working tax credit starts on the 6th of april and finishes on the 5th of april the following year new claims can be made at any time and will be backdated to the 6th of april. renewal of claims have to be made by the 31st of july every year. you will be entitled to working tax credit if you earn less than twenty grand a year.
Wednesday, March 17, 2010
Should Obama push for credit card interest to be tax deductable?
I heard it used to be, but someone changed the tax laws.
If credit card and line of credit interest was tax deductable like mortgage interest was, how much would that help out the middle class who is living day to day with a deficit?
Should Obama push for credit card interest to be tax deductable?
Credit card interest? Hell, they are already talking about ending the mortgage deduction. Ending the 401K tax deferment, adding a manditory additional (not in place of) 5% federal retirement plan. Hey, did promise change didn't they?
Reply:Not hardly. This will only encourage people to assume more debt on their cards. I believe people that need credit card debt the least would be the ones to take advantage of this.
This is far from the solution to our economic crisis and I don't see this being a positive contributor to the overall cause, either.
Reply:No, IMO, It used to be that way, but if they did it now I think that would still encourage people to live beyond their means.
Reply:Works for me.
Clearly removing the deductibility did nothing to encourage people to stop using their cards.
Reply:At one time it was deductible. A democratic congress took that away. I don't believe it will change under Obama's admin.
Reply:Are you kidding me? He wants all the taxes he can get is grubby hands on. do you really think he will introduce a new loophole?
Reply:no he shouldn't
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If credit card and line of credit interest was tax deductable like mortgage interest was, how much would that help out the middle class who is living day to day with a deficit?
Should Obama push for credit card interest to be tax deductable?
Credit card interest? Hell, they are already talking about ending the mortgage deduction. Ending the 401K tax deferment, adding a manditory additional (not in place of) 5% federal retirement plan. Hey, did promise change didn't they?
Reply:Not hardly. This will only encourage people to assume more debt on their cards. I believe people that need credit card debt the least would be the ones to take advantage of this.
This is far from the solution to our economic crisis and I don't see this being a positive contributor to the overall cause, either.
Reply:No, IMO, It used to be that way, but if they did it now I think that would still encourage people to live beyond their means.
Reply:Works for me.
Clearly removing the deductibility did nothing to encourage people to stop using their cards.
Reply:At one time it was deductible. A democratic congress took that away. I don't believe it will change under Obama's admin.
Reply:Are you kidding me? He wants all the taxes he can get is grubby hands on. do you really think he will introduce a new loophole?
Reply:no he shouldn't
fruit gift baskets
Can making my home or home appliances "Green" enviromentally be a tax credit?
Whats the advantage other than the enviroment to me as a home owner by installing new appliances that are "green" and does the state reccognize and subsidize any part of the exspense
Can making my home or home appliances "Green" enviromentally be a tax credit?
I don't believe there are many tax credits for "greening" your home. There are some subsidies for installing solar panels, for example, but they are very small. Sadly, this administration has had it's head up it's *** about the environment, and we still have another year of it.
Some non-governmental benefits are that your bills will lower. It is an expensive investment, but over the long term, you will be paid back in lower heating, and cooling expenses.
Reply:I have heard of tax credits for energy efficient windows, furnaces, water heaters and such....but have never heard of any credit given for appliances. I think it has to be an improvement to the home itself before it qualifies.
Can making my home or home appliances "Green" enviromentally be a tax credit?
I don't believe there are many tax credits for "greening" your home. There are some subsidies for installing solar panels, for example, but they are very small. Sadly, this administration has had it's head up it's *** about the environment, and we still have another year of it.
Some non-governmental benefits are that your bills will lower. It is an expensive investment, but over the long term, you will be paid back in lower heating, and cooling expenses.
Reply:I have heard of tax credits for energy efficient windows, furnaces, water heaters and such....but have never heard of any credit given for appliances. I think it has to be an improvement to the home itself before it qualifies.
Will we be untitled to working tax credit?
Hi all, we live in the UK, we are a same sex couple. I am 21, working and on minimum wage. My gf is over 25, disabled and has a son. She is looking to go back to work part time but hasnt got a job yet. When we move in together, we will be partly responsible for her child (his dad being responsible too). But as he is not biologicaly mine, and i am not over 25, would i be able to claim working tax credit on behalf of us three? I know if you are over 16 and have a child you can... my question is, can i if the child isnt biologicaly mine?
Will we be untitled to working tax credit?
Hi, The goverment finnaly changed the rules a few years back to allow same sex couples to claim as a couple so there is no reason why you cannot put in a claim for working tax credit and child tax credit. You should get quite a good award because you should get a disability premium but you or her will need to be claiming DLA to get this.
Its just the same as a woman and her child moving in with a man who is not the father, they are still treated as a couple and the child is taken into account.
Reply:Yes you will be, you are living together as partners and you have a child between you. Of course any maintenance will be taken into account when working out the credits. Go on www.entitledto.co.uk and put all your figures in and it tells you how much you will get.
Reply:Yes no problem provided she works more than 16 hours per week you can get working tax credit. By the way maintenance for a child is completely ignored when calculating tax credits
Reply:do you mean entitled?
Will we be untitled to working tax credit?
Hi, The goverment finnaly changed the rules a few years back to allow same sex couples to claim as a couple so there is no reason why you cannot put in a claim for working tax credit and child tax credit. You should get quite a good award because you should get a disability premium but you or her will need to be claiming DLA to get this.
Its just the same as a woman and her child moving in with a man who is not the father, they are still treated as a couple and the child is taken into account.
Reply:Yes you will be, you are living together as partners and you have a child between you. Of course any maintenance will be taken into account when working out the credits. Go on www.entitledto.co.uk and put all your figures in and it tells you how much you will get.
Reply:Yes no problem provided she works more than 16 hours per week you can get working tax credit. By the way maintenance for a child is completely ignored when calculating tax credits
Reply:do you mean entitled?
Why does Obama want to give $1000 tax credit to middle class and eliminate tax cuts for corporations?
Because the middle class needs a hand, and corporations are avoiding paying their taxes in record numbers now.
I've heard much worse from the guy. This is good.
Why does Obama want to give $1000 tax credit to middle class and eliminate tax cuts for corporations?
The opposite of this was Reaganomics which in theory should've created a "trickle down" effect on the economy by creating more better paying jobs and therefore increase consumer spending which would help entice shareholders to invest. This, in theory was a great idea but nobody took into account the one thing that would cause it to fail: corporate greed.
Currently, the gap between executive earnings vs. average employee earnings is bigger than ever and THAT is the downfall of Reaganomics and ultimately the economy. Even CEOs who have steered huge corporations into the ground are getting giant bonuses to leave their fallen companies. Where is the media coverage on all this?
The heartbeat of the US economy is the middle class. When unemployment is high, average earnings are low and the cost of living is higher than ever this creates a recipe for disaster. A perfect example of how corporate greed has hurt the economy is in how big US oil companies are making record profits while consumers are paying record prices. THIS is why America seems to be ready to elect a relatively inexperienced US Senator as President based on his simple message of CHANGE.
Damn are we ready...
Reply:Because he wants to promote a robust and healthy middle class. Corporations have unbelievably prodigious benefits when it comes to paying (or not paying ) taxes in this country. Obama wants to reign that in a little. While some fear that these cuts will cause even more corporations to outsource and also raise prices, Obama obviously does not share their view.
Reply:You really should read about the tax cuts.
---------
A new breed of fabulously rich American is leaving the rest of the country far behind, in part because of President Bush’s tax cuts.
The “hyper-rich”, 145,000 taxpayers earning an average $3 million a year, have seen their earnings soar while their tax burden has decreased significantly in recent years. Their share of the national income has doubled in the past 20 years while 90 per cent of taxpayers have seen their share fall.
The number of households with assets worth more than $10 million has more than quintupled in the past 20 years. The trend is raising fears that the concentration of wealth in so few hands will create a new monied aristocracy.
Some of the wealthiest Americans, such as the financiers George Soros and Warren Buffett, have warned that the trend could hamper America’s social mobility. But proponents of Mr Bush’s tax cuts argue that the figures are a sign of a vibrant economy.
The research, by The New York Times, underscores the findings of several recent non-partisan studies.
The trend began when Ronald Reagan entered the Oval Office in 1980 with an aggressive tax-cutting agenda. Mr Bush’s equally vigorous tax-cutting has widened the divide.
In his first three years in office, Mr Bush revised basic income tax rates, capital gains tax, death duties, tax on dividend income and more. As a result, the country’s top 400 earners, with an income of at least $87 million a year each, are paying the same share of their income in taxes — about 22 per cent — as those earning between $50,000 and $70,000.
Those earning more than $10 million a year now pay a smaller share of their income in taxes than those making between $100,000 and $200,000.
The only taxpayers whose share of taxes fell in 2001 and 2002 were those in the top 0.1 per cent, according to the Internal Revenue Service. Mr Bush has said that his tax cuts are concentrated on low to middle-income earners. Statistics lend him some support. Those earning between $26,000 and $44,000 a year will see their share of federal taxes fall between now and 2015.
But that is only part of the story. The only other income group to see their share of taxes fall are those earning more than $383,000 a year. That includes the top 0.1 per cent, who earn more than $3 million.
More than half of Mr Bush’s tax cuts will go to those whose income puts them in the top 10 per cent. More than 15 per cent will go to the 145,000 in the top 0.1 per cent.
But the process was well under way before Mr Bush came to power. Between 1950 and 1970, for every $1 earned by the bottom 90 per cent of taxpayers those in the top 0.01 per cent earned $162. From 1990 to 2002 the same group at the top made $18,000 for every $1 earned by the vast majority of taxpayers.
The trend is exacerbated by the “alternative minimum tax”, which barely hits the hyper-rich, because it does not affect earnings from dividends and investments.
Reply:He also said he was gonna use public financing, you guys just suck up everything he says, and the elimination of tax cuts equal an increase, and who pays for that, we do through increased prices, fools, the rich dont' care they have the money its the working poor and middle class, they will need more than a $1000. to cover his tax increases.
Reply:It's a strategy called buying votes. Instead of eliminating taxes on the corporations, which would actually help the economy, he thinks he can dupe people into voting for him in exchange for a $1000 check and a promise to gouge those evil corporations, who would then have to lay people off and raise prices to compensate for the added taxes.
Bottom line, Obama wants to do this because he thinks the American public is stupid enough to fall for it. I am wondering if he is right.
Reply:Under Bush and big companies have gotten all the breaks. The people that suffer the most are the middle class because they pay the highest percentage of taxes It doesn't make much sense to give money to companies that spend there money to send jobs overseas. Degrading our economy, Bush said in one of his speeches that a weak dollar is good. Its time to strengthen our dollar again.
Reply:WHAT A POLITICIAN SAYS AND WHAT A POLITICIAN DOES IS NEVER THE SAME. THEY'LL TELL YOU WHAT YOU WANT TO HEAR AND YOU'LL HEAR WHAT YOU WANT THEM TO SAY. THE SYSTEM IS LARGER AND MORE INHERENTLY, POWERFUL THAN ANY ONE PERSON OR PARTY OR CLICHE. THE SYSTEM IS SELF PERPETUATING IN ALL ITS CORRUPTNESS AND AVARICE. OBAMA IS MERELY A STEP IN THE RIGHT DIRECTION BUT ONLY A BABY STEP IF HE WINS.
Reply:One of you guys say he wants to tax the middle class out of existance, and the next says he wants to give the middle class tax dredits.
Which lie do I believe?
You guys need to get your disinformation straight.
Somebody didn't get the memo.
Reply:Because the midlde class can use the money in more positive ways. The coporations spend the money on people who are overly wealthy %26amp; have kids who spend their days like Paris Hilton that is a waste.
Reply:Is this a serious question?
Why NOT give a tax credit to the middle class and eliminate tax cuts for corporations?
Reply:No tax cuts for corporations
Reply:I would like to see a link that substantiates your claim.
.
Reply:DUHHHHHHHHHHHHHHHHHHHH
Reply:It's to buy your votes.
Reply:As far as I know he has learned that if he wants to win the presidency then he's going to have to win the blue collar, white peoples vote.
That man is all about getting what he wants.
I've heard much worse from the guy. This is good.
Why does Obama want to give $1000 tax credit to middle class and eliminate tax cuts for corporations?
The opposite of this was Reaganomics which in theory should've created a "trickle down" effect on the economy by creating more better paying jobs and therefore increase consumer spending which would help entice shareholders to invest. This, in theory was a great idea but nobody took into account the one thing that would cause it to fail: corporate greed.
Currently, the gap between executive earnings vs. average employee earnings is bigger than ever and THAT is the downfall of Reaganomics and ultimately the economy. Even CEOs who have steered huge corporations into the ground are getting giant bonuses to leave their fallen companies. Where is the media coverage on all this?
The heartbeat of the US economy is the middle class. When unemployment is high, average earnings are low and the cost of living is higher than ever this creates a recipe for disaster. A perfect example of how corporate greed has hurt the economy is in how big US oil companies are making record profits while consumers are paying record prices. THIS is why America seems to be ready to elect a relatively inexperienced US Senator as President based on his simple message of CHANGE.
Damn are we ready...
Reply:Because he wants to promote a robust and healthy middle class. Corporations have unbelievably prodigious benefits when it comes to paying (or not paying ) taxes in this country. Obama wants to reign that in a little. While some fear that these cuts will cause even more corporations to outsource and also raise prices, Obama obviously does not share their view.
Reply:You really should read about the tax cuts.
---------
A new breed of fabulously rich American is leaving the rest of the country far behind, in part because of President Bush’s tax cuts.
The “hyper-rich”, 145,000 taxpayers earning an average $3 million a year, have seen their earnings soar while their tax burden has decreased significantly in recent years. Their share of the national income has doubled in the past 20 years while 90 per cent of taxpayers have seen their share fall.
The number of households with assets worth more than $10 million has more than quintupled in the past 20 years. The trend is raising fears that the concentration of wealth in so few hands will create a new monied aristocracy.
Some of the wealthiest Americans, such as the financiers George Soros and Warren Buffett, have warned that the trend could hamper America’s social mobility. But proponents of Mr Bush’s tax cuts argue that the figures are a sign of a vibrant economy.
The research, by The New York Times, underscores the findings of several recent non-partisan studies.
The trend began when Ronald Reagan entered the Oval Office in 1980 with an aggressive tax-cutting agenda. Mr Bush’s equally vigorous tax-cutting has widened the divide.
In his first three years in office, Mr Bush revised basic income tax rates, capital gains tax, death duties, tax on dividend income and more. As a result, the country’s top 400 earners, with an income of at least $87 million a year each, are paying the same share of their income in taxes — about 22 per cent — as those earning between $50,000 and $70,000.
Those earning more than $10 million a year now pay a smaller share of their income in taxes than those making between $100,000 and $200,000.
The only taxpayers whose share of taxes fell in 2001 and 2002 were those in the top 0.1 per cent, according to the Internal Revenue Service. Mr Bush has said that his tax cuts are concentrated on low to middle-income earners. Statistics lend him some support. Those earning between $26,000 and $44,000 a year will see their share of federal taxes fall between now and 2015.
But that is only part of the story. The only other income group to see their share of taxes fall are those earning more than $383,000 a year. That includes the top 0.1 per cent, who earn more than $3 million.
More than half of Mr Bush’s tax cuts will go to those whose income puts them in the top 10 per cent. More than 15 per cent will go to the 145,000 in the top 0.1 per cent.
But the process was well under way before Mr Bush came to power. Between 1950 and 1970, for every $1 earned by the bottom 90 per cent of taxpayers those in the top 0.01 per cent earned $162. From 1990 to 2002 the same group at the top made $18,000 for every $1 earned by the vast majority of taxpayers.
The trend is exacerbated by the “alternative minimum tax”, which barely hits the hyper-rich, because it does not affect earnings from dividends and investments.
Reply:He also said he was gonna use public financing, you guys just suck up everything he says, and the elimination of tax cuts equal an increase, and who pays for that, we do through increased prices, fools, the rich dont' care they have the money its the working poor and middle class, they will need more than a $1000. to cover his tax increases.
