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)...
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