Under McCain's plan, EVERYONE who is a legal American will get a $5,000 tax credit to find health insurance (even if you already have one)
why should Oprah and Donald Trump get a credit?
Why should Donald Trump get a $5,000 tax credit to find health insurance?
Why should people with jobs have to pay for the ones that dont?
Reply:I like obamas plan for health care while I will get to keep my plan it will be lower and those who have no health plan will be able to get the care they need this is the most humane way. I don't mean to sound mean but if someone doesn't have any doctor at all for themselves and their kids do you really think they would care if they had a list to pick from. I doubt it. So Mc Cains argument is bogus. Also Mc Cain being in the military was benefiting from this.
Reply:he should pay taxes on the $20,000 free insurance he gets because that is INCOME.
Too bad Obama figures that Trump deserves to get that insurance TAX FREE while a family that pays it's own insurance doesn't even get to deduct the monthly premiums.
Dems always seem out to hurt average people and protect the rich like Gates and Trump .
Reply:The only people who need the $5000.00 so called tax credit should be those with incomes below $150,000.00 .
Since only 10% of Americans make over this amount We will only save a few hundred million ,but we need every dime of it these days .
Reply:Yea, and under Obama he can get it "free" from the government. ("Free" since everyone will pay taxes to cover it).
Reply:Hey - be nice about Donald. I don't think he filed for bankruptcy yet this year. The poor, poor boy.
Saturday, October 24, 2009
Does anyone know if the EIC or child tax credit are included in the delay of fed returns being processed?
The dependent care credit (if claimed on Schedule 2 attached to Form 1040-A) was one of the delayed areas.
Many returns with EIC claims are being delayed if there are fraud flags on the return, such as dependents switching from one taxpayer to another or maximum EIC claims based upon undocumented self-employment income. There has been significant EIC fraud in recent years so the IRS is watching those claims much more closely.
Does anyone know if the EIC or child tax credit are included in the delay of fed returns being processed?
Not with Jackson Hewitt... had my FED return within 48 hours.
Reply:No, the EIC and child tax credit are not included in the delay. It was just the child and dependent care credit.
Reply:No. It is the dependent care credit I believe
azalea tree
Many returns with EIC claims are being delayed if there are fraud flags on the return, such as dependents switching from one taxpayer to another or maximum EIC claims based upon undocumented self-employment income. There has been significant EIC fraud in recent years so the IRS is watching those claims much more closely.
Does anyone know if the EIC or child tax credit are included in the delay of fed returns being processed?
Not with Jackson Hewitt... had my FED return within 48 hours.
Reply:No, the EIC and child tax credit are not included in the delay. It was just the child and dependent care credit.
Reply:No. It is the dependent care credit I believe
azalea tree
Can dollar for dollar tax credit work?
If you don't know what it is, it is a welfare/taxation system wherein the government is in no way responsible for welfare and social services directly but instead allows for individuals to write everything off of their tax returns. It basically privatizes everything from education to disability services in to a competitive, non-bureaucratic free market and leaves all the spending up to the individual.
I myself am in a wheelchair and can not express how crappy government agencies are with providing things etc. what with all the red tape. Sometimes it'd just seem like it'd be easier for me to go out and buy what I need and somehow charge it on a magical government credit card.
So would a system like this work? I understand it leaves more room for tax fraud but that's nothin' good ol' coercion can't solve.
Can dollar for dollar tax credit work?
If it is a refundable tax credit (if your credit is greater than your taxes they send you a check) it would work in principle. The earned income tax credit works that way now. The IRS spends a lot of resources to control fraud in the program even though it is easy to keep track of income records with social security numbers and the amount is a fixed formula. I don't think the IRS can monitor government payments for other purposes, and the fraud problem would be massive. Part of the reason that "crappy government agencies are with providing things etc. what with all the red tape" is to discourge people from using them.
Reply:I'm all for competitive free markets in place of government operations wherever possible. The problem with tax credits though is that 1) they don't help you pay for things up front when you need the money -- they reimburse you much much later; 2) it wouldn't help someone with who doesn't make enough money to have taxable income in the first place.
A similar alternative is vouchers: if we feel the government should fund something like education or other services, then government supply a voucher so the consumer can choose where to spend it.