Reply:It's a strategy called buying votes. Instead of eliminating taxes on the corporations, which would actually help the economy, he thinks he can dupe people into voting for him in exchange for a $1000 check and a promise to gouge those evil corporations, who would then have to lay people off and raise prices to compensate for the added taxes.
Bottom line, Obama wants to do this because he thinks the American public is stupid enough to fall for it. I am wondering if he is right.
Reply:Under Bush and big companies have gotten all the breaks. The people that suffer the most are the middle class because they pay the highest percentage of taxes It doesn't make much sense to give money to companies that spend there money to send jobs overseas. Degrading our economy, Bush said in one of his speeches that a weak dollar is good. Its time to strengthen our dollar again.
Reply:WHAT A POLITICIAN SAYS AND WHAT A POLITICIAN DOES IS NEVER THE SAME. THEY'LL TELL YOU WHAT YOU WANT TO HEAR AND YOU'LL HEAR WHAT YOU WANT THEM TO SAY. THE SYSTEM IS LARGER AND MORE INHERENTLY, POWERFUL THAN ANY ONE PERSON OR PARTY OR CLICHE. THE SYSTEM IS SELF PERPETUATING IN ALL ITS CORRUPTNESS AND AVARICE. OBAMA IS MERELY A STEP IN THE RIGHT DIRECTION BUT ONLY A BABY STEP IF HE WINS.
Reply:One of you guys say he wants to tax the middle class out of existance, and the next says he wants to give the middle class tax dredits.
Which lie do I believe?
You guys need to get your disinformation straight.
Somebody didn't get the memo.
Reply:Because the midlde class can use the money in more positive ways. The coporations spend the money on people who are overly wealthy %26amp; have kids who spend their days like Paris Hilton that is a waste.
Reply:Is this a serious question?
Why NOT give a tax credit to the middle class and eliminate tax cuts for corporations?
Reply:No tax cuts for corporations
Reply:I would like to see a link that substantiates your claim.
.
Reply:DUHHHHHHHHHHHHHHHHHHHH
Reply:It's to buy your votes.
Reply:As far as I know he has learned that if he wants to win the presidency then he's going to have to win the blue collar, white peoples vote.
That man is all about getting what he wants.
Are maintenance and tax credit payments included when calculating your household income for EMA?
As the question says...
Are maintenance and tax credit payments included when calculating your household income for EMA?
i think so they need to include all income that you get to include your total payment
Reply:I think you have to include your tax credit final assessment paperwork but I dont think maintenance is taken into account. Your payment from your work matters if you have a job. Its a nightmare, ive just done my sons and got it back. We had to include a form from his bank with their stamp on it even though we had completed all his details in so be prepared! He will get back pay though so it should be A-OK!
ginkgo
Are maintenance and tax credit payments included when calculating your household income for EMA?
i think so they need to include all income that you get to include your total payment
Reply:I think you have to include your tax credit final assessment paperwork but I dont think maintenance is taken into account. Your payment from your work matters if you have a job. Its a nightmare, ive just done my sons and got it back. We had to include a form from his bank with their stamp on it even though we had completed all his details in so be prepared! He will get back pay though so it should be A-OK!
ginkgo
How many months a year does a single mom have to work to receive earned income credit on her tax return?
I know some one who worked about 4 months this year but had to quit due to health problems. I just need to know if she is able to receive earned income credit since she did pay taxes for 4 months this year.
How many months a year does a single mom have to work to receive earned income credit on her tax return?
Earned Income Credit (EIC) is not based on the number of months worked. To determine EIC you need to know the amount and type of income (earned or investment), filing status, and number of qualifying children if any.
Reply:You get an earned income credit for any amount of earned income ie wages. The credit goes up as the income goes up to about $16,000 in income and then the credit starts to go down until there is no credit at about $35,000.
Reply:doesn't matter how many months for the EIC - you just need to show earned income...
BUT, it's to your advantage to earn a certain amount (amounts given in the EIC tables by the IRS)... single w/ kids you're looking at about $5,000 for your income target to get the max out of the EIC (best guess)...
How many months a year does a single mom have to work to receive earned income credit on her tax return?
Earned Income Credit (EIC) is not based on the number of months worked. To determine EIC you need to know the amount and type of income (earned or investment), filing status, and number of qualifying children if any.
Reply:You get an earned income credit for any amount of earned income ie wages. The credit goes up as the income goes up to about $16,000 in income and then the credit starts to go down until there is no credit at about $35,000.
Reply:doesn't matter how many months for the EIC - you just need to show earned income...
BUT, it's to your advantage to earn a certain amount (amounts given in the EIC tables by the IRS)... single w/ kids you're looking at about $5,000 for your income target to get the max out of the EIC (best guess)...
Am I qualified for the new first-time-home-buyer $7,500 tax credit?
I am in the process of a short-sale house purchase. The house then will be rented back to the current owners with the hope that they can eventually re-purchase it.
My question is whether this purchase qualifies for the $7,500 tax credit in the new federal housing law. I have rented myself for many years, so I am a first-time buyer. However, I will not use the newly purchased house as my principal residence, which seems to be another requirement. Any help is appreciated
Am I qualified for the new first-time-home-buyer $7,500 tax credit?
You should be qualified for the tax credit since you are a first-time homebuyer. But as you mentioned, you will not use it as your principa residence. I can suggest a couple of things: first, stay in it until it is alright for you to cease living in it, just to make sure that you avail of the tax credit; second, check out the Federal Housing Administration's site or HUD.
This article might give you some help:
http://new.housingassistancenetwork.com/...
or:
http://www.mortgages-for-everyone.com/ne...
You can get a lot of info from both sites. Goodluck on your home-hunting!
Reply:You hit it on the head, investment properties are not eligible for the tax credit, must be principal residence.
Reply:no. sound tu me like a lotta triks so em hu R in the hous kan keep it=avoid forkloes.
Lawyers will kum flokking tu fite over this. Em take all the munee from both av yu.
yu both go bankrupt.
Reply:No you do not. Go to this link for COMPLETE answers on the credit.
http://answers.yahoo.com/question/index;...
Reply:Get a lawyer immediately. And while I'm not a lawyer so this isn't legal advice, get out of the deal immediately. You're playing with a couple of sticks of dynamite and standing in a pool of gasoline.
A short sale by itself is OK. Keep in mind, though, that they can take months and months. They're unpredictable. And they often fall through. But some succeed and if you know the drawbacks, OK.
The rentback and option to purchase will get you into a huge amount of trouble. There are many court cases across the country where investors have done what you're planning on doing--some investors were legitimate, some were running cons--and have ended up fined, in jail, or both. In fact, what you're talking about is a felony in at least one state (Maryland), and the option end of it is illegal in at least one state (Texas). Other states are looking at the Maryland model in particular.
So what's the problem? Even if the seller weren't in a short sale situation, sellers have often argued in court (successfully) that they didn't really understand that they were selling their homes. They thought they were somehow getting a loan bailout. And the courts believed them.
In addition, few sellers are able to rebuy their homes. Look: The seller has already ended up in preforeclosure because they couldn't make payments to the bank. What happens when they can't make payments to you? You try to evict them and they'll claim fraud. And your deal hinges on their being able to repurchase it. Sure. They've ruined their credit with a short sale, and there's some question about their money management ability. You think they're going to be able to qualify for a new loan?
Then, I wouldn't be surprised if the lender being shorted came after both you and the sellers for mortgage fraud. The seller is asking the bank to forgive a portion of the loan. What happens, a year or two from now, if the bank finds out that the seller is repurchasing the home for less than he/she bought the home for previously?
There are a whole slew of other problems, too...too many to go into, here. But: Get a lawyer and ask his advice. (Make sure he's a real estate lawyer.) Ask him about mortgage fraud and Maryland's SB 761.
A short sale is OK the leaseback and option is not.
Oh, and if you read the new legislation, it's not even really a tax credit.
Good luck.
My question is whether this purchase qualifies for the $7,500 tax credit in the new federal housing law. I have rented myself for many years, so I am a first-time buyer. However, I will not use the newly purchased house as my principal residence, which seems to be another requirement. Any help is appreciated
Am I qualified for the new first-time-home-buyer $7,500 tax credit?
You should be qualified for the tax credit since you are a first-time homebuyer. But as you mentioned, you will not use it as your principa residence. I can suggest a couple of things: first, stay in it until it is alright for you to cease living in it, just to make sure that you avail of the tax credit; second, check out the Federal Housing Administration's site or HUD.
This article might give you some help:
http://new.housingassistancenetwork.com/...
or:
http://www.mortgages-for-everyone.com/ne...
You can get a lot of info from both sites. Goodluck on your home-hunting!
Reply:You hit it on the head, investment properties are not eligible for the tax credit, must be principal residence.
Reply:no. sound tu me like a lotta triks so em hu R in the hous kan keep it=avoid forkloes.
Lawyers will kum flokking tu fite over this. Em take all the munee from both av yu.
yu both go bankrupt.
Reply:No you do not. Go to this link for COMPLETE answers on the credit.
http://answers.yahoo.com/question/index;...
Reply:Get a lawyer immediately. And while I'm not a lawyer so this isn't legal advice, get out of the deal immediately. You're playing with a couple of sticks of dynamite and standing in a pool of gasoline.
A short sale by itself is OK. Keep in mind, though, that they can take months and months. They're unpredictable. And they often fall through. But some succeed and if you know the drawbacks, OK.
The rentback and option to purchase will get you into a huge amount of trouble. There are many court cases across the country where investors have done what you're planning on doing--some investors were legitimate, some were running cons--and have ended up fined, in jail, or both. In fact, what you're talking about is a felony in at least one state (Maryland), and the option end of it is illegal in at least one state (Texas). Other states are looking at the Maryland model in particular.
So what's the problem? Even if the seller weren't in a short sale situation, sellers have often argued in court (successfully) that they didn't really understand that they were selling their homes. They thought they were somehow getting a loan bailout. And the courts believed them.
In addition, few sellers are able to rebuy their homes. Look: The seller has already ended up in preforeclosure because they couldn't make payments to the bank. What happens when they can't make payments to you? You try to evict them and they'll claim fraud. And your deal hinges on their being able to repurchase it. Sure. They've ruined their credit with a short sale, and there's some question about their money management ability. You think they're going to be able to qualify for a new loan?
Then, I wouldn't be surprised if the lender being shorted came after both you and the sellers for mortgage fraud. The seller is asking the bank to forgive a portion of the loan. What happens, a year or two from now, if the bank finds out that the seller is repurchasing the home for less than he/she bought the home for previously?
There are a whole slew of other problems, too...too many to go into, here. But: Get a lawyer and ask his advice. (Make sure he's a real estate lawyer.) Ask him about mortgage fraud and Maryland's SB 761.
A short sale is OK the leaseback and option is not.
Oh, and if you read the new legislation, it's not even really a tax credit.
Good luck.
Do you agree there should be a Child Tax Credit?
...And, do you yourself have qualifying minor child(ren)?
Do you agree there should be a Child Tax Credit?
Jazz - not everyone can get the child tax credit, since it is phased out when your adjusted gross income exceeds a certain amount.
I have three children, and I don't believe there should be a child tax credit or an earned income credit.
Reply:I don't know since I'm phased out. We are penalized for making more. We are also in AMT which is maddening, let's discuss THAT!
Do you really think it encourages people to have more kids? Don't you think that those kind of people might be unaware of the credit (to put it nicely)?
Reply:mam - there is a child tax credit in addition to EIC (earned income credit) EIC is for lower income families - but everyone that has an eligible dependent child can get the child tax credit.
Trust me I am an accountant
Reply:yes i do and yes i do
Reply:People should be encouraged to have fewer children, not more.
There is nothing better you can do for the Earth than not have a kid.
Putting one more person on the planet wipes out much more than a lifetime of recycling, buying hybrid cars, etc.
Reply:I'm OK with the idea of a child tax credit. And yes, it does phase out at higher income levels, which seems fair.
I raised 5 kids back before there was a child tax credit, and no, don't have any qualifying children now and haven't since this credit came into being. Some of my children are eligible to receive the credit for THEIR kids.
Reply:Yes. Today's children are tomorrow's adults (just like us?) There should be a small tax relief to defray the expenses of bringing up children. Of course that does not make parents act responsibly but society as a whole has failed in that respect and it is wrong to blame the tax system.
I have no children and am too old to have any.
Reply:No, I think there should be a tax on having a kid. For all the damage they cause while growing up, and constanly getting into trouble.
Reply:No, there should not be a child tax credit, or any other type of credits that our "dicktators" have saddled us with.
Our lawmakers have prostituted themselves to every special interest group out there. No wonder the average person can no longer fill out his/her own tax return.
We should have a flat rate income tax, so that everyone pays equally, according to their income, as well as a national sales tax on purchases (clothing and groceries excluded).
Reply:NO. I only produce children I can afford.
Why should the country reward people for producing children they can not afford?
The behavior has been rewarded and the result is more poor children.
Call me uncompassionate if you want, I don't care.
But there is NOTHING compassionate about producing children without the financial means of caring for them and then expecting everyone else to foot the bill.
.
Reply:No. Personally I like the idea of a flat tax without deductions and credits. You make $10 or $10Million dollars, then you pay the same percentage of your income as the next guy.
However, since a flat tax has little to no likelihood of being created, I think that within our current tax system people who have kids should not get any more just for having kids. I think there are plenty of deductions available for the expenses of having kids (medical, daycare,etc).
Reply:Yes, and yes.
Do you agree there should be a Child Tax Credit?
Jazz - not everyone can get the child tax credit, since it is phased out when your adjusted gross income exceeds a certain amount.
I have three children, and I don't believe there should be a child tax credit or an earned income credit.
Reply:I don't know since I'm phased out. We are penalized for making more. We are also in AMT which is maddening, let's discuss THAT!
Do you really think it encourages people to have more kids? Don't you think that those kind of people might be unaware of the credit (to put it nicely)?
Reply:mam - there is a child tax credit in addition to EIC (earned income credit) EIC is for lower income families - but everyone that has an eligible dependent child can get the child tax credit.
Trust me I am an accountant
Reply:yes i do and yes i do
Reply:People should be encouraged to have fewer children, not more.
There is nothing better you can do for the Earth than not have a kid.
Putting one more person on the planet wipes out much more than a lifetime of recycling, buying hybrid cars, etc.
Reply:I'm OK with the idea of a child tax credit. And yes, it does phase out at higher income levels, which seems fair.
I raised 5 kids back before there was a child tax credit, and no, don't have any qualifying children now and haven't since this credit came into being. Some of my children are eligible to receive the credit for THEIR kids.
Reply:Yes. Today's children are tomorrow's adults (just like us?) There should be a small tax relief to defray the expenses of bringing up children. Of course that does not make parents act responsibly but society as a whole has failed in that respect and it is wrong to blame the tax system.
I have no children and am too old to have any.
Reply:No, I think there should be a tax on having a kid. For all the damage they cause while growing up, and constanly getting into trouble.
Reply:No, there should not be a child tax credit, or any other type of credits that our "dicktators" have saddled us with.
Our lawmakers have prostituted themselves to every special interest group out there. No wonder the average person can no longer fill out his/her own tax return.
We should have a flat rate income tax, so that everyone pays equally, according to their income, as well as a national sales tax on purchases (clothing and groceries excluded).
Reply:NO. I only produce children I can afford.
Why should the country reward people for producing children they can not afford?
The behavior has been rewarded and the result is more poor children.
Call me uncompassionate if you want, I don't care.
But there is NOTHING compassionate about producing children without the financial means of caring for them and then expecting everyone else to foot the bill.
.
Reply:No. Personally I like the idea of a flat tax without deductions and credits. You make $10 or $10Million dollars, then you pay the same percentage of your income as the next guy.
However, since a flat tax has little to no likelihood of being created, I think that within our current tax system people who have kids should not get any more just for having kids. I think there are plenty of deductions available for the expenses of having kids (medical, daycare,etc).
