The Small Business Tax Help Blog

Archive for May, 2011

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Hundreds of millions lost on stalled or abandoned HUD projects

Nationwide, nearly 700 projects awarded $400 million have been idling for years

Learn How to Stop Foreclosure in Texas @ www.StopYourForeclosureOnline.com

Question: How much will I need to earn to get the EIC tax credit for the 2009 filing year?

I lost my job last year when I had my baby, and haven’t gotten back to work yet. Since I did work part of 2008, I was able to get a big amount back with some EIC credit or something, I think that’s what it was called. So now that my baby is older, I am back on the hunt for a new job. If I get one before the end of the year, how much would I need to earn to be elligible to get the EIC thing again… if it’s not called EIC, I am referring to the refund you get on your Federal Income taxes for having a Child. I just want to know if i will be able to get it again, and if so, how much for 1 child, if i start working between now and the end of the year. and how much do I need to make in income to be eligible?

Answer: The Child Care Credit and the Child Tax Credit are non-refundable credits. That means they cannot reduce your tax liability below zero (a refund).

The Earned Income Tax Credit (EITC or commonly called EIC) is a refundable tax credit. You cannot claim the credit if you are married and filing separate returns. You must have EARNED income; $1 minimum, maximum depends on filing status and number of children. You cannot have investment income over $2,950 (2008 amount).

This link is a checklist by the IRS to help you determine eligibility. The amount of the credit is dependent upon how much earned income you had.
The second link is the 2008 1040 instructions; the EIC Table is on page 56. Look up how much you expect to earn, slide over to filing status and number of children and that is your expected credit.

CorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011

SANTIAGO, CHILE–(Marketwire – May 16, 2011) – CORPBANCA (NYSE: BCA), a Chilean financial institution offering a wide variety of corporate and retail financial products and services, today announced its financial results for the first quarter ended March 31, 2011. This report is based on unaudited consolidated financial statements and prepared in accordance with Chilean generally accepted …

EITC Qualifying Child Pt2 Income and Credit

Question: how do i get an EIN number for childcare tax credit?

Answer: The EIN is the Employer Identification Number. If your daycare provider runs a business, he or she may have a specific number (EIN) for their business. If they run the daycare as a sole proprietor, they most likely use their social security number. Contact your daycare provider(s) for this information.

Sixty-three years of the Nakba A new step towards the building of a Palestinian state

Israeli moves last week to limit access to what is the third holiest site in Islam after Mecca and Medina, came as the Palestinians were poised to begin a series of marches and demonstrations in the run up to Nakba Day, to be marked on Sunday, May 15. Activists behind a website called The Third Intifada have also called for a new uprising, which would see thousands of Palestinian refugees march …

Don’t Stop Til You Get Enough – Westlife Number 1s Tour 2005

Question: If money is a form of free speech protected by the Constitution, isn’t withholding payments also protected?

Corporate donations (payments to politicians) are Constitutionally protected without limit, so isn’t not paying bills (the withholding of payments) to corporations or the government also protected as free speech, and as such, could not be penalized by corporations, local, State or Federal government?

Fair trade, I guess – the corporations get the politicians and we get all of their goods and services for free. No more credit card debt, mortgages, or tax bills.
Gray – The ruling states that political donations (payments of money) are free speech not the goods or services they provide. The goods and services fall under Congressional not Constitutional control as Commerce.

Answer: It would sure be an interesting argument to put before the Supremes. Hopefully it would bring about a repeal of that ridiculous decision.

Lorain’s treasurer publishes 2010 report (with video)

LORAIN — Lorain residents have paid more than $4.99 million in city income taxes for the first four months of 2011, according to figures from Treasurer Karen Shawver.

Federal Tax Deductions for Your MOSERS Benefit

Question: Incorporating in United States.?

Hi,
Ours is an outsourcing consulting firm. registered in UK and India.
I want to incorporate my company in US now, without visiting United States. have been searching internet from 5-6 months but i guess its kind of impossible for any non-resident alien or an overseas clients.

These are the services i am looking for
Company Formation (preferably LLC)
EIN
Business Checking A/c
Virtual Office with mail forwarding.

I dont want to spend much my budget for all these is not more than $500. (I spent $400 for UK company and it has all these services)

IS THERE ANY ONE WHO IS LISTENING AND CAN HELP?

Answer: Try the state of Deleware.

http://www.delaware.gov/egov/portal.nsf/portal/Business

Good luck.

Bank of America News Portal Now Available From Leading News Service

Major News Aggregator Puts Sites on Bank of America WASHINGTON, May 26, 2011 /PRNewswire/ — Finding news about Bank of America is now a lot easier. EIN News has been a world leader in industry news for the last 15 years. Now its network includes a specialized news portal covering Bank of America. The Internet news aggregation industry is becoming more specialized. David Rothstein , CEO of EIN …

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