The Federal Tax Credits Blog

Posts Tagged ‘tax+credit’

Question: Low income…Can I clam benefits helping with rent ?

I am british and have spent ten years abroad with my (now) ex…., I have been back in the UK for the last 8 weeks and have two jobs cleaning …I work 16hrs a week only as I have suffered from agoraphobia so its a struggle to get out …both jobs ( one private one agency ) pay with a cheque and I earn 112 pounds a week . 70 is my rent. I claim no benefits what so ever…. I

My employer tells me I should become self employed. ( He pays me 68 a week ) and I have no deductions etc presumably because I dont earn enough ?

My question……should I go self employed…can I claim some housing benefit or tax credits or something to help me with my bills.

Thankyou all those who can help x

Answer: as long as you work under 16hrs a week you can claim benefits including housing benefit

good luck x

The Fact Checker: Analyzing the State of the Union address

Please join the Fact Checker and Friends for live truth squadding of the State of the Union speech tonight. Fact Checker Glenn Kessler will be joined by some of the newsroom’s top experts on domestic and foreign policy, including social policy reporter Amy Goldstein, education reporter Nick Ander…

Schwartz International – US Taxation of Individuals Working Abroad

Several Nuveen Closed-End Funds Announce Updated Portfolio Manager Teams

Nuveen Investments, a leading global provider of investment services to institutions as well as high-net-worth and affluent investors, today announced changes to the portfolio management responsibilities for several Nuveen closed-end funds, effective as of January 1, 2011. These changes are taking place as a result of the completion on December 31, 2010, of the strategic combination of FAF …

CalPERS Asset Liability Management Workshop Segment 1

Question: Am I eligible for $15000 Tax Credit (if it’s made into a law)?

I’m buying a house which is gonna be my principal residence( I’m currently living in Apt) and the closing date is Feb 19th. But I have a condo in the other state which I’m renting out (I couldn’t sell it when I moved here so I ended up renting it. )
Am I gonna be eligible for $15000 tax credit if I buy house for my primary residence even if I already have a condo? and another question is is that should I postpone my closing date until it becomes the law?

Thank you.

Answer: Janet,

In reading the bill being proposed to the Senate as long as you are purchasing this home as your primary residence within a year of the passage of the bill then you are eligible. If you can push your closing date back until the law becomes effective this would be the best course of action as closings prior to the passage date of the bill will not be eligible. Your other property will not interfere with this tax credit.

Tax review urges overhaul on VAT

Value Added Tax (VAT) should be applied to most goods in the UK, a report by the Institute for Fiscal Studies says.

Explaining The “Move Up Buyer” Tax Credit

Question: Do Senator Paul’s conflicting positions on taxes and malpractice reveal a hypocrit?

Ron Paul has said in his essays that he will be end the federal income tax and abolish the IRS, while he also favors abolishing medical malpractice insurance to be replaced by insurance of “negative outcomes” paid for by patients who will get–and here’s the stunning contradition–a TAX CREDIT!

First off, the person who does the harm is supposed to pay the damages. That is a maxim of jurispridence going back 600 years! It is even one of the basic tenets of the “Hammurabic Code.” Secondly, 40% of the American public do not earn enough to even benefit from tax credits.

Being an obstretrician himself (second-highest malpractice insurance rates by speciality) it’s no wonder the kindly old Senator wants to shift the burden for deaths and injuries caused by incompetent and dishonest physicians to the American Taxpayer. Is this man an idiot or merely a shill doing the bidding of the American Medical Association

Answer: First off, Ron Paul is a Congressman, not a Senator.

Second, he believes in a federal government that exercises only those powers granted to it by the US Constitution (Enumerated Powers Doctrine). The Constitution specifically lists (enumerates) the powers that the federal government has… all other rights are retained/reserved by the states and the people. If it is not in the Constitution, then, according to the 9th and 10th Amendments, the Federal government should not be doing it

Will gov. take new state aid?

World-Herald News Service WASHINGTON – Nebraska and Iowa stand to receive hundreds of millions in federal dollars to shore up state budget gaps, preserve teachers’ jobs and help the needy avoid health care cuts under legislation rolling forward on Capitol Hill.

W-2’s and NEW Federal Tax Credit

Question: regarding the 6,500 tax credit for homeowners.?

We purchased our home in July of 2006. We sold our previous home in which we lived for 7 years. Not sure if our current home would qualify, or if the purchase had to be this year.

Do we qualify for the 6,500 credit? We know we do under the income guidelines.

Thanks.

Answer: Let’s say you buy a house today, 12/2/2009. The lookback period for the 8 years is 12/2/2001 to 12/2/2009. To get 5 years, you need to see the previous house no earlier than 12/2/2006 *and* have rented for the intermediate 3 years.

You sold in July and you weren’t renting.
No, you do not qualify.

Tax-credit extension will help out some

July 08–MANATEE — A recent three-month extension of a homebuyer tax-credit deadline will help seal some delayed deals but otherwise will have little impact on the local housing market, area real-estate agents say.

$6500 Tax Credit for Current Homeowners