Reply:Yes, and yes.
Do prepaid calls qualify for the IRS's "phone tax credit"?
For this year's credit on the Federal Excise Tax, I'm still unclear on the following types of calling, which are basically all prepaid:
1. A prepaid/pay-as-you-go cell phone plan? This is the most unclear. The service includes long-distance, of course.
2. A prepaid long distance calling card? I read someplace that the retailer paid the Federal Excise Tax, so the consumer is not entitled to a credit.
3. Skype-out calls? I really doubt it, but does anyone know for certain?
Do prepaid calls qualify for the IRS's "phone tax credit"?
Hi! This phone refund has been confusing...the IRS says that 30% of taxpayers are missing out on this refund when they should get it. And your question about prepaid/pay-as-you-go has been asked so often that the IRS recently has published a question and answer on it. See the link below. It sounds like if you bought a prepaid phonecard or prepaid cell phone from a retailer, you don't get the refund. However, the IRS says the card/phones can be marketed in different way and you might get the refund. The article also talks about recharging the prepaid card/phone and then you would be eligible for the refund. Wow! So much to understand for such a small refund! Click on the link below and scroll down to "I made all my long distance calls using a prepaid cell phone/ prepaid phone card." Good luck !
Reply:This only applies to services where "Long distance calling" is specified on the bills. The tax would then have been added on this billed amount.
Some cell companies have long distance bundled in with the services provided, but the billing breaks out long distance charges.
At least, that's my understanding of the law.
Reply:No
azalea tree
1. A prepaid/pay-as-you-go cell phone plan? This is the most unclear. The service includes long-distance, of course.
2. A prepaid long distance calling card? I read someplace that the retailer paid the Federal Excise Tax, so the consumer is not entitled to a credit.
3. Skype-out calls? I really doubt it, but does anyone know for certain?
Do prepaid calls qualify for the IRS's "phone tax credit"?
Hi! This phone refund has been confusing...the IRS says that 30% of taxpayers are missing out on this refund when they should get it. And your question about prepaid/pay-as-you-go has been asked so often that the IRS recently has published a question and answer on it. See the link below. It sounds like if you bought a prepaid phonecard or prepaid cell phone from a retailer, you don't get the refund. However, the IRS says the card/phones can be marketed in different way and you might get the refund. The article also talks about recharging the prepaid card/phone and then you would be eligible for the refund. Wow! So much to understand for such a small refund! Click on the link below and scroll down to "I made all my long distance calls using a prepaid cell phone/ prepaid phone card." Good luck !
Reply:This only applies to services where "Long distance calling" is specified on the bills. The tax would then have been added on this billed amount.
Some cell companies have long distance bundled in with the services provided, but the billing breaks out long distance charges.
At least, that's my understanding of the law.
Reply:No
azalea tree
Would me and my husband qualify for the child tax credit if we were both unemployed for the whole year?
nope, you need to have EARNED INCOME to get a refund of anything. No work=no refund...including the child tax credit
Would me and my husband qualify for the child tax credit if we were both unemployed for the whole year?
It is a "tax credit". You have to have tax to get the credit. A portion is refundable but you have to still have earnings!
Reply:If you owe tax after your other deductions, the CTC can further lower the tax owed. To get a refund based on the CTC (called the additional CTC), however, you would have to have earned income during the year.
The other answers seem to assume that you will owe no tax because you received unemployment. Since unemployment is taxable, that is not a valid assumption. Still, unemployment does not count as earned income.
Reply:sorry but the tax laws state that you have to have earned income [wages] in order to receive a child tax credit.you also need earned income to receive the earned income tax credit [eic]
Would me and my husband qualify for the child tax credit if we were both unemployed for the whole year?
It is a "tax credit". You have to have tax to get the credit. A portion is refundable but you have to still have earnings!
Reply:If you owe tax after your other deductions, the CTC can further lower the tax owed. To get a refund based on the CTC (called the additional CTC), however, you would have to have earned income during the year.
The other answers seem to assume that you will owe no tax because you received unemployment. Since unemployment is taxable, that is not a valid assumption. Still, unemployment does not count as earned income.
Reply:sorry but the tax laws state that you have to have earned income [wages] in order to receive a child tax credit.you also need earned income to receive the earned income tax credit [eic]
Long term care premium - only for state tax return credit an no federal tax impact?
If I use itemized deduction, there is no impact on federal tax return related to long term care premium paid, correct? Only state income tax can give creidt. Right? Thanks
Long term care premium - only for state tax return credit an no federal tax impact?
The LTC premiums are a medical expense on the federal form. There's no credit there. If you can itemize and the medical expenses are more than 7.5% of your AGI, then it can reduce your federal tax.
Reply:I;m sorry, but being in Texas, I don't have to deal with state tax returns so I really don't the answer to that one.
Reply:There's no deduction for them on your Federal return. Some states do allow a credit or deduction for them; MO is one that does and there are likely others as well.
Long term care premium - only for state tax return credit an no federal tax impact?
The LTC premiums are a medical expense on the federal form. There's no credit there. If you can itemize and the medical expenses are more than 7.5% of your AGI, then it can reduce your federal tax.
Reply:I;m sorry, but being in Texas, I don't have to deal with state tax returns so I really don't the answer to that one.
Reply:There's no deduction for them on your Federal return. Some states do allow a credit or deduction for them; MO is one that does and there are likely others as well.
Need to find health coverage though taa tax credit program called hctc health coverage tax credit?
I am really not sure what you are asking. I would recommend you reword your question.
Need to find health coverage though taa tax credit program called hctc health coverage tax credit?
The program is designed to help individuals in BLUE collar jobs that were outsourced to Mexico. If you had a factory type job in a covered industry, you are potentially covered by this credit so that you can continue your health care coverage (it doesn't actually provide health care, rather it can pay 65% of the premium cost). The job you had is either certified or not...and you usually find out that it is when you apply for unemployment.
If you were in management, considered a "professional" or were in a non-manufacturing environment, your job probably isn't certified. If that's the case, the ONLY place you can deduct your health care insurance premiums is on schedule A.
All potentially eligible individuals are automatically mailed a program booklet to let them know about the program.
The HCTC Customer Contact Center is 1–866–628–HCTC.
Need to find health coverage though taa tax credit program called hctc health coverage tax credit?
The program is designed to help individuals in BLUE collar jobs that were outsourced to Mexico. If you had a factory type job in a covered industry, you are potentially covered by this credit so that you can continue your health care coverage (it doesn't actually provide health care, rather it can pay 65% of the premium cost). The job you had is either certified or not...and you usually find out that it is when you apply for unemployment.
If you were in management, considered a "professional" or were in a non-manufacturing environment, your job probably isn't certified. If that's the case, the ONLY place you can deduct your health care insurance premiums is on schedule A.
All potentially eligible individuals are automatically mailed a program booklet to let them know about the program.
The HCTC Customer Contact Center is 1–866–628–HCTC.
Does McCain's "health care tax credit" have to be used for health care?
I'm talking about McCain's proposal of $5000 per couple, $2500 per individual.
Do they give you the money beforehand? (meaning you can spend it on whatever you wish, although they encourage you to buy health insurance with it)?
Or do you have to purchase a plan %26amp; show them the bill in order to get reimbursed for it.
Does McCain's "health care tax credit" have to be used for health care?
You don't pay $5000 less in taxes .. it is a tax CREDIT. And how much cash back you get depends on your other deductions. If you look at McCain's website, the most anybody will get is $3800.
But here is the sad part ... let's say you only earn $35k a year have no healthcare. Then McCain gives you a $5k credit ... you actually get $3200 credit which is paid directly to your health care provider. But if you have kids and your health insurance is $400 a month for 12 months, it won't cover the insurance. You still have to contribute. So you will get bills from your healthcare. Plus that $5k puts you in a higher income tax bracker. That is fine, but don't think that you won't have to kick in a percentage of your own out-of-pocket.
Those making more than $35k may be able to swing it, depending on how many dependents we have ... but those making $35k per household with 2 or more kids probably won't be able to afford the extra insurance premium anyhow.
In other words, if you are a single parent earning less than $50k with a few kids, by the time you pay all of your other living expenses, you aren't going to be buying any insurance under McCain's plan.
That is my take on it.
It is ok for those making above $50k, but for those making less, it really is a scam.
Reply:You never see any of it, it's paid directly to the insurance company not the tax payer. I'm unsure how they figure that it's a tax credit then.
Reply:just a guess, but i think that the credit will come in some form of check or coupon type thing that you can only use at an insurance agency. kind of like a gift certificate for a certain store.
Reply:
One of my friends asked me this sort of questions before,she found helpful here http://www.HealthInsuranceIdeas.info/fre... .
Reply:He admits that the money goes to the insurance provider. You never get a check.
Reply:I'm sure you have to have proof. Although it seems like it, the government isn't THAT stupid.
Reply:Its goes right to your HMO then If your employer pays any of it He will tax it.so No you don't get a check
Reply:dont care for McCain, so dont know "Smack!
lily
Do they give you the money beforehand? (meaning you can spend it on whatever you wish, although they encourage you to buy health insurance with it)?
Or do you have to purchase a plan %26amp; show them the bill in order to get reimbursed for it.
Does McCain's "health care tax credit" have to be used for health care?
You don't pay $5000 less in taxes .. it is a tax CREDIT. And how much cash back you get depends on your other deductions. If you look at McCain's website, the most anybody will get is $3800.
But here is the sad part ... let's say you only earn $35k a year have no healthcare. Then McCain gives you a $5k credit ... you actually get $3200 credit which is paid directly to your health care provider. But if you have kids and your health insurance is $400 a month for 12 months, it won't cover the insurance. You still have to contribute. So you will get bills from your healthcare. Plus that $5k puts you in a higher income tax bracker. That is fine, but don't think that you won't have to kick in a percentage of your own out-of-pocket.
Those making more than $35k may be able to swing it, depending on how many dependents we have ... but those making $35k per household with 2 or more kids probably won't be able to afford the extra insurance premium anyhow.
In other words, if you are a single parent earning less than $50k with a few kids, by the time you pay all of your other living expenses, you aren't going to be buying any insurance under McCain's plan.
That is my take on it.
It is ok for those making above $50k, but for those making less, it really is a scam.
Reply:You never see any of it, it's paid directly to the insurance company not the tax payer. I'm unsure how they figure that it's a tax credit then.
Reply:just a guess, but i think that the credit will come in some form of check or coupon type thing that you can only use at an insurance agency. kind of like a gift certificate for a certain store.
Reply:
One of my friends asked me this sort of questions before,she found helpful here http://www.HealthInsuranceIdeas.info/fre... .
Reply:He admits that the money goes to the insurance provider. You never get a check.
Reply:I'm sure you have to have proof. Although it seems like it, the government isn't THAT stupid.
Reply:Its goes right to your HMO then If your employer pays any of it He will tax it.so No you don't get a check
Reply:dont care for McCain, so dont know "Smack!
lily
Should I credit sales tax on uncollectible receivables?
When calculating sales tax on your sales, is it proper to deduct for uncollectible accounts receivable the way we can on income tax? I'm talking about when the debt has already been written off.
Should I credit sales tax on uncollectible receivables?
In my state, California, the tax is the tax rate times the amount collected so TR times zero = zero.
Reply:What does your state say about that?
Should I credit sales tax on uncollectible receivables?
In my state, California, the tax is the tax rate times the amount collected so TR times zero = zero.
Reply:What does your state say about that?
How do I get my mcc tax credit number if I lost my paperwork and do not know who my initial lender was.?
Assuming that you refinanced, because of your statement that you do not know who the initial lender was Publication 503 states
If you refinance your original mortgage loan on which you had been given an MCC, you must get a new MCC to be able to claim the credit on the new loan. The amount of credit you can claim on the new loan may change. Table 2 summarizes how to figure your credit if you refinance your original mortgage loan.
An issuer may reissue an MCC after you refinance your mortgage. If you did not get a new MCC, you may want to contact the state or local housing finance agency that issued your original MCC for information about whether you can get a reissued MCC.
Year of refinancing. In the year of refinancing, add the applicable amount of interest paid on the old mortgage and the applicable amount of interest paid on the new mortgage, and enter the total on Form 8396, line 1.
If your new MCC has a credit rate different from the rate on the old MCC, you must attach a statement to Form 8396. The statement must show the calculation for lines 1, 2, and 3 for the part of the year when the old MCC was in effect. It must show a separate calculation for the part of the year when the new MCC was in effect. Combine the amounts from both calculations for line 3, enter the total on line 3 of the form, and write “see attached” on the dotted line.
If you were not issued a MCC Certificate at closing of the refinance you can contact your local goverment agency that issued it and request a reissue. if you do not have it you will not be able to claim this credit.
How do I get my mcc tax credit number if I lost my paperwork and do not know who my initial lender was.?
What part of keeping personal records is alien to you? If you don't have that info, nobody here is likely to be able to assist.
The only suggestion I can make is to check with your current lender or look through your closing papers.
Reply:Following up on Bostonian's suggestion, if you lost your closing papers, do you remember the closing company where you sat for over an hour signing papers--they would have copies. In addition an office of official deed records (here in Texas its the County Clerk) also has recorded docs that indicate the name of the lender and the closing company. Might be time for you to invest in a records box where you can place your hands on your important papers quickly.
If you refinance your original mortgage loan on which you had been given an MCC, you must get a new MCC to be able to claim the credit on the new loan. The amount of credit you can claim on the new loan may change. Table 2 summarizes how to figure your credit if you refinance your original mortgage loan.
An issuer may reissue an MCC after you refinance your mortgage. If you did not get a new MCC, you may want to contact the state or local housing finance agency that issued your original MCC for information about whether you can get a reissued MCC.
Year of refinancing. In the year of refinancing, add the applicable amount of interest paid on the old mortgage and the applicable amount of interest paid on the new mortgage, and enter the total on Form 8396, line 1.
If your new MCC has a credit rate different from the rate on the old MCC, you must attach a statement to Form 8396. The statement must show the calculation for lines 1, 2, and 3 for the part of the year when the old MCC was in effect. It must show a separate calculation for the part of the year when the new MCC was in effect. Combine the amounts from both calculations for line 3, enter the total on line 3 of the form, and write “see attached” on the dotted line.
If you were not issued a MCC Certificate at closing of the refinance you can contact your local goverment agency that issued it and request a reissue. if you do not have it you will not be able to claim this credit.
How do I get my mcc tax credit number if I lost my paperwork and do not know who my initial lender was.?
What part of keeping personal records is alien to you? If you don't have that info, nobody here is likely to be able to assist.
The only suggestion I can make is to check with your current lender or look through your closing papers.
Reply:Following up on Bostonian's suggestion, if you lost your closing papers, do you remember the closing company where you sat for over an hour signing papers--they would have copies. In addition an office of official deed records (here in Texas its the County Clerk) also has recorded docs that indicate the name of the lender and the closing company. Might be time for you to invest in a records box where you can place your hands on your important papers quickly.
What is a Tax Credit Property? What are the duties of a Property Manager when dealing with a tax credit prope
You need to hire a Bookkeeper or CPA.
If you are the owner of a Tax Credit Property then you should already know the answer to this question and have your filings in order.
Good Luck
http://www.irs.gov/instructions/i8582cr/...
If you are the owner of a Tax Credit Property then you should already know the answer to this question and have your filings in order.
Good Luck
http://www.irs.gov/instructions/i8582cr/...
Do you have to have an income to claim the earned income tax credit? If so, how much?
Yes, that's why it's called the EARNED INCOME credit. You can get it with any amount of income up to the upper limit for your status, but the amount varies greatly depending on your income, marital status and number of kids.
myspaces.com
myspaces.com
How do I claim the federal energy tax credit on my 2006 tax return?
Fill out form 5695, and enter the total amount on line 52 of your 1040, for home energy credits.
