. If after 3 years, you moved out for a year, and are now back, the 4 years started over.

The SOL is a defense against a court judgment. The court judgment is a necessary step for the creditor to get a wage garnishment against you. And, yes, cc debt is eligible for garnishment – it isn’t just taxes and student loans.

If your debt is 9 years old, and you have not moved around, then the only way the cc company can get a judgment against you is for you to not show up in court. If this is a notice of court hearing, make sure you show up, dispute the debt, and show evidence of identity theft.

If you missed the court hearing, you probably should have a lawyer file a motion to have the judgment vacated (=set aside or voided).

Good luck.

End of tax credit adds to biofuel-makers’ woes

An alternative fuel for diesel engines is off to a shaky start this year, though it emits fewer pollutants and cuts down on petroleum use because it’s made from environmentally friendly waste and vegetable oil. A federal tax credit that provided makers of… Petroleum – Vegetable fats and oils – Alternative fuel – Diesel engine – Business

Bankruptcy for Consumers $34.95 Bankruptcy is not a dirty word… it is a federally approved way in which honest people who are overloaded with debt may get out from under those obligations and have a fresh new start by wiping out (“discharging”) most, if not all of their debts. With proper counseling, they can still retain many, if not all, of their belongings.If your Bankruptcy is properly prepared by an experienced profession…

Solar Companies in San Diego California Solar Panels Tax Credit

Question: Are you taking advantage of the 30% off windows,doors,water heaters,A/C?

I am really liking what I see in this stimulus package. I was planning on upgrading my windows and entry door this summer anyway, also I was planning on installing a on-demand water heater. Now I will help the economy by hiring .. plumbers,electricians,carpenters. I wish people could be more positive about this stimulus, it is really a great thing. I also have two boy’s in college that I am 100% paying for their tuition. With the Education Tax Credit Obama has passed, I will have a tax savings of $2,500 next year applied to that debt. Thanks Democrats.. keep up the great work!!!
comment on reply below.. I doubt a high schooler would know what a On -demand water heater is..

Answer: OMG! Obama’s plan provides money to send kids to those evil liberal indoctrination centers known as colleges? This will not stand! Why…those boys will turn out to be “educated left-wing elitists”!

Somebody get Hannity on the phone now!

(BTW, good luck with the remodling! I like my on-demand heater.)

THE YEAR IN REVIEW: Local news highlights from 2009

A look back at the people and events that made news during the past 12 months in the Mid-Hudson Valley:

Senator Schumer on Education in the Stimulus

Question: Federal Education Credits – Hope and Lifetime?

I was just doing my taxes and when I got to the education credits form (8863) it came out that I am not entitled to claim any credits. It’s because my income is so low I don’t pay any federal tax (my income was about $4500 last year). So I just wanna make sure this is accurate: if you don’t pay tax you aren’t entitled to the credit? because on my state return (NY) I also never pay tax but AM entitled to an education expense credit of about 200. So on federal they dont let you go into negative amounts on your tax payment i guess?

Answer: You are correct. The people who get that tax credit are getting a refund so to speak on money they have already paid in. If you haven’t paid any in, you don’t get any back.

For the record, those education credits are not very user friendly!
You can only take them the first and second year, you know, so the first time we filed for one, our student had just been in college the fall semester, so we only got credit for a half of a year. It’s done by the tax year, not the school year, so you can never get 2 years worth unless your first 2 years of college aren’t spread out over 3 tax years, which is almost never the case.

The Year America Lurched Left

In our first editorial after Barack Obama’s historic victory in November 2008, we acknowledged that “we were witnessing an event in which all Americans can take justifiable pride.”

Child care subsidy programs (NBER working paper series) …

Student financial aid proposals and the middle income squeeze: Tax credits or expansion of basic grants (Papers in education finance) …

The IRS, the Federal Reserve Bank & the Income Tax

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You can find money to pay for college

(ARA) – In a competitive job market, earning a degree can be the biggest single step one can take to enhance career value and earning potential. As many bask in the glow of making plans to increase their career potential, the prospect of paying for college is a sobering reality.

Question: Details of New 2009 & 2010 Tuition Tax Credits…?

I read an article in my local paper yesterday about the new tuition tax credit that was part of the Stimulus package, where you get a $1 for every $1 paid in tuition, up to $2,500.

I am currently Unemployed, and my sole source of income for 2009 has been UI benefits. However, I am also a FT student via a distance learning program, pursuing a BS. I have paid well over $2,500 in tuition this year, and the school is fully recognized.

Does this mean that I will likely qualify for the credit? Also, assuming I don’t have any liability (I am Head of Household with a small UI check), will I be able to have the $2,500 as cash in a refund?

Thank you!

Answer: You’re talking about the American Opportunity Tax Credit, which replaces and expands the Hope Credit. Your understanding on the calculation isn’t quite correct, and only part of it is refundable so if you don’t owe any tax you don’t get the entire credit. The first $2000 is dollar for dollar, and over that it’s 25%, so your credit would probably work out to $2100, and if you have no tax liability, up to 40% or $840 would be paid to you. Still a nice chunk of money.

See http://www.irs.gov/newsroom/article/0,,id=211309,00.html

Holland District Offers Advanced Classes

Several new opportunities are becoming available for students at the Holland Central School District. Advanced placement (AP) classes in the sciences may be offered next year to give students a head start at college, while a tutoring program has just started that provides older students an incentive for tutoring younger classmates.

CRAMDOWN: Renegotiating Mortgages, Car Loans, Student Loans, Credit Card Debt, Taxes & Other Obligations in the Age of Wall Street Bailouts $9.95 This fall, Silver Lake Publishing is “crashing” into retail stores a new book on loan mods and other renegotiations. CRAMDOWN: Renegotiating Mortgages, Car Loans, Student Loans, Credit Card Debt, Taxes & Other Obligations in the Age of Wall Street Bailouts follows in the series that has included the national bestsellers Identity Theft and Scams & Swindles. This is the first comprehensive book …

Economic Stimulus Plan | Tax School | Tax Education | Liberty Tax Service