I myself am in a wheelchair and can not express how crappy government agencies are with providing things etc. what with all the red tape. Sometimes it'd just seem like it'd be easier for me to go out and buy what I need and somehow charge it on a magical government credit card.
So would a system like this work? I understand it leaves more room for tax fraud but that's nothin' good ol' coercion can't solve.
Can dollar for dollar tax credit work?
If it is a refundable tax credit (if your credit is greater than your taxes they send you a check) it would work in principle. The earned income tax credit works that way now. The IRS spends a lot of resources to control fraud in the program even though it is easy to keep track of income records with social security numbers and the amount is a fixed formula. I don't think the IRS can monitor government payments for other purposes, and the fraud problem would be massive. Part of the reason that "crappy government agencies are with providing things etc. what with all the red tape" is to discourge people from using them.
Reply:I'm all for competitive free markets in place of government operations wherever possible. The problem with tax credits though is that 1) they don't help you pay for things up front when you need the money -- they reimburse you much much later; 2) it wouldn't help someone with who doesn't make enough money to have taxable income in the first place.
A similar alternative is vouchers: if we feel the government should fund something like education or other services, then government supply a voucher so the consumer can choose where to spend it.
Can you write-off or deduct the convenience fee charged for paying property tax bills via credit card?
I live in Orange County, California. The tax assessor's office is offering the ability to pay my property tax bill by credit card (thus earnings me miles) through a third party vendor who charges a "convenience fee" of 2.5%. If I can deduct the fee, then it is a good deal for me. However, I'm not sure if I can.
Can you write-off or deduct the convenience fee charged for paying property tax bills via credit card?
I doubt it. It's not a tax and isn't part of your property taxes. The county reports how much your taxes are.
Reply:No. You will only be able to deduct the amount paid for property taxes.
The convenience fee is not a tax, so it would not be deductible.
Reply:No. Not deductible. It is a personal expense.
Can you write-off or deduct the convenience fee charged for paying property tax bills via credit card?
I doubt it. It's not a tax and isn't part of your property taxes. The county reports how much your taxes are.
Reply:No. You will only be able to deduct the amount paid for property taxes.
The convenience fee is not a tax, so it would not be deductible.
Reply:No. Not deductible. It is a personal expense.
If i work 20 hours and my husband works 16 hours, we have child age 2 how much working tax credit will we get?
hello,
i work 20 hrs with minimum wage and husband works 16 hrs with minimum wage and we have child aged 2 yrs with no childcare,how much working working tax credit will we get as together or seperate and will i get seperate working tax credit
If i work 20 hours and my husband works 16 hours, we have child age 2 how much working tax credit will we get?
Hi there!
Have a look at the below web site link, this should be able to help you answer your question.
Good Luck
i work 20 hrs with minimum wage and husband works 16 hrs with minimum wage and we have child aged 2 yrs with no childcare,how much working working tax credit will we get as together or seperate and will i get seperate working tax credit
If i work 20 hours and my husband works 16 hours, we have child age 2 how much working tax credit will we get?
Hi there!
Have a look at the below web site link, this should be able to help you answer your question.
Good Luck
May I claim a tax credit/ deduction for tuition and supplies I paid for my dental hygiene classes?
The program will give me a certificate, not a degree. I also have$2500 I paid to the school for supplies. I was required to purchase these supplies directly from the college.
May I claim a tax credit/ deduction for tuition and supplies I paid for my dental hygiene classes?
Yes you can, based on the information you provided your expenses meet the qualifications for the Hope/Lifetime Learning Credit
Qualified Education Expenses
For purposes of the Hope credit, qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution.
Eligible educational institution. An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. The educational institution should be able to tell you if it is an eligible educational institution.
Certain educational institutions located outside the United States also participate in the U.S. Department of Education's Federal Student Aid (FSA) programs.
Related expenses. Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance.
Publication 970
http://www.irs.gov/publications/p970/ind...
Reply:Yes BUT only if you worked as a dental hygienist during the course. Or you worked in some similar capacity. It must be expenses related to your current income source.
Reply:Is the school an eligible institution for FAFSA student aid? If not you can't take the Hope or Lifetime Learning credits. If students in your program at your school are entitled to apply for FAFSA aid, then you can take those credits for both the tuition and the supplies. The credits are available for post-secondary education at eligible institutions - it's not a requirement that you're in a degree program.
lily
May I claim a tax credit/ deduction for tuition and supplies I paid for my dental hygiene classes?