Would you still qualify for tax credit say if my daughter bought her grandmothers house?
no. If your daughter bought her grannie's house, she would not be dependent on you for financial support and you'd lose her as a dependent (which is what i assume you meant when you said "tax credit"). You could still claim her, of course, but you would likely be found out and then you'd be in big (make that BIG) trouble with the IRS.
Would you still qualify for tax credit say if my daughter bought her grandmothers house?
Which tax credit?
Would you still qualify for tax credit say if my daughter bought her grandmothers house?
Which tax credit?
Please help! Question regarding president Bush's new tax credit for each child?
Ok if it gets passed you will get $300 back for each child. My question is what yr is it for 2006 or 2007? And do you need to "file" anything or will it come to you automatically? The reason I ask is i'm divorced with one child that I get to claim on the even yrs and my exwife claims on the odd yrs.
Please help! Question regarding president Bush's new tax credit for each child?
Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don’t pay taxes would get $300 rebates.
The first rebate payments could begin going out in May, and most people could have them by July, though the IRS will already be overwhelmed processing 2007 tax returns.
The rebate is not taxable at the federal level, and it's unlikely the states would tax it, though that's not entirely clear at this point.
Reply:To answer your question, the rebate check will be based on your 2007 tax return. You do not need to fill anything out like any extra forms....they will input the info in the computer and a check will be generated based on your tax return info. So your xwife would probably get the $300 for your child if she is claiming him on her 2007 return.
Reply:Just a comment on the previous answer...if this is treated like the rebate of 2001, it is very much taxable as income the next year. There will actually be a new line on the 1040 in order to enter the amount you got. As far as the state taxing it that just depends on the state you live in, it was counted as income in NE in '01 though so I expect to have to claim in as both federal and state income next year.
Please help! Question regarding president Bush's new tax credit for each child?
Individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don’t pay taxes would get $300 rebates.
The first rebate payments could begin going out in May, and most people could have them by July, though the IRS will already be overwhelmed processing 2007 tax returns.
The rebate is not taxable at the federal level, and it's unlikely the states would tax it, though that's not entirely clear at this point.
Reply:To answer your question, the rebate check will be based on your 2007 tax return. You do not need to fill anything out like any extra forms....they will input the info in the computer and a check will be generated based on your tax return info. So your xwife would probably get the $300 for your child if she is claiming him on her 2007 return.
Reply:Just a comment on the previous answer...if this is treated like the rebate of 2001, it is very much taxable as income the next year. There will actually be a new line on the 1040 in order to enter the amount you got. As far as the state taxing it that just depends on the state you live in, it was counted as income in NE in '01 though so I expect to have to claim in as both federal and state income next year.
Is it true that whoever buying foreclosure property will get 7000 tax credit in 2009?
The Foreclosure Prevention Act passed in the Senate 2 weeks ago. I believe it has hoops to jump before being passed into law.
http://www.senate.gov/~finance/press/Bpr...
http://www.nytimes.com/2008/04/16/busine...
I personally think it will create more problems than it fixes with regards to homeowners. The buyer's benefit by buying a foreclosed home %26amp; will receive a $7000 tax credit.
This will have extremely negative impact on home selling population as most buyers will opt to buy foreclosures rather than a home from a seller, which basically penalizes all those that were able to pay their mortgage payments.
I'd personally rather see a bill that requires lenders to restructure sub prime loans that people can no longer afford due to rate increases in ARMs which would hopefully reduce the number of foreclosures.
I haven't read enough into it if it applies to buying a home on short sale, which would in deed be a "foreclosure prevention". If so, then I applaud it.
If not, then I think the bill is inaccruately named %26amp; isn't doing anything to prevent foreclosures despite being named Foreclosure Prevention Act.
Is it true that whoever buying foreclosure property will get 7000 tax credit in 2009?
Dawni,
Do you know if this a refundable or non-wasteable tax credit or just another non refundable tax credit, which is not helpful for most people itemizing their deductions ?
Thanks Report Abuse
Reply:I do not think this will have hugely negative consequences for sellers of "regular homes," as foreclosed properties are generally not in the same league as non-forclosed homes. They are often in poor or very poor condition and require a greater commitment from the buyer in time and money-overall. Plus, a $7,000 tax credit is not the same as $7,000 in cash. If it helps get some of these homes out of the market, then it is good for everyone in the end. Values go up when supply goes down.
Genealogy
http://www.senate.gov/~finance/press/Bpr...
http://www.nytimes.com/2008/04/16/busine...
I personally think it will create more problems than it fixes with regards to homeowners. The buyer's benefit by buying a foreclosed home %26amp; will receive a $7000 tax credit.
This will have extremely negative impact on home selling population as most buyers will opt to buy foreclosures rather than a home from a seller, which basically penalizes all those that were able to pay their mortgage payments.
I'd personally rather see a bill that requires lenders to restructure sub prime loans that people can no longer afford due to rate increases in ARMs which would hopefully reduce the number of foreclosures.
I haven't read enough into it if it applies to buying a home on short sale, which would in deed be a "foreclosure prevention". If so, then I applaud it.
If not, then I think the bill is inaccruately named %26amp; isn't doing anything to prevent foreclosures despite being named Foreclosure Prevention Act.
Is it true that whoever buying foreclosure property will get 7000 tax credit in 2009?
Dawni,
Do you know if this a refundable or non-wasteable tax credit or just another non refundable tax credit, which is not helpful for most people itemizing their deductions ?
Thanks Report Abuse
Reply:I do not think this will have hugely negative consequences for sellers of "regular homes," as foreclosed properties are generally not in the same league as non-forclosed homes. They are often in poor or very poor condition and require a greater commitment from the buyer in time and money-overall. Plus, a $7,000 tax credit is not the same as $7,000 in cash. If it helps get some of these homes out of the market, then it is good for everyone in the end. Values go up when supply goes down.
Genealogy
Are we eligible for economic stimulus check with zero tax liability due to adoption tax credit taken in 2007?
Go to irs.gov and use the rebate calculator to determine if you will get a stimulus rebate.
Are we eligible for economic stimulus check with zero tax liability due to adoption tax credit taken in 2007?
If your income was sufficient to be eligible ($3000 minimum) you'll get $300 for each of you even though you didn't owe any tax for the year.
And congrats on the new child.....
Are we eligible for economic stimulus check with zero tax liability due to adoption tax credit taken in 2007?
If your income was sufficient to be eligible ($3000 minimum) you'll get $300 for each of you even though you didn't owe any tax for the year.
And congrats on the new child.....
Do debt settlements have an effect on next years tax return, primarily credit card debt?
If you have elect to not pay all the interest on a credit card and are given a settment offer with the difference being over $600, does that count as income? Does it then have a negative effect on next years tax returns??
Do debt settlements have an effect on next years tax return, primarily credit card debt?
Technically the amount the credit card forgives is income to you for tax purposes. They will issue you a Form 1099 at the end of the year and you'll have to report the amount on the Form as income on your tax return. Even if you are in the highest tax bracket (35%) paying the tax on the income (say 35% on $600 = 210) is better than having to have paid the full amount back ($600 in this example)!
Reply:If you had declared bankruptcy, no tax would be owed.
You can escape taxation on the cancelled debt if you can show you were insolvent to the extent of the cancelled debt. In other words, if you have $10,000 in cancelled debt, you have to show that your net worth is -$10,000. Then you pay no tax on the cancelled debt.
You may receive a 1099C from the lender showing the amount of the cancelled debt. File Form 982 with your tax return, showing the amount of your insolvency, to exclude all or part of the cancelled debt.
The amount of the cancelled debt that you cannot exclude due to bankruptcy or insolvency must be included on Line 21 "Other income" of Form 1040. It will be added to your other income and taxed at ordinary tax rates.
Reply:Anytime debt is forgive, even though bankruptcy, the amount forgiven is considered income for Federal tax purposes. If you are insolvent at the time the debt is forgiven, the 'income' can be excluded from taxable income. Insolvent means your total debt ins more than your total assets. Waiving the interest may or may not count as forgiving debt. You may need to consult an attorney about that point.
Reply:Yes, it does have an effect. It counts as income for the purpose of income tax returns. My brother recently went through it, and he received a tax form form the credit card company for the difference he negotiated.
Do debt settlements have an effect on next years tax return, primarily credit card debt?
Technically the amount the credit card forgives is income to you for tax purposes. They will issue you a Form 1099 at the end of the year and you'll have to report the amount on the Form as income on your tax return. Even if you are in the highest tax bracket (35%) paying the tax on the income (say 35% on $600 = 210) is better than having to have paid the full amount back ($600 in this example)!
Reply:If you had declared bankruptcy, no tax would be owed.
You can escape taxation on the cancelled debt if you can show you were insolvent to the extent of the cancelled debt. In other words, if you have $10,000 in cancelled debt, you have to show that your net worth is -$10,000. Then you pay no tax on the cancelled debt.
You may receive a 1099C from the lender showing the amount of the cancelled debt. File Form 982 with your tax return, showing the amount of your insolvency, to exclude all or part of the cancelled debt.
The amount of the cancelled debt that you cannot exclude due to bankruptcy or insolvency must be included on Line 21 "Other income" of Form 1040. It will be added to your other income and taxed at ordinary tax rates.
Reply:Anytime debt is forgive, even though bankruptcy, the amount forgiven is considered income for Federal tax purposes. If you are insolvent at the time the debt is forgiven, the 'income' can be excluded from taxable income. Insolvent means your total debt ins more than your total assets. Waiving the interest may or may not count as forgiving debt. You may need to consult an attorney about that point.
Reply:Yes, it does have an effect. It counts as income for the purpose of income tax returns. My brother recently went through it, and he received a tax form form the credit card company for the difference he negotiated.
Can u help with information on tax credit and child tax plzzzzzzz?
hi, i am working part time, 16 hours a week on minimum wage.my partner works 18 hours a week,also on minimum wage. we have a 8 month old girl. am i entitled to anything? i am struggling as i worked full time before i had my child and supported the family but my circumstances have changed. if i am entitled to something what would it be? many thanx
Can u help with information on tax credit and child tax plzzzzzzz?
My wife had to cut down to 16hrs a week before we qualified.
As for how much you will get?
It is worked out by a computer, tax credits type your information in and it then tells them how much to pay you.
this is why so many people are being over paid.
We got £8,000 put into our bank last year, but i left it in there for the interest without touching it, and in april coming they WILL ask for it back or deduct it from this years credit.
but at least i've had a years interest on it.
Dont think you will get that much due to your partner working 18hrs, but phone them up and ask.
hope this is useful to you?
Reply:You will most definately get Child Tax and some working tax. Not sure how much. Go onto Inland revenue website and apply online. Forms are pretty much straight forward, they will be quick to tell you if you are not entitled.
Reply:From 16hrs to 30hrs you will get full tax credits
Reply:http://www.taxcredits.inlandrevenue.gov....
Use this link and put some of your information in.
You will definatley be entitled to something.
You may be better phoning them on 0845 300 3900, as the information on the web will only give you the amounts to the end of this current financial year due to end in April 5th.
Reply:I would assume that due to your circumstance you are entitled to tax credits, however if you want to be sure go down to your local council and they will be able to tell you not only if you are entitled but also to how much you are entitled to.
P.s as you may know the tax credit system has recently had many faults meaning people have had to give money back so its best to seek your councils help to ensure your not given more than you are entitled to.
Reply:hi yes youd both be entitled to working tax credit cos your both under the threshold and you as the mother would also get child tax credit, prob amounting to over £140 per week, so is well worth applying for..hope this helps x
Reply:cheryl is correct, i would just add that on the inland revenue website is a calculator where u can put all yr info in and it will tell u what ur entitled to. it will be a small amount but thats cos it will be till 5th april but it will give u an idea what ur entitled to monthly. u certainly should be claiming so do it asap.
Reply:Call your local council and ask about housing benefits, anything to help take care of the rent/mortgage. Next, if you're over 25 you're entitled to working tax credits anyway, and once you've had a child you're automatically entitled to Child Benefit and Child Tax Credits. How much depends on how often you work. You should still be eligible for working tax credit as you're a parent; I know because I'm on it and under 25. That covers most anything I can think of. However there may be other loopholes, contact your local job center and make an appointment so they can go over anything else with you. Sometimes you get tax relief on your bank account in certain financial situations, usually for students and things. I've also heard that for families on very low income there are sometimes vouchers for food as well.
This will help you get in touch with your local tax office:
http://www.hmrc.gov.uk/local/individuals...
Good luck!
Reply:I'm really sure you'd qualify. Go to the Inland Revenue/Tax Credits website, you can see if you qualify there %26amp; then by filling in a few questions, you don't need to put your name down, It's easy, I did it the other day.
good luck!
Reply:Yes you are entitled to working tax credits and child tax credits. Go on the inland revenue website and fill in a claims form as soon as possible. If you fill out a quick form online it will tell you how much you could be entitled to.
As long as one of you is working at least 16 hours per week you can claim.
Reply:the cut of point is £16800 so you should get max plus housing benifit and dentist ,glasses,perscriptions and travel expence for hospital appiontments
Reply:sorry but these answers are wromg as I am on benefits and recieve CTC - i would say your best bet is looking on the site to see if you can claim which im sure you will be able to!! Gd luck with it!
Can u help with information on tax credit and child tax plzzzzzzz?
My wife had to cut down to 16hrs a week before we qualified.
As for how much you will get?
It is worked out by a computer, tax credits type your information in and it then tells them how much to pay you.
this is why so many people are being over paid.
We got £8,000 put into our bank last year, but i left it in there for the interest without touching it, and in april coming they WILL ask for it back or deduct it from this years credit.
but at least i've had a years interest on it.
Dont think you will get that much due to your partner working 18hrs, but phone them up and ask.
hope this is useful to you?
Reply:You will most definately get Child Tax and some working tax. Not sure how much. Go onto Inland revenue website and apply online. Forms are pretty much straight forward, they will be quick to tell you if you are not entitled.
Reply:From 16hrs to 30hrs you will get full tax credits
Reply:http://www.taxcredits.inlandrevenue.gov....
Use this link and put some of your information in.
You will definatley be entitled to something.
You may be better phoning them on 0845 300 3900, as the information on the web will only give you the amounts to the end of this current financial year due to end in April 5th.
Reply:I would assume that due to your circumstance you are entitled to tax credits, however if you want to be sure go down to your local council and they will be able to tell you not only if you are entitled but also to how much you are entitled to.
P.s as you may know the tax credit system has recently had many faults meaning people have had to give money back so its best to seek your councils help to ensure your not given more than you are entitled to.
Reply:hi yes youd both be entitled to working tax credit cos your both under the threshold and you as the mother would also get child tax credit, prob amounting to over £140 per week, so is well worth applying for..hope this helps x
Reply:cheryl is correct, i would just add that on the inland revenue website is a calculator where u can put all yr info in and it will tell u what ur entitled to. it will be a small amount but thats cos it will be till 5th april but it will give u an idea what ur entitled to monthly. u certainly should be claiming so do it asap.
Reply:Call your local council and ask about housing benefits, anything to help take care of the rent/mortgage. Next, if you're over 25 you're entitled to working tax credits anyway, and once you've had a child you're automatically entitled to Child Benefit and Child Tax Credits. How much depends on how often you work. You should still be eligible for working tax credit as you're a parent; I know because I'm on it and under 25. That covers most anything I can think of. However there may be other loopholes, contact your local job center and make an appointment so they can go over anything else with you. Sometimes you get tax relief on your bank account in certain financial situations, usually for students and things. I've also heard that for families on very low income there are sometimes vouchers for food as well.
This will help you get in touch with your local tax office:
http://www.hmrc.gov.uk/local/individuals...
Good luck!
Reply:I'm really sure you'd qualify. Go to the Inland Revenue/Tax Credits website, you can see if you qualify there %26amp; then by filling in a few questions, you don't need to put your name down, It's easy, I did it the other day.
good luck!
Reply:Yes you are entitled to working tax credits and child tax credits. Go on the inland revenue website and fill in a claims form as soon as possible. If you fill out a quick form online it will tell you how much you could be entitled to.
As long as one of you is working at least 16 hours per week you can claim.
