The Federal Tax Credits Blog

Posts Tagged ‘politics’

Art Costa Energy Conservation Tips

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.

Rep. Neal discusses proposed tax credit for homebuyers

Question: On Jan 1st Bush’s evil tax cuts will expire and everyone with children will see a tax increase?

Bush instituted the $1000 per child tax credit. On January 1st, those tax credits EXPIRE and Obama has promised not to renew them.

If you have kids you will see a tax increase now.

There goes that 95% promise that everyone would get a tax cut Obama threw out during the election.

Answer: mr obama is a compulsive liar–everyone with an IQ over 70 knows that.

Obama only hurts the poor-manyof whom have babies jst for the welfare monies and HUD–or who are too ignorant to use a condom…so blacks, poor whites and asians and mex.s will be taxed by their supreme leader.

Moody’s takes a dim view of Scott’s tax cuts — but he’s ‘comfortable’ with his budget

TALLAHASSEE — Moody’s Investor Service has apparently taken a dim view of Gov. Rick Scott’s plans to slash the state corporate income tax rate from 5.5 percentage points to 3 percent this year. The move would cut about $458 million in state revenue next year, and Moody’s credit warning from Feb. 14 suggests the $1 billion [...]

New Pa. Budget Cuts Education, Jobs, Keeps Movie Tax Credit

Question: Why do people allow themselves to be overwithheld on their taxes?

By allowing yourself to be overwithheld and then getting a big refund check is like giivng the government an interest free loan all year.
On the IRS website, there is even a calculator where you can enter your expected wages, deductions, and credits to determine the number of allowances to put on your W4.
Wouldn’t you rather have that extra amount on your paycheck each week instead of waiting until tax time to get it all back in one big check?

Answer: It’s basic finance, time value of money. I would certainly prefer the money now rather than later. My husband and I calculate our allowances and any extra to withhold in order to break even. I don’t understand why people do that either. I guess it makes them feel better seeing a bigger number on their refund check. In the end, they’re missing out on lost opportunities to invest the money and earn more. Oh well, their loss.

EARTHTALK: Federal Energy Efficiency Tax Incentives

Dear EarthTalk: A number of federal energy efficiency related tax incentives expired at the end of 2010. Will any such programs remain in force and if not, are there other ways to save money on green upgrades? — Jen Franklin, Chicago, IL

Good Intentions 1of3 Introduction and Public Schools with Walter Williams