Yes you can, based on the information you provided your expenses meet the qualifications for the Hope/Lifetime Learning Credit
Qualified Education Expenses
For purposes of the Hope credit, qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution.
Eligible educational institution. An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. The educational institution should be able to tell you if it is an eligible educational institution.
Certain educational institutions located outside the United States also participate in the U.S. Department of Education's Federal Student Aid (FSA) programs.
Related expenses. Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance.
Publication 970
http://www.irs.gov/publications/p970/ind...
Reply:Yes BUT only if you worked as a dental hygienist during the course. Or you worked in some similar capacity. It must be expenses related to your current income source.
Reply:Is the school an eligible institution for FAFSA student aid? If not you can't take the Hope or Lifetime Learning credits. If students in your program at your school are entitled to apply for FAFSA aid, then you can take those credits for both the tuition and the supplies. The credits are available for post-secondary education at eligible institutions - it's not a requirement that you're in a degree program.
lily
How is Bush & McCain's 'child tax credit' to the bottom 40% NOT "Spreading the wealth around" OR "Welfare"?
Aren't he and Bush doing EXACTLY what they are accusing Obama of doing except that they aren't going to ask the wealthiest Americans to pay for it?
How is Bush %26amp; McCain's 'child tax credit' to the bottom 40% NOT "Spreading the wealth around" OR "Welfare"?
and that exception makes all the difference doesn't it.
Reply:There are two tax credits currently in the tax code.
The Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC).
CTC is a tax credit for lower income families with dependent children. EITC, enacted in 1975, is a tax credit for lower income families but the credit increases if they have dependent children. CTC is nonrefundable which means that it can reduce a families tax liability to zero but not below zero.
EITC is refundable, which means that it can actually reduce a families tax liability to below zero so that they may receive a tax 'refund' even if they didn't actually owe any federal income tax. This is sometimes referred to as 'welfare' by critics of the EITC, but the intent is exactly the opposite: Individuals cannot receive a 'refund' unless they have a job and file a federal return.
When you hear that 30% of working families pay no income taxes, this is why. Despite the republicans attempt to pin this on Obama, this has been occurring since well before the Wall Street Journal first wrote about it in 2003: http://www.opinionjournal.com/editorial/...
In fact, Bush's 2003 tax cuts increased the CTC from $600 to $1,000, thereby exacerbating the problem, if you consider this to be a problem.
The fact is that these two tax credits combined cost the federal government about $45 billion per year. Compared to the $2.9 trillion annual budget in 2008, this is less than 1.5% of the total.
To accuse Obama of creating this situation is a little disingenuous to say the least. He has proposed an additional $500 refundable credit for lower income families but again the issue of tax credits for the poor has existed for a long time.
How is Bush %26amp; McCain's 'child tax credit' to the bottom 40% NOT "Spreading the wealth around" OR "Welfare"?
and that exception makes all the difference doesn't it.
Reply:There are two tax credits currently in the tax code.
The Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC).
CTC is a tax credit for lower income families with dependent children. EITC, enacted in 1975, is a tax credit for lower income families but the credit increases if they have dependent children. CTC is nonrefundable which means that it can reduce a families tax liability to zero but not below zero.
EITC is refundable, which means that it can actually reduce a families tax liability to below zero so that they may receive a tax 'refund' even if they didn't actually owe any federal income tax. This is sometimes referred to as 'welfare' by critics of the EITC, but the intent is exactly the opposite: Individuals cannot receive a 'refund' unless they have a job and file a federal return.
When you hear that 30% of working families pay no income taxes, this is why. Despite the republicans attempt to pin this on Obama, this has been occurring since well before the Wall Street Journal first wrote about it in 2003: http://www.opinionjournal.com/editorial/...
In fact, Bush's 2003 tax cuts increased the CTC from $600 to $1,000, thereby exacerbating the problem, if you consider this to be a problem.
The fact is that these two tax credits combined cost the federal government about $45 billion per year. Compared to the $2.9 trillion annual budget in 2008, this is less than 1.5% of the total.
To accuse Obama of creating this situation is a little disingenuous to say the least. He has proposed an additional $500 refundable credit for lower income families but again the issue of tax credits for the poor has existed for a long time.
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