Reply:the cut of point is £16800 so you should get max plus housing benifit and dentist ,glasses,perscriptions and travel expence for hospital appiontments
Reply:sorry but these answers are wromg as I am on benefits and recieve CTC - i would say your best bet is looking on the site to see if you can claim which im sure you will be able to!! Gd luck with it!
Child Benefit and Family Tax Credit why should people without kids pay for people to spourn their off spring?
If you want kids - you should have enough money to bring them up without stupid ammounts of handouts - yet again I really don't believe any of it is used for the kids - sky, lotto, fags and croc shoes along with lots of Mc Meals instead of Sunday Lunch
Child Benefit and Family Tax Credit why should people without kids pay for people to spourn their off spring?
Yes, I agree with you. My husband and myself decided to have a child when we knew that we were able to afford one and have never expected any handouts from anyone. All we get is child benefit, which everyone with children gets. I put it in an account for my daughter. However, whilst i agree with your point, i also would like to add that I don't want my taxes to pay for scroungers who can't be ar$ed to go to work and earn a living. In an ideal world, i wouldn't mind paying to the underprivileged if i knew that the money was going to give the kids a better future but we know that is not the case. As you said, it goes towards parents luxuries and not basics for kiddies. Iwas speaking to a young woman in her twenties a few months ago. She had 5 children and had NEVER worked and was on disability-not that bad that she couldnt keep popping kids out. She earned more in handouts than me and my hubby earn each month by working very hard. She was taking all her kids to Florida Disneyland!!! I like to think that although we have to work hard for what we have, i have a clear conscience and will bring my kids up to be hardworking like we are. Benefits system is all wrong in my opinion, too easy to work the system for fat, idle slobs. Have a star!
Reply:Child benefit and tax credits are also available to those who work. It's income support and job seekers allowance you should be whinging about.
Reply:Meads you obviously have a indepth understanding of sicila system of this country.
Before you make a comment next time please do some research.
Reply:Agree with Now. I am in the same situation as them and other then that tax break I get no handouts. I cook Sunday lunch to even.
Reply:As every parent in the country is entitled to claim child benefit I don't think that every parent takes their children to McDonald's every day of the week.
I don't have children but I don't mind paying tax towards people with children whether they work or not as I would rather it went to children than the children suffered and went without. Unfortunately there are many 'parents' who abuse the system, but there are also a lot of parents who try to get by as good as they can on the joke that is child benefit each week. It barely covers toilet paper!
Reply:What a great question %26amp; one I've wondered about too!! And for the information of those heading for the thumbs down, I'm a parent who receives money for the fact that I chose to have a child!! However, I've never agreed with this payment so since day one, have considered it not my money, but my childs - so it's gone into a trust fund to become useful to her when she is older. It was entirely our choice to become parents. I've never expected or asked for payment for this joy %26amp; privilege. I'm horrified when I hear friends %26amp; colleagues desparing of how they will manage when they are not paid this any longer - and many of them are in well paid jobs! They EXPECT to be financially reimbursed for the privilege of being parents which I find distasteful %26amp; greedy. I'm not well paid but I EARN the money I use to pay for what my child needs.
Reply:You did get out of bed on the wrong side this morning.
Anyway, I thought I'd tell you that the word is "spawn". Oh and it is "amounts". And kids are the offspring of goats.
By the way, my child benefit goes on my daughters Armani, Gucci, Calvin Klein etc. I'm the one who wears the crocs.
Reply:Most people earning less than £300 per week, and working over 35hrs are also eligible for Working Tax credits (although the amount may get probably wont be much) they could make you eligible for discounts at local events/cinema, and other benefits...
TELL EVERYONE THIS - See your CAB for details...
Reply:As somebody who was widowed young and pregnant, the WFTC has been a lifeline to me. What would you prefer, people with children who are working and getting a bit of help, or people who have no intention of going to work, claim the dole, council tax payments, %26amp; free school dinners!
Reply:HEY TOSSER!!!!
i run my own small company and i probably pay WAY more tax than you so what is wrong with getting some of it back then eh???
even a millionare will get family tax credit cos its not based on what you have coming in
Reply:How old are you?
Do you plan to have children ?
Not everybody spends tax credits on the things you think they do,
tax credits are given to help towards the women who usually stay at home to look after the kids. I was working 40 hours a week and had too take a loss in wages to have children
Tax credits are given when you work 16 hours a week or more (which I do) and look after 2 little children I work until I drop into bed at night!!
you shouldnt stereo type people. This country charges taxes for everything its about they gave something back
Reply:Yes dumbo it's called the welfare state! What you should be asking is why a millionaire family living in a mansion can still get child benefit! Along with every other family in the UK whatever their income.
Reply:Those same kids you're so hostile towards will probably one day be contributing towards your pension. Not to mention in many cases they will become your doctors. health workers, police officers, ambulance drivers.
You could ask then, why should people without kids benefit from the skills other people's children provide. Just as stupid.
Your logic is the same as my ex husband uses, he doesn't think he should pay child support incase I spend it on myself. Anything he does cough up very infrequently goes into their bank account for their personal use.
Reply:Child benefit is paid to everyone with children regardless of their income, so there will be rather a lot of families just getting taxes back that they have paid. If/when you have children will you be refusing child benefit???
Reply:US has child tax credit. I have 5 kids and I do get the credit during tax seasons but ya know what...Between my property tax, excise tax, sales tax, income tax federal and state it is still less then what I pay in taxes so guess what I am not getting a free handout. And still I have to spend a couple hundred dollars yearly on supplies for our public schools that my taxes pay for because the state cannot afford tissues, cleaning supplies and dry erase markers for their teachers apparently.
Reply:So, what are you bitter about? Remember children are innocent. They did not ask to be brought into this world - just like yourself. If they need to the community to help take care of them because honestly it would be cheaper than sticking them in foster care anyhow, we should be helping one another. there will come a time in your life when you will require a handout - it doesnt have to come in the form of money. Everyone's been in a "needy" position at some point of their life..
Reply:Whats with all the nasty questions in here today? FYI Family Tax Credit doesnt exist anymore.
Reply:Meads, whats your problem? Sterile? Wife run off with a real man? Maybe your kids think you're a fool.
Bad attitude, I hope the day you need a helping hand I'm there to tell you no.
Child benefit is for all.
Tax credit is for folk who are working and getting crap wages but still are providning for their family.
I hope you go hungry one day.
Reply:good point,ive got a 3year old son and im expecting no2 in 3months time.
Up untill recently ive always worked to support my child and has my partner.
I do like the idea of working tax credits for single parents though as it encourages them to get off their fat lazy backside and work instead of using im a mum as an excuse.
I think that working tax credits should only be givern to parents who go back to work before their child is 5 though,as once the child does turn 5 they are in full time education so the parents have no excuse not to work.
Reply:for your information, it is available to just couples too, you dont have to have children to get it, its to keep people off the dole and into poorly paid jobs, dont you agree its better to work than to be on the dole, and when i had children there was no such thing as tax credits, i paid for them myself thank you, you must be very shallow minded
Reply:How dare you generalise in such a way.I work part time and my husband works full time and we still struggle to afford everyday life with our 3 children.The child benefit we receive goes towards the ongoing cost of shoes and clothing.Did you know that a school uniform for one child(EG 2 Sweaters 2 trousers ,shoes, polo shirts embroidered with school name,PE kit ,trainers and book bags)costs around £150 and that's even when you buy the trousers from asda! My eldest son has just started high school and his blazer alone was £48 .And as for the child tax credit...that doesn't even cover one child's school dinners for a week( one childs dinners £8.25 each).We don't smoke,have no sky TV,don't eat at McDonald's and very rarely go out ,we cannot afford to go abroad on holiday and this year had 5 days camping in the UK.We have a mortgage and pay our council tax as well as all our other taxes.Generally you would find if you looked into this properly that most people with children who work get very little help.It is those that doss around and never lift a finger that get all the money.And that includes those without children.
And don't forget who will be contributing to the economy when you are old and grey and wanting your free bus pass.Someone has to have children and I love mine even though they cost a fortune!.
As an after thought the point you are making is that we shouldnt have children if we cant afford them but over the last 11 years our tax bills have risen 100% but not our income so are you suggesting if financial circumstances change the children should be disposed of? Life is not as black and white as you would wish.
Reply:I think the film 'children of men' makes the point against your argument quite nicely.
Child tax credits go toward 75% of childcare fees. Then you get working tax credits to top up low wages - sadly there aren't enough yuppie jobs or football playing posts to go round.
I can't add anything else to the excellent replies you've received but I can ask, do you really think people such as nurses and carers shouldn't be allowed to have children because they get low wages for a damn hard job that they are proud to do (helping others is rewarding).
I get what you're trying to say but you shouldn't take it to hard working people - take it to long term dole wallers (and I mean those don't want to work)
Reply:MY MY aren't you a bundle of fun....
It's not just the working class who get handouts you know.
Child Benefit is available to anybody with children regardless of income..
Reply:If you applied that theory to everything we'd have no welfare state.
Reply:these children will be working soon and their taxes will be paying for our pensions.
Reply:Ok did you mean benefits?
As is...when the parents would rather sit on their a*se all day watching Jeremey Kyle than get a job?
You'll notice in places like council estates, the amount of cars on the drive and sky dishes. It's ridiculous!
They're basically living off everybody else's hard work.
My mum works in a primary school, and the kids whos mums and dads don't have jobs are the ones who arrive scruffy. The parents just sit around smoking and going to the pub. The kids don't even get clean clothes.
If the question you asked was right then I don't agree.
I think you'll find the majority of parents put that money to good use. My mum and dad both work for a living and we don't have sky, they don't smoke and I have Sunday dinners. Ok, I have crocs but it's because they're cheap!
I think you'll find it's the spongers who are like that.
I hope that one day when you have kids, you'll remember this and realise how wrong you were.
Reply:I just knew someday, someone would find a gripe about this kind of help for others.And I can just about tell you which religion does the most griping on it. They go to church just about every Sunday and give their tithe and offer their labors they even live in a close community setting with close ties to family, friends, they even own their own hometown business, all snug and drive nice, new and expensive vehicles, they have it made with their private schools and private clubs and private conversations about the poor kids and how unschooled they are, throwing eggs at their houses and not get caught but we know who you are. all snug in that town you bought.
Reply:I agree with Barbie she has hit the nail on the head.
People who earn up to 30K or so are entitled.
Reply:What's up - you firing blanks?
One of these days you might find yourself claiming for your own kids, or do you earn enough money to raise them yourself.
Child benefit is a legal entitlement - the richest of people can claim it.
Reply:The rich get Bush's tax cut...............the poor need something,,but don't worry the rich still get more
Reply:Damn right - If you can't feed em don't breed em.
lilac
Child Benefit and Family Tax Credit why should people without kids pay for people to spourn their off spring?
Yes, I agree with you. My husband and myself decided to have a child when we knew that we were able to afford one and have never expected any handouts from anyone. All we get is child benefit, which everyone with children gets. I put it in an account for my daughter. However, whilst i agree with your point, i also would like to add that I don't want my taxes to pay for scroungers who can't be ar$ed to go to work and earn a living. In an ideal world, i wouldn't mind paying to the underprivileged if i knew that the money was going to give the kids a better future but we know that is not the case. As you said, it goes towards parents luxuries and not basics for kiddies. Iwas speaking to a young woman in her twenties a few months ago. She had 5 children and had NEVER worked and was on disability-not that bad that she couldnt keep popping kids out. She earned more in handouts than me and my hubby earn each month by working very hard. She was taking all her kids to Florida Disneyland!!! I like to think that although we have to work hard for what we have, i have a clear conscience and will bring my kids up to be hardworking like we are. Benefits system is all wrong in my opinion, too easy to work the system for fat, idle slobs. Have a star!
Reply:Child benefit and tax credits are also available to those who work. It's income support and job seekers allowance you should be whinging about.
Reply:Meads you obviously have a indepth understanding of sicila system of this country.
Before you make a comment next time please do some research.
Reply:Agree with Now. I am in the same situation as them and other then that tax break I get no handouts. I cook Sunday lunch to even.
Reply:As every parent in the country is entitled to claim child benefit I don't think that every parent takes their children to McDonald's every day of the week.
I don't have children but I don't mind paying tax towards people with children whether they work or not as I would rather it went to children than the children suffered and went without. Unfortunately there are many 'parents' who abuse the system, but there are also a lot of parents who try to get by as good as they can on the joke that is child benefit each week. It barely covers toilet paper!
Reply:What a great question %26amp; one I've wondered about too!! And for the information of those heading for the thumbs down, I'm a parent who receives money for the fact that I chose to have a child!! However, I've never agreed with this payment so since day one, have considered it not my money, but my childs - so it's gone into a trust fund to become useful to her when she is older. It was entirely our choice to become parents. I've never expected or asked for payment for this joy %26amp; privilege. I'm horrified when I hear friends %26amp; colleagues desparing of how they will manage when they are not paid this any longer - and many of them are in well paid jobs! They EXPECT to be financially reimbursed for the privilege of being parents which I find distasteful %26amp; greedy. I'm not well paid but I EARN the money I use to pay for what my child needs.
Reply:You did get out of bed on the wrong side this morning.
Anyway, I thought I'd tell you that the word is "spawn". Oh and it is "amounts". And kids are the offspring of goats.
By the way, my child benefit goes on my daughters Armani, Gucci, Calvin Klein etc. I'm the one who wears the crocs.
Reply:Most people earning less than £300 per week, and working over 35hrs are also eligible for Working Tax credits (although the amount may get probably wont be much) they could make you eligible for discounts at local events/cinema, and other benefits...
TELL EVERYONE THIS - See your CAB for details...
Reply:As somebody who was widowed young and pregnant, the WFTC has been a lifeline to me. What would you prefer, people with children who are working and getting a bit of help, or people who have no intention of going to work, claim the dole, council tax payments, %26amp; free school dinners!
Reply:HEY TOSSER!!!!
i run my own small company and i probably pay WAY more tax than you so what is wrong with getting some of it back then eh???
even a millionare will get family tax credit cos its not based on what you have coming in
Reply:How old are you?
Do you plan to have children ?
Not everybody spends tax credits on the things you think they do,
tax credits are given to help towards the women who usually stay at home to look after the kids. I was working 40 hours a week and had too take a loss in wages to have children
Tax credits are given when you work 16 hours a week or more (which I do) and look after 2 little children I work until I drop into bed at night!!
you shouldnt stereo type people. This country charges taxes for everything its about they gave something back
Reply:Yes dumbo it's called the welfare state! What you should be asking is why a millionaire family living in a mansion can still get child benefit! Along with every other family in the UK whatever their income.
Reply:Those same kids you're so hostile towards will probably one day be contributing towards your pension. Not to mention in many cases they will become your doctors. health workers, police officers, ambulance drivers.
You could ask then, why should people without kids benefit from the skills other people's children provide. Just as stupid.
Your logic is the same as my ex husband uses, he doesn't think he should pay child support incase I spend it on myself. Anything he does cough up very infrequently goes into their bank account for their personal use.
Reply:Child benefit is paid to everyone with children regardless of their income, so there will be rather a lot of families just getting taxes back that they have paid. If/when you have children will you be refusing child benefit???
Reply:US has child tax credit. I have 5 kids and I do get the credit during tax seasons but ya know what...Between my property tax, excise tax, sales tax, income tax federal and state it is still less then what I pay in taxes so guess what I am not getting a free handout. And still I have to spend a couple hundred dollars yearly on supplies for our public schools that my taxes pay for because the state cannot afford tissues, cleaning supplies and dry erase markers for their teachers apparently.
Reply:So, what are you bitter about? Remember children are innocent. They did not ask to be brought into this world - just like yourself. If they need to the community to help take care of them because honestly it would be cheaper than sticking them in foster care anyhow, we should be helping one another. there will come a time in your life when you will require a handout - it doesnt have to come in the form of money. Everyone's been in a "needy" position at some point of their life..
Reply:Whats with all the nasty questions in here today? FYI Family Tax Credit doesnt exist anymore.
Reply:Meads, whats your problem? Sterile? Wife run off with a real man? Maybe your kids think you're a fool.
Bad attitude, I hope the day you need a helping hand I'm there to tell you no.
Child benefit is for all.
Tax credit is for folk who are working and getting crap wages but still are providning for their family.
I hope you go hungry one day.
Reply:good point,ive got a 3year old son and im expecting no2 in 3months time.
Up untill recently ive always worked to support my child and has my partner.
I do like the idea of working tax credits for single parents though as it encourages them to get off their fat lazy backside and work instead of using im a mum as an excuse.
I think that working tax credits should only be givern to parents who go back to work before their child is 5 though,as once the child does turn 5 they are in full time education so the parents have no excuse not to work.
Reply:for your information, it is available to just couples too, you dont have to have children to get it, its to keep people off the dole and into poorly paid jobs, dont you agree its better to work than to be on the dole, and when i had children there was no such thing as tax credits, i paid for them myself thank you, you must be very shallow minded
Reply:How dare you generalise in such a way.I work part time and my husband works full time and we still struggle to afford everyday life with our 3 children.The child benefit we receive goes towards the ongoing cost of shoes and clothing.Did you know that a school uniform for one child(EG 2 Sweaters 2 trousers ,shoes, polo shirts embroidered with school name,PE kit ,trainers and book bags)costs around £150 and that's even when you buy the trousers from asda! My eldest son has just started high school and his blazer alone was £48 .And as for the child tax credit...that doesn't even cover one child's school dinners for a week( one childs dinners £8.25 each).We don't smoke,have no sky TV,don't eat at McDonald's and very rarely go out ,we cannot afford to go abroad on holiday and this year had 5 days camping in the UK.We have a mortgage and pay our council tax as well as all our other taxes.Generally you would find if you looked into this properly that most people with children who work get very little help.It is those that doss around and never lift a finger that get all the money.And that includes those without children.
And don't forget who will be contributing to the economy when you are old and grey and wanting your free bus pass.Someone has to have children and I love mine even though they cost a fortune!.
As an after thought the point you are making is that we shouldnt have children if we cant afford them but over the last 11 years our tax bills have risen 100% but not our income so are you suggesting if financial circumstances change the children should be disposed of? Life is not as black and white as you would wish.
Reply:I think the film 'children of men' makes the point against your argument quite nicely.
Child tax credits go toward 75% of childcare fees. Then you get working tax credits to top up low wages - sadly there aren't enough yuppie jobs or football playing posts to go round.
I can't add anything else to the excellent replies you've received but I can ask, do you really think people such as nurses and carers shouldn't be allowed to have children because they get low wages for a damn hard job that they are proud to do (helping others is rewarding).
I get what you're trying to say but you shouldn't take it to hard working people - take it to long term dole wallers (and I mean those don't want to work)
Reply:MY MY aren't you a bundle of fun....
It's not just the working class who get handouts you know.
Child Benefit is available to anybody with children regardless of income..
Reply:If you applied that theory to everything we'd have no welfare state.
Reply:these children will be working soon and their taxes will be paying for our pensions.
Reply:Ok did you mean benefits?
As is...when the parents would rather sit on their a*se all day watching Jeremey Kyle than get a job?
You'll notice in places like council estates, the amount of cars on the drive and sky dishes. It's ridiculous!
They're basically living off everybody else's hard work.
My mum works in a primary school, and the kids whos mums and dads don't have jobs are the ones who arrive scruffy. The parents just sit around smoking and going to the pub. The kids don't even get clean clothes.
If the question you asked was right then I don't agree.
I think you'll find the majority of parents put that money to good use. My mum and dad both work for a living and we don't have sky, they don't smoke and I have Sunday dinners. Ok, I have crocs but it's because they're cheap!
I think you'll find it's the spongers who are like that.
I hope that one day when you have kids, you'll remember this and realise how wrong you were.
Reply:I just knew someday, someone would find a gripe about this kind of help for others.And I can just about tell you which religion does the most griping on it. They go to church just about every Sunday and give their tithe and offer their labors they even live in a close community setting with close ties to family, friends, they even own their own hometown business, all snug and drive nice, new and expensive vehicles, they have it made with their private schools and private clubs and private conversations about the poor kids and how unschooled they are, throwing eggs at their houses and not get caught but we know who you are. all snug in that town you bought.
Reply:I agree with Barbie she has hit the nail on the head.
People who earn up to 30K or so are entitled.
Reply:What's up - you firing blanks?
One of these days you might find yourself claiming for your own kids, or do you earn enough money to raise them yourself.
Child benefit is a legal entitlement - the richest of people can claim it.
Reply:The rich get Bush's tax cut...............the poor need something,,but don't worry the rich still get more
Reply:Damn right - If you can't feed em don't breed em.
lilac
Do you receive any type of credit for having a child in the 2006 calendar year other than the child tax credit
I had my son in August and had heard about getting extra on your returns for the first year of having a child. I was wondering if this is true how much it usually is and what it is called.
Do you receive any type of credit for having a child in the 2006 calendar year other than the child tax credit
Depending on your income, if it is low enough you may qualify for the Earned Income tax credit. One of the criteria for this is the number in the family. It is possible for families with very low income and no tax liability at all to actually receive a refund of up to about $4300 using this credit.
Reply:You can claimthe child tax credit, as well as having another deduction for your taxes. Example:
You and your husband filed last year with 2 deductions. That came to about 7500 for both of you.
Now you've added a third. That takes it up another deduction, and you add taht to the 7500.
At the same time, depending on your income, you may be eligible for the Earned Income Tax credit. That's a nice chunk of change too.....
Reply:You can get the child credit as well as a additional personal exemption for the dependent.
Reply:There is the earned income credit if you don't earn a lot of money and some states allow you to write off un-reimbursed medical expenses. There is also a childcare credit, so if you utilize daycare you can write that off too.
Reply:Child tax credit, credit for child care expenses if you have them,and an exemption for the child.
The child might make you eligible for Earned Income Credit - income limits are higher for that if you have a child than if you don't, plus you can claim it at a younger age.
There's no special credit for the first year, except maybe for some of your medical expenses if they weren't reimbursed and exceeded 7.5% of your income.
Reply:extra is the child tax credit.up to 1,00.00 to 600.00 extra...hope this helps
Do you receive any type of credit for having a child in the 2006 calendar year other than the child tax credit
Depending on your income, if it is low enough you may qualify for the Earned Income tax credit. One of the criteria for this is the number in the family. It is possible for families with very low income and no tax liability at all to actually receive a refund of up to about $4300 using this credit.
Reply:You can claimthe child tax credit, as well as having another deduction for your taxes. Example:
You and your husband filed last year with 2 deductions. That came to about 7500 for both of you.
Now you've added a third. That takes it up another deduction, and you add taht to the 7500.
At the same time, depending on your income, you may be eligible for the Earned Income Tax credit. That's a nice chunk of change too.....
Reply:You can get the child credit as well as a additional personal exemption for the dependent.
Reply:There is the earned income credit if you don't earn a lot of money and some states allow you to write off un-reimbursed medical expenses. There is also a childcare credit, so if you utilize daycare you can write that off too.
Reply:Child tax credit, credit for child care expenses if you have them,and an exemption for the child.
The child might make you eligible for Earned Income Credit - income limits are higher for that if you have a child than if you don't, plus you can claim it at a younger age.
There's no special credit for the first year, except maybe for some of your medical expenses if they weren't reimbursed and exceeded 7.5% of your income.
Reply:extra is the child tax credit.up to 1,00.00 to 600.00 extra...hope this helps
College Tax Credit And VA Death Benefit?
Are the "College Tax Credit" and VA Death Benefit similarly not enough to make a difference to people who need them?
College Tax Credit And VA Death Benefit?
NO College Education itself is higher than in other countries.
Veterans Benefits Death, Health or other i is not enough, neither is the support they receive from the citizens. One does not have to be in favour of the war to show their support of those fighting for their country. I don't give a hoot what President is in Office, Our Veterans deserve respect!
College Tax Credit And VA Death Benefit?
NO College Education itself is higher than in other countries.
Veterans Benefits Death, Health or other i is not enough, neither is the support they receive from the citizens. One does not have to be in favour of the war to show their support of those fighting for their country. I don't give a hoot what President is in Office, Our Veterans deserve respect!
I just looked at Obama Tax calculator, why I'M I getting a tax credit on payroll taxes?
Doesn't that go toward SS and Medicare?
I just looked at Obama Tax calculator, why I'M I getting a tax credit on payroll taxes?
I'm with you,somehow I am going to get money I didn't pay into taxes?
Reply:You're going to have to give us more than that to understand what you're talking about.
Federal income taxes are separate from Social Security and Medicare taxes. Social Security tax is 6.2% of your taxable gross up to $102,000 income. Medicare is 1.45% of your taxable gross and there is no limit on that. Your federal tax rate is based on your taxable income bracket.
Reply:Do you really think there is a social security and medicare savings account somewhere with your name on it? Your payroll taxes get spent just like every other dollar that comes rolling in. But, if you want to donate, the treasury will take it. But the donation isn't tax deductible. Sorry.
Reply:Read this. It may help you understand the tax system:
http://www.newamerica.net/publications/a...
I just looked at Obama Tax calculator, why I'M I getting a tax credit on payroll taxes?
I'm with you,somehow I am going to get money I didn't pay into taxes?
Reply:You're going to have to give us more than that to understand what you're talking about.
Federal income taxes are separate from Social Security and Medicare taxes. Social Security tax is 6.2% of your taxable gross up to $102,000 income. Medicare is 1.45% of your taxable gross and there is no limit on that. Your federal tax rate is based on your taxable income bracket.
Reply:Do you really think there is a social security and medicare savings account somewhere with your name on it? Your payroll taxes get spent just like every other dollar that comes rolling in. But, if you want to donate, the treasury will take it. But the donation isn't tax deductible. Sorry.
Reply:Read this. It may help you understand the tax system:
http://www.newamerica.net/publications/a...
Am I elligible for Property Tax Credit?
I moved to NJ on 1/12006. I am still elligible for property tax credit (for tr-1040)?
Am I elligible for Property Tax Credit?
You would need to fill out NJ Schedule 1-A, Part II for tenants. Any tax credit will be reported on your NJ 1040.
http://www.state.nj.us/treasury/taxation...
Reply:do you own any property?
floral shops
Am I elligible for Property Tax Credit?
You would need to fill out NJ Schedule 1-A, Part II for tenants. Any tax credit will be reported on your NJ 1040.
http://www.state.nj.us/treasury/taxation...
Reply:do you own any property?
floral shops
If I earn 35,000 a year will I receive earned Income Tax Credit on my return?
I don't think that I will receive it. I live in NYC. I have a daughter.
If I earn 35,000 a year will I receive earned Income Tax Credit on my return?
yes, you will get the earned income tax credit. Go to the following IRS website for more details:
Reply:$35K and one child is $0.
Reply:Go to the below website and follow the instructions - it should give you a rough estimate using 2007 data as to whether you will get the credit and how much it will be.
http://apps.irs.gov/app/eitc2007/SetLang...
Reply:If you are married filing a joint return, and that's your joint income, you would get a small amount for EIC - otherwise, with one child, no.
If I earn 35,000 a year will I receive earned Income Tax Credit on my return?
yes, you will get the earned income tax credit. Go to the following IRS website for more details:
Reply:$35K and one child is $0.
Reply:Go to the below website and follow the instructions - it should give you a rough estimate using 2007 data as to whether you will get the credit and how much it will be.
http://apps.irs.gov/app/eitc2007/SetLang...
Reply:If you are married filing a joint return, and that's your joint income, you would get a small amount for EIC - otherwise, with one child, no.
I receive child tax credit, am i entitled to free prescription and eye test?
The child tax credit does not have anything to do with you or your dependant getting free Medical assistance
I receive child tax credit, am i entitled to free prescription and eye test?
child tax credit is an income tax issue--in reality it means hard working taxpayers like me get to subsidize you for having children.
prescriptions and eye tests have nothing to do with your tax situation. if you can get them free, then i guess that's just another bit of welfare you are getting from the rest of us.
Reply:Child tax credit would have no bearing on receiving any free medical services. If you are eligible for welfare coverage of these, then you might be able to get them.
Reply:You might have gotten more consistent answers by asking this in the UK section, where I suspect this belongs. Several of the USA tax pros have answered this, correctly, based on the situation in the USA and several have also answered it correctly based on the situation in the UK.
Reply:The child tax credit has nothing to do with medical coverage. In fact any tax refund can not be used to determine wither you qualify for a benefit that is based on income.
You will want to check with your local health department, your state health and human services agency, and with the child welfare department for information on available programs.
Reply:I don't think the 2 are related.
Reply:that depends if you are entitled you should have an exception card
we were both working and getting tax credits we are getting free prescriptions and eye tests and things
Reply:Not through the IRS...
Reply:you are not intitled to free perscriptions, dentist treatment, glasses etc if you only get child tax credit. But if you receive working tax credit, you should receive a letter and card giving you exemption. If you live in Scotland, all eye tests are free regardless of income.
Hope this helps
Reply:only if your wages are under 11000(i think)
Reply:you should be
Reply:If you are not working and recieving it then yes you are
I receive child tax credit, am i entitled to free prescription and eye test?
child tax credit is an income tax issue--in reality it means hard working taxpayers like me get to subsidize you for having children.
prescriptions and eye tests have nothing to do with your tax situation. if you can get them free, then i guess that's just another bit of welfare you are getting from the rest of us.
Reply:Child tax credit would have no bearing on receiving any free medical services. If you are eligible for welfare coverage of these, then you might be able to get them.
Reply:You might have gotten more consistent answers by asking this in the UK section, where I suspect this belongs. Several of the USA tax pros have answered this, correctly, based on the situation in the USA and several have also answered it correctly based on the situation in the UK.
Reply:The child tax credit has nothing to do with medical coverage. In fact any tax refund can not be used to determine wither you qualify for a benefit that is based on income.
You will want to check with your local health department, your state health and human services agency, and with the child welfare department for information on available programs.
Reply:I don't think the 2 are related.
Reply:that depends if you are entitled you should have an exception card
we were both working and getting tax credits we are getting free prescriptions and eye tests and things
Reply:Not through the IRS...
Reply:you are not intitled to free perscriptions, dentist treatment, glasses etc if you only get child tax credit. But if you receive working tax credit, you should receive a letter and card giving you exemption. If you live in Scotland, all eye tests are free regardless of income.
Hope this helps
Reply:only if your wages are under 11000(i think)
Reply:you should be
Reply:If you are not working and recieving it then yes you are
I owe Inland Revenue Tax credit overpayment?
I pay them back £50 month.
But I'm struggling at the moment. I have more going out than I have coming in per month and Its all stuff that goes out regularly and I cant cut back on anything.
If i call them and tell them what will they do to help me?
I owe Inland Revenue Tax credit overpayment?
Telephone the Tax Credits overpayments helpline on 0845 302 1429 rather than the main telephone number. They can do an income/expenditure checklist with you and see how much you can afford to repay back every month. You can also arrange to pay the overpayment back over a longer period of time.
Hope this helps
Reply:suga,
There's a good article at eHow on steps to take to begin tackling your debt. It's written from the US, but a lot ofr the tips are just as applicable in the UK. Take a look at it:
http://www.ehow.com/how_2326032_avoid-es...
How to Stop Escalating Debt
You can also look here for tips on earning some extra cash online:
http://www.ehow.com/how_2254361_money-in...
How to make money on the internet, scam-free
Hope it helps.
Reply:Have a word with them and explain your predicament, they can probably reduce the repayments and stretch them over a longer period of time. Remember they are a Government department and the Government is oh so concerned about how tough we are all finding the current economic conditions.
Reply:Don't know but ask / Can ask all your regular outgoings if anything can be eased at all.
Reply:phone them,they can't leave you without enough to live on.they will reduce it for you.
Reply:they will reduce the payments. they cannot take payment that force you and your children into debt.
But I'm struggling at the moment. I have more going out than I have coming in per month and Its all stuff that goes out regularly and I cant cut back on anything.
If i call them and tell them what will they do to help me?
I owe Inland Revenue Tax credit overpayment?
Telephone the Tax Credits overpayments helpline on 0845 302 1429 rather than the main telephone number. They can do an income/expenditure checklist with you and see how much you can afford to repay back every month. You can also arrange to pay the overpayment back over a longer period of time.
Hope this helps
Reply:suga,
There's a good article at eHow on steps to take to begin tackling your debt. It's written from the US, but a lot ofr the tips are just as applicable in the UK. Take a look at it:
http://www.ehow.com/how_2326032_avoid-es...
How to Stop Escalating Debt
You can also look here for tips on earning some extra cash online:
http://www.ehow.com/how_2254361_money-in...
How to make money on the internet, scam-free
Hope it helps.
Reply:Have a word with them and explain your predicament, they can probably reduce the repayments and stretch them over a longer period of time. Remember they are a Government department and the Government is oh so concerned about how tough we are all finding the current economic conditions.
Reply:Don't know but ask / Can ask all your regular outgoings if anything can be eased at all.
Reply:phone them,they can't leave you without enough to live on.they will reduce it for you.
Reply:they will reduce the payments. they cannot take payment that force you and your children into debt.
How do I build a large credit line on a tax ID without personal gurantee?
Im trying to build a large business credit line without personal gurantee on a Tax Id on a nevada corpation i set up. Whats the fastest way to establish large credit line using D%26amp;B, Expierian Business and Business Client check to get the lines i need to do business without gurantee (Personal). Without buying trade lines. Please tell me the fastest way and most economical.
How do I build a large credit line on a tax ID without personal gurantee?
Work with a local bank to have them start you out on small loans based on business volume. You can also get them to extend credit based on your receivables. That's the fastest way to grow.
If you don't have any revenue, there's no way to get a credit line without a personal guarantee.
Reply:Think big. Energy is where the future is. Start another ENRON.
How do I build a large credit line on a tax ID without personal gurantee?
Work with a local bank to have them start you out on small loans based on business volume. You can also get them to extend credit based on your receivables. That's the fastest way to grow.
If you don't have any revenue, there's no way to get a credit line without a personal guarantee.
Reply:Think big. Energy is where the future is. Start another ENRON.
I resigned from my position in Nov and just found another job in Jan, is their any tax credit btw the period?
none that I know of..
I resigned from my position in Nov and just found another job in Jan, is their any tax credit btw the period?
I'm not sure what you mean by "tax credit". Income tax? You don't pay income tax on no income, while you're unemployed. You do owe income tax on income earned during employment, regardless.
Reply:Did you spend any money looking for your new position? Did you relocate? These are the types of questions that you'd need to address to know if you are due any credits...
Reply:Sort of, in a perverse way -- you won't be taxed on the income that you didn't earn. You can deduct job hunting costs as an itemized deduction if that helps.
Reply:If you itemize your deductions, you could write off expenses for looking for a new job. That is the only tax benefit that you could possibly claim.
I resigned from my position in Nov and just found another job in Jan, is their any tax credit btw the period?
I'm not sure what you mean by "tax credit". Income tax? You don't pay income tax on no income, while you're unemployed. You do owe income tax on income earned during employment, regardless.
Reply:Did you spend any money looking for your new position? Did you relocate? These are the types of questions that you'd need to address to know if you are due any credits...
Reply:Sort of, in a perverse way -- you won't be taxed on the income that you didn't earn. You can deduct job hunting costs as an itemized deduction if that helps.
Reply:If you itemize your deductions, you could write off expenses for looking for a new job. That is the only tax benefit that you could possibly claim.
Tax credit payments over easter bank holidays?
does anybody know when tax credits should be paid if due on tuesday and it is a bank holiday friday and monday i thought it would be today thurday but it isnt in the bank so will there be any payments going in tomorrow.
Tax credit payments over easter bank holidays?
Hi im due to get tax credits and child benefit on tues 25th no money in account today so phoned them, they reckon by rights it should still go in tuesday as this is a normal day however payments expected for tues 25th have been issued to the bank earlier than usual so your bank may clear it saturday.
Reply:I would check the bank later has they still might go in.They will be closed over easter.
Reply:as with all benefit payments - when its easter
due friday - paid thurs
due monday - paid thurs
due tuesday - paid tuesday
otherwise if its due on any bank holiday monday, you get them on the friday.
Reply:If it's Tuesday I would have thought it stayed as Tuesday as thats a regular day. You wont get tomoz but maybe sat.
Reply:My Child Tax Credit is due on Friday and has been paid in to my bank today (thurs) you may find you still get yours on tuesday as that is the day it is due and not one of the bank holidays
Reply:Be paid on Tuesday - normal day - done by computer so no staff involved
Reply:Good Friday isn't a bank holiday neither is Tuesday, but my Child Tax Credit went in last Monday so maybe it'll go in tomorrow and my Child Benefit went in today!!!!! Its confused me somewhat!!!!! xx
Reply:Im just back from the post office and they have a notice saying any benefits payable on friday or monday would be paid today but thats just in the post office. If your money is paid direct into your bank account it will just be paid on the normal day regardless if the bank is open or not
tanning
Tax credit payments over easter bank holidays?
Hi im due to get tax credits and child benefit on tues 25th no money in account today so phoned them, they reckon by rights it should still go in tuesday as this is a normal day however payments expected for tues 25th have been issued to the bank earlier than usual so your bank may clear it saturday.
Reply:I would check the bank later has they still might go in.They will be closed over easter.
Reply:as with all benefit payments - when its easter
due friday - paid thurs
due monday - paid thurs
due tuesday - paid tuesday
otherwise if its due on any bank holiday monday, you get them on the friday.
Reply:If it's Tuesday I would have thought it stayed as Tuesday as thats a regular day. You wont get tomoz but maybe sat.
Reply:My Child Tax Credit is due on Friday and has been paid in to my bank today (thurs) you may find you still get yours on tuesday as that is the day it is due and not one of the bank holidays
Reply:Be paid on Tuesday - normal day - done by computer so no staff involved
Reply:Good Friday isn't a bank holiday neither is Tuesday, but my Child Tax Credit went in last Monday so maybe it'll go in tomorrow and my Child Benefit went in today!!!!! Its confused me somewhat!!!!! xx
Reply:Im just back from the post office and they have a notice saying any benefits payable on friday or monday would be paid today but thats just in the post office. If your money is paid direct into your bank account it will just be paid on the normal day regardless if the bank is open or not
tanning
Where do I claim the $2000 child tax credit on t1?
where do I claim the $2000 child tax credit on t1?
thx
Where do I claim the $2000 child tax credit on t1?
Line 367 - Schedule 1
Reply:It's on Schedule 1, under Tax Credits.
thx
Where do I claim the $2000 child tax credit on t1?
Line 367 - Schedule 1
Reply:It's on Schedule 1, under Tax Credits.
What is the 5000 dollar tax credit?
I am sorry to all you out there who are well versed in tax law, and code.
I dont understand what the 5000 dollar tax credit means...
does it mean that we pay 5000 dollars less in taxes?
Please explain to me in laymans terms what this means... thank you :)
What is the 5000 dollar tax credit?
I assume you're talking of the McCain $5000 tax credit for healthcare.
It works like this (as do most tax *credits*):
At the end of the year you paid $6000 in Federal taxes through payroll deduction (like most people).
You paid $4,500 for health insurance during the year.
You then deduct the $4,500 from the $6000 tax, leaving you only owing $1,500 in taxes. Since you already paid the entire $6000, you get a tax refund.
You can only deduct the actual expenses up to $5,000. If you spent more than $5,000, you can still deduct the maximum of $5000. If you spend less, than you can deduct the amount spent.
Tax credits are the best type of tax break to have because they lower the amount of tax paid.
Reply:It is an investment account that you can put up to $5k in that will never be taxed. This is the best investment plan we have ever seen. Much better then RSPs
I dont understand what the 5000 dollar tax credit means...
does it mean that we pay 5000 dollars less in taxes?
Please explain to me in laymans terms what this means... thank you :)
What is the 5000 dollar tax credit?
I assume you're talking of the McCain $5000 tax credit for healthcare.
It works like this (as do most tax *credits*):
At the end of the year you paid $6000 in Federal taxes through payroll deduction (like most people).
You paid $4,500 for health insurance during the year.
You then deduct the $4,500 from the $6000 tax, leaving you only owing $1,500 in taxes. Since you already paid the entire $6000, you get a tax refund.
You can only deduct the actual expenses up to $5,000. If you spent more than $5,000, you can still deduct the maximum of $5000. If you spend less, than you can deduct the amount spent.
Tax credits are the best type of tax break to have because they lower the amount of tax paid.
Reply:It is an investment account that you can put up to $5k in that will never be taxed. This is the best investment plan we have ever seen. Much better then RSPs
What is the incentive to work when Obama will just give you stimulus checks, rebates and tax credit checks?
Plus more Welfare, etc.
What is the incentive to work when Obama will just give you stimulus checks, rebates and tax credit checks?
None, were headed for Communism.
Why does everyone want to become commies.
First Socialism, next Communism.
America was founded on the rebellion of everything socialism stands
for...governement control.
A Socialist future will be worst.
Obama's CHANGE = SOCIALISM
Save our country from Socialism.
McCain/Palin 08
Reply:To the people who answered this question that you don't get a rebate, tax credit etc unless you have worked..did you actually listen to what Obama has said in his speeches? First he said that I will be cutting taxes for 95% of Americans. Then when the Reps picked up on that and said 40% of that figure do not pay taxes ...in a following speech at a rally he changed it too I will be cutting taxes for 95% of working Americans...
Reply: More twists and smears You are empty as usual.. You have nothing and you Reps are going down in a big way your mean mouthed distorted rantings and ravings twisting the truth and down right lying.. is now biting you on your behinds as you run for the hills.. Most everyone with intelligence, education with reasonable thinking power ,is voting for Obama/Biden even the Alaskan Newspaper was reported this morning as endorsing Obama/Biden This is really Big ... people everywhere sick and tired of your ugly rants and lies..
Reply:I agree ..I stopped working over two years ago and hope I never go back to work..but I am 64 and on Social Security and a Ford Pension and my wife is retired too..why should people have to work all their lives...their is life after retirement..
but the people now paying into Social Security may find a problem when the system goes broke in a few years..by then..I will kick the
bucket..and I will just say *fare the well*
Reply:Uhh, you don't get those if you haven't paid taxes genius.
And I haven't heard him promise those. Income tax cuts refer to a reduction in the amount of income tax people will pay. No one said anything about new tax credits or rebates.
Reply:well I guess the incentive would be if you dont work you cant receive rebates and tax credits. And Bush started the stimulus checks to stimulate society and its nowhere near enough to live off. So what is your question really?
Reply:Stimulus checks were invented by Republicans, and if the country will actually have social change and new ideas, I do not mind paying more taxes at all.
Reply:I'll answer this later, cuz I'm going back to bed until the "mail" gets here. . .
OBAMA/BIDEN 08!!!!
Reply:That's what he wants. A docile dependent to his generosity with other people's money. Spreading the Wealth Around enslaves people. Spreading the Opportunity Around liberates them.
Reply:President Obama won't give you any of those things that was Bush/McCain what President Obama will give you is JOBS!
Reply:You can't get a "rebate" or a "tax credit" unless you have PAID TAXES, silly goose, so if you don't work, you don't get one!
Reply:Were you opposed to Bush's stimulus checks earlier this year? I bet you had forgotten about those.
Reply:I can't wait to get my spread the wealth check from him. I've worked hard for a long time and it'll be good to kick back and get free money from rich people.
Reply:When did Obama say he would give any of those things to able-bodied people who refuse to work?
Reply:No one could live on this stuff you are talking about.
Reply:Ummm...Cigarettes? I mean I can get a job with ACORN for those right?
What is the incentive to work when Obama will just give you stimulus checks, rebates and tax credit checks?
None, were headed for Communism.
Why does everyone want to become commies.
First Socialism, next Communism.
America was founded on the rebellion of everything socialism stands
for...governement control.
A Socialist future will be worst.
Obama's CHANGE = SOCIALISM
Save our country from Socialism.
McCain/Palin 08
Reply:To the people who answered this question that you don't get a rebate, tax credit etc unless you have worked..did you actually listen to what Obama has said in his speeches? First he said that I will be cutting taxes for 95% of Americans. Then when the Reps picked up on that and said 40% of that figure do not pay taxes ...in a following speech at a rally he changed it too I will be cutting taxes for 95% of working Americans...
Reply: More twists and smears You are empty as usual.. You have nothing and you Reps are going down in a big way your mean mouthed distorted rantings and ravings twisting the truth and down right lying.. is now biting you on your behinds as you run for the hills.. Most everyone with intelligence, education with reasonable thinking power ,is voting for Obama/Biden even the Alaskan Newspaper was reported this morning as endorsing Obama/Biden This is really Big ... people everywhere sick and tired of your ugly rants and lies..
Reply:I agree ..I stopped working over two years ago and hope I never go back to work..but I am 64 and on Social Security and a Ford Pension and my wife is retired too..why should people have to work all their lives...their is life after retirement..
but the people now paying into Social Security may find a problem when the system goes broke in a few years..by then..I will kick the
bucket..and I will just say *fare the well*
Reply:Uhh, you don't get those if you haven't paid taxes genius.
And I haven't heard him promise those. Income tax cuts refer to a reduction in the amount of income tax people will pay. No one said anything about new tax credits or rebates.
Reply:well I guess the incentive would be if you dont work you cant receive rebates and tax credits. And Bush started the stimulus checks to stimulate society and its nowhere near enough to live off. So what is your question really?
Reply:Stimulus checks were invented by Republicans, and if the country will actually have social change and new ideas, I do not mind paying more taxes at all.
Reply:I'll answer this later, cuz I'm going back to bed until the "mail" gets here. . .
OBAMA/BIDEN 08!!!!
Reply:That's what he wants. A docile dependent to his generosity with other people's money. Spreading the Wealth Around enslaves people. Spreading the Opportunity Around liberates them.
Reply:President Obama won't give you any of those things that was Bush/McCain what President Obama will give you is JOBS!
Reply:You can't get a "rebate" or a "tax credit" unless you have PAID TAXES, silly goose, so if you don't work, you don't get one!
Reply:Were you opposed to Bush's stimulus checks earlier this year? I bet you had forgotten about those.
Reply:I can't wait to get my spread the wealth check from him. I've worked hard for a long time and it'll be good to kick back and get free money from rich people.
Reply:When did Obama say he would give any of those things to able-bodied people who refuse to work?
Reply:No one could live on this stuff you are talking about.
Reply:Ummm...Cigarettes? I mean I can get a job with ACORN for those right?
He apartment that aim living in just sign up to get some sort of tax credit , iam trying to see how that woul?
the apartment that i am living in just sign up to get some sort of tax credit ,how would that effect me
He apartment that aim living in just sign up to get some sort of tax credit , iam trying to see how that woul?
Not at all unless the property owner decides to pass the savings on to the renter.
Reply:The tax credit is normally given to landlords (usually project complexes) for special needs housing. Your rent would be adjusted based on your income. If the tenant falsifies there income they can be immediately evicted or if you're income level is above the maximum allowable income limit and you already live in the apartment the rent is increased (with restrictions/rent control), but you are allowed to stay in the apartment.
floral
He apartment that aim living in just sign up to get some sort of tax credit , iam trying to see how that woul?
Not at all unless the property owner decides to pass the savings on to the renter.
Reply:The tax credit is normally given to landlords (usually project complexes) for special needs housing. Your rent would be adjusted based on your income. If the tenant falsifies there income they can be immediately evicted or if you're income level is above the maximum allowable income limit and you already live in the apartment the rent is increased (with restrictions/rent control), but you are allowed to stay in the apartment.
floral
The child support office holds my tax refund. Can they do that if the earned income credit isfor kids with me?
Earned income credit. Hold on my tax refund for back owed childsupport. BUT the refund is for earned income credit for the 2 kids with me now.
The child support office holds my tax refund. Can they do that if the earned income credit isfor kids with me?
You have prior obligations you haven't fulfilled. So YES, they can and will. And they'll grab your tax rebate, also.
It isn't fair for the kids now living with you, but it's fair to the kids who haven't had the support they deserved.
And it will lower the arrearage you now owe.
Reply:it doesn't matter what you got the money back for taxes - or for what children - if you owe back child support - they are going to take it - regardless.
Reply:Yes they can and will - back child support takes precedence over your current situation.
Reply:It doesn't matter if the refund is for the children that are with you now. As long as the return has your name and social security number on it, the whole amount will go straight to back child support until the arrearage is caught up.
Reply:yep sorry should've paid your child support,
Reply:Yes. That is your tax refund, not your kids tax refund. Those are credits that YOU are getting, not the kids. The credits may be due to other children, but ultimately it's technically your money not the new kids. You filed the tax return, not the kids. Sucks I know.
The child support office holds my tax refund. Can they do that if the earned income credit isfor kids with me?
You have prior obligations you haven't fulfilled. So YES, they can and will. And they'll grab your tax rebate, also.
It isn't fair for the kids now living with you, but it's fair to the kids who haven't had the support they deserved.
And it will lower the arrearage you now owe.
Reply:it doesn't matter what you got the money back for taxes - or for what children - if you owe back child support - they are going to take it - regardless.
Reply:Yes they can and will - back child support takes precedence over your current situation.
Reply:It doesn't matter if the refund is for the children that are with you now. As long as the return has your name and social security number on it, the whole amount will go straight to back child support until the arrearage is caught up.
Reply:yep sorry should've paid your child support,
Reply:Yes. That is your tax refund, not your kids tax refund. Those are credits that YOU are getting, not the kids. The credits may be due to other children, but ultimately it's technically your money not the new kids. You filed the tax return, not the kids. Sucks I know.
Can you get a tax credit if you spouse is in prison?
my husband is in prison and i was going to file my taxes as married filing jointly but my husband says he heard another inmate say his wife got a $400 tax credit because he was in prison. this didn't sound right to me and i wanted to check before filing
Can you get a tax credit if you spouse is in prison?
No, you don't get a credit for being in prison, or for your spouse being in prison. What the other guy might have been talking about was the Earned Income credit. Maybe since he was in prison and not working, her income alone was low enough to be eligible for the EIC where if he'd been working, they'd have been over the limit.
Reply:There is no such credit.
What would the credit be for.....being a burden on Society?
Reply:No such thing!
Can you get a tax credit if you spouse is in prison?
No, you don't get a credit for being in prison, or for your spouse being in prison. What the other guy might have been talking about was the Earned Income credit. Maybe since he was in prison and not working, her income alone was low enough to be eligible for the EIC where if he'd been working, they'd have been over the limit.
Reply:There is no such credit.
What would the credit be for.....being a burden on Society?
Reply:No such thing!
How does Obama reclassify a welfare check as a "tax credit"?
well as Charles Barkley said "using the tern welfare is racist". I guess obama has shown enough that he is the racist with his remarks about the dollar bill and such on several occasions.
But you know when he becomes Dictator in Chief, he will do what ever he likes, with a little help from his friends, pelosi and reid.
How does Obama reclassify a welfare check as a "tax credit"?
Sharron H,
Are you talking about Charles Barkley the basketball player?
Well, anyways, hearing Obama or one of his supporters these days cry racism is becoming more and more of a mute issue. They want to vote for someone who make racist remarks then down play it at their convinces when Obama does and want us to take notice when they do. Oh, I do take notice, but not the way that they are hoping I will.
fruit gift baskets
But you know when he becomes Dictator in Chief, he will do what ever he likes, with a little help from his friends, pelosi and reid.
How does Obama reclassify a welfare check as a "tax credit"?
Sharron H,
Are you talking about Charles Barkley the basketball player?
Well, anyways, hearing Obama or one of his supporters these days cry racism is becoming more and more of a mute issue. They want to vote for someone who make racist remarks then down play it at their convinces when Obama does and want us to take notice when they do. Oh, I do take notice, but not the way that they are hoping I will.
fruit gift baskets
Sunday, March 14, 2010
Additional child tax credit question?
My ex is signing a form to allow me to claim our daughter for exemtion purposes in 2006 even though she lived with him, I can;t recall the name of it so any help there would be great too so I don;t have to search for it to download LOL.
My question is, with this form can we also claim the additional child tax credit with her or does this form NOT apply to that deduction? It looks to me like she would not be a qualifying child for THAT credit, but for exemption purposes only. Thought I'd ask for anyone elses thoughts on it though.
Thanks!
Additional child tax credit question?
If your spouse lets you claim your daughter, even though she lived with him, he must sign and give you Form 8332,to turn in with your return, and then you are able to claim her as an exemption, and for the child tax credit, but not the EIC!
Reply:http://www.irs.gov
This website has all the answers. Or go to a local IRS office. They will help you out immensely, and not charge you for it.
My question is, with this form can we also claim the additional child tax credit with her or does this form NOT apply to that deduction? It looks to me like she would not be a qualifying child for THAT credit, but for exemption purposes only. Thought I'd ask for anyone elses thoughts on it though.
Thanks!
Additional child tax credit question?
If your spouse lets you claim your daughter, even though she lived with him, he must sign and give you Form 8332,to turn in with your return, and then you are able to claim her as an exemption, and for the child tax credit, but not the EIC!
Reply:http://www.irs.gov
This website has all the answers. Or go to a local IRS office. They will help you out immensely, and not charge you for it.
How much child benefit/child tax credit would i get for my second child?
£15 if you are British, £500 if you are foreigner with no husband
How much child benefit/child tax credit would i get for my second child?
the best thing would be for you to call the child benefit and the child tax credit office as they can calculate the correct amount for you based on all your personal circumstances.
Reply:$1000.00 for each child.
Reply:The basic tax credit is $1000 per child.
Reply:I presume you are in Canada it would help if you put where you live in Canada if you get the max it will be all together with both kids about 480 I believe
Reply:I think you get at least $1000.00 credit for each child for taxes!
Reply:for a second child, child benefit is about £12 a week.
If you give the Tax Credit Helpline a ring they will give you an estimate of tax credits based on your circumstances.
Reply:The law is changing your soon get the same for every child
Reply:i get £17 for 1st and its about £11.50 for second, i know we get £113 per month altogether
Reply:Sounds good , You might as well have a second child.
Reply:i believe it is $2000.per baby
Reply:you get £17 for first and £11 for every one after that(child benefit)
Reply:dunno but think i will hav1000000 to get some money
How much child benefit/child tax credit would i get for my second child?
the best thing would be for you to call the child benefit and the child tax credit office as they can calculate the correct amount for you based on all your personal circumstances.
Reply:$1000.00 for each child.
Reply:The basic tax credit is $1000 per child.
Reply:I presume you are in Canada it would help if you put where you live in Canada if you get the max it will be all together with both kids about 480 I believe
Reply:I think you get at least $1000.00 credit for each child for taxes!
Reply:for a second child, child benefit is about £12 a week.
If you give the Tax Credit Helpline a ring they will give you an estimate of tax credits based on your circumstances.
Reply:The law is changing your soon get the same for every child
Reply:i get £17 for 1st and its about £11.50 for second, i know we get £113 per month altogether
Reply:Sounds good , You might as well have a second child.
Reply:i believe it is $2000.per baby
Reply:you get £17 for first and £11 for every one after that(child benefit)
Reply:dunno but think i will hav1000000 to get some money
How do I find out why there is a California State Tax Lien on my Credit Report?
A California State Tax Lien has been posted to my Credit Report. There is no reason at all that a Lien should be on my Bureau but there is and it is preventing me from buying a house. I am trying to locate the Source of this problem and have had no luck at all.
How do I find out why there is a California State Tax Lien on my Credit Report?
Are you absolutely sure you do not owe any California State Income tax? Have you ever worked in California?
Have you failed to pay property taxes for any real estate that you own in California?
Have you operated a business in California, and failed to pay taxes on business profit?
If all of your answers are "No," write to the bureau where the lien appears, and formally dispute it. The bureau in turn will contact the California Franchise Tax Board. If it is an error, then the lien will come off. If it is NOT an error, you may be a victim of identity theft, and you will need to contact the Franchise Tax Board directly, and inform them you suspect identity theft. The State of California Consumer Affairs Bureau, as well as the State Attorney General, has a special division for identity theft.
Reply:It appears you owe the state some money. Perhaps property tax, income tax, business taxes, etc etc.
This is why there is a lien on your report.
You will have to contact the state attorney generals office to find out what the lien if for.
Here is their web site
http://caag.state.ca.us/
Until the tax lien is satisfied, it will stay on your credit report indefinitely.
Hope this answers your question.
How do I find out why there is a California State Tax Lien on my Credit Report?
Are you absolutely sure you do not owe any California State Income tax? Have you ever worked in California?
Have you failed to pay property taxes for any real estate that you own in California?
Have you operated a business in California, and failed to pay taxes on business profit?
If all of your answers are "No," write to the bureau where the lien appears, and formally dispute it. The bureau in turn will contact the California Franchise Tax Board. If it is an error, then the lien will come off. If it is NOT an error, you may be a victim of identity theft, and you will need to contact the Franchise Tax Board directly, and inform them you suspect identity theft. The State of California Consumer Affairs Bureau, as well as the State Attorney General, has a special division for identity theft.
Reply:It appears you owe the state some money. Perhaps property tax, income tax, business taxes, etc etc.
This is why there is a lien on your report.
You will have to contact the state attorney generals office to find out what the lien if for.
Here is their web site
http://caag.state.ca.us/
Until the tax lien is satisfied, it will stay on your credit report indefinitely.
Hope this answers your question.
Tax credit for new home?
I recently bought a home, in mid December. I wanted to know if there is any sort of tax credit I can use. We only had $500 down. I am a first time home buyer. I am in the state of Idaho. Are there any web sites I could check?
Tax credit for new home?
If you bought the house in December, you probably won't see any lowering of your tax bill for 2007.
There are no credits when you buy, only itemized deductions for interest, points, pmi and property taxes. If the total is less than your standard deduction (which it generally is the first year), then you take the standard deduction. If you do not itemize in year one, you can pro-rate the points over the life of the loan.
ginkgo
Tax credit for new home?
If you bought the house in December, you probably won't see any lowering of your tax bill for 2007.
There are no credits when you buy, only itemized deductions for interest, points, pmi and property taxes. If the total is less than your standard deduction (which it generally is the first year), then you take the standard deduction. If you do not itemize in year one, you can pro-rate the points over the life of the loan.
ginkgo
I have a question about a released Tax Lien on my credit?
Last year the IRS filed a $1,0000.00 tax lien against me and reported it on my credit. I finally got them paid off a few months ago and they have released the lien. On my credit, it now shows as a relased tax lien.
I have heard that sometimes, if you dispute some negative information on your credit report, a lot of times the reporting agency/company does not respond and it gets removed from your credit bureau file.
My question is: What would happen if I disputed the tax lien on my credit report. Considering the IRS has been paid and they have released the lien, what would they do?
Is there any hope of success in having it removed from my credit files, also would I be breaking any laws?
Please help!
One other thing, this released tax lien is the only negative mark on my credit.
I have a question about a released Tax Lien on my credit?
I had a similar problem except in my case a tax lien was filed against me which I was able to prove was not legitimate. I never paid it because it was an error on the part of the IRS. However, none of the credit bureaus would remove it because they said it had to remain as part of my record for 10 years! The best they would offer is to report it as "paid." ...and I gotta tell you, I'd rather deal with the IRS than a da*n credit bureau! Good luck, but unless things have changed since 1986, if will be part of your record for 10 years from the date it was paid. You might try disputing it and hope they don't respond - even then you're gonna need that "luck" I mentioned.
Reply:Unfortunately, it is an accurate mark on your credit report. You can dispute it with the credit reporting agencies without fear of legal repercussion. If the IRS does not respond in a timely manner, the credit reporting agencies will remove it. Be aware though, that once the IRS does get around to responding to the reporting agencies, it will go right back on your credit report. The only accurate way to report it would be as a "paid tax lien."
Not what you were looking to hear, I know...but you're stuck with this one.
I have heard that sometimes, if you dispute some negative information on your credit report, a lot of times the reporting agency/company does not respond and it gets removed from your credit bureau file.
My question is: What would happen if I disputed the tax lien on my credit report. Considering the IRS has been paid and they have released the lien, what would they do?
Is there any hope of success in having it removed from my credit files, also would I be breaking any laws?
Please help!
One other thing, this released tax lien is the only negative mark on my credit.
I have a question about a released Tax Lien on my credit?
I had a similar problem except in my case a tax lien was filed against me which I was able to prove was not legitimate. I never paid it because it was an error on the part of the IRS. However, none of the credit bureaus would remove it because they said it had to remain as part of my record for 10 years! The best they would offer is to report it as "paid." ...and I gotta tell you, I'd rather deal with the IRS than a da*n credit bureau! Good luck, but unless things have changed since 1986, if will be part of your record for 10 years from the date it was paid. You might try disputing it and hope they don't respond - even then you're gonna need that "luck" I mentioned.
Reply:Unfortunately, it is an accurate mark on your credit report. You can dispute it with the credit reporting agencies without fear of legal repercussion. If the IRS does not respond in a timely manner, the credit reporting agencies will remove it. Be aware though, that once the IRS does get around to responding to the reporting agencies, it will go right back on your credit report. The only accurate way to report it would be as a "paid tax lien."
Not what you were looking to hear, I know...but you're stuck with this one.
On my federal income tax, can I claim a child tax credit for a child over 17 who is a full time student?
NO! If they are over 17 you cannot claim the Child Tax Credit.
On my federal income tax, can I claim a child tax credit for a child over 17 who is a full time student?
I THINK you can claim them up to age 23 or 24 IF they are a full-time student, and only a part-time worker.
Reply:Purchase a tax program and they will walk through you every possible scenario to try and get the best return for you.
Reply:Yes
Reply:Absolutely if you contribute at least 50% to their monetary care.
On my federal income tax, can I claim a child tax credit for a child over 17 who is a full time student?
I THINK you can claim them up to age 23 or 24 IF they are a full-time student, and only a part-time worker.
Reply:Purchase a tax program and they will walk through you every possible scenario to try and get the best return for you.
Reply:Yes
Reply:Absolutely if you contribute at least 50% to their monetary care.
How much working tax credit will you get ?
how much working tax credit will you roughly get for wages of,, £830 every 4 weeks... about £750 after tax.??
im married, with 2 kids, 5 year old and 2 weeks old, my wife is a full time mum at the moment,, dont know if this information is relevant or not but i have put it incase it is :)
thanx
How much working tax credit will you get ?
Based on the assumption that the previous years income is more or less the same as the current year and no one in the household is in receipt of a disibility benefit, tax credits will be approx as follows:-
Working Tax Credits 90.58 per week
Child Tax Credits 82.67 per week
If last years income is more that the current years ask tax credit office to base your award on the current year
Reply:It's worked out on last years income. Have a look at yours and your hubby's P60 for the last tax year (April 2007-2008) and if you put the gross in here, I will try and work out what it is likely to be.
im married, with 2 kids, 5 year old and 2 weeks old, my wife is a full time mum at the moment,, dont know if this information is relevant or not but i have put it incase it is :)
thanx
How much working tax credit will you get ?
Based on the assumption that the previous years income is more or less the same as the current year and no one in the household is in receipt of a disibility benefit, tax credits will be approx as follows:-
Working Tax Credits 90.58 per week
Child Tax Credits 82.67 per week
If last years income is more that the current years ask tax credit office to base your award on the current year
Reply:It's worked out on last years income. Have a look at yours and your hubby's P60 for the last tax year (April 2007-2008) and if you put the gross in here, I will try and work out what it is likely to be.
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