The Small Business Tax Help Blog

Posts Tagged ‘credit’

Getting to Know Your Taxes: Credits for Children

Question: i just received my SS# in 2009, can i file for 2006 and 2007 and 2008 taxes now that i have my ss#?

can i take all the appropriate credits (child tax credit and earned income credit) for those years even though i didn’t have a ss# then?

Answer: of course you can! Do not read all the answers that said no.
For those who think you can’t work without a social security number, need to go back to basics. There are people working IN THE USA for international companies and they need to file taxes here even if the international company is paying them. They come here for a period of time to work and do not have social security numbers! They don’t need one neither since they don’t live here. Second of all, if you worked illegally, with a fake social security number, you can still file taxes! You go to the IRS and get a Tax Id Number and file them that way. Or you wait until you have your real social security number and file up to 3 years back. You are entitled to ANY REFUND but of course, you wont get paid for retirement, EIC, etc. The government will do you the huge favor of keeping that money safe for you, in their pocket. Why do you think they haven’t come up with a law to avoid illegal working in the US?? (hope this helps, and go do your taxes! Money is waiting for your name in the IRS)

What happens if U.S. fails to reach debt deal by deadline?

Plus, Greece has been in crisis for 635 days. Now, PM sees next few days as ‘critical’

Rangel Helps Push The Earned Income Tax Credit

Question: I just got a letter in the mail today from the IRS stating that I was overpaid on my 2006 Tax return 1,500?

But in the letter it said that I could dispute these charges if i have proper paperwork to prove myself,(but I dont)it was HNR Blocks mess up figuring the wrong amounts on my earned income credit that leaded me to get overpaid by 1,500 bucks, the letter said that I have until July9th to respond, if not they said they will send me a final notice followed by a bill,So I dont actually think we actually OWE this money until as of July 9th,they said if I wasnt to respond by the due date.But my stimulus check is scheduled to go out on July 4th…do you think this will affect my rebate check?Because my check is asspoused to be coming before my due date on the response to me owing the money.

Answer: It’s not likely to affect your stimulus payment, but if you really do owe the amount, they’ll be taking it from any future refunds, including any EIC you get.

It’s pretty hard to mess up the calculation of EIC unless you were claiming a dependent you couldn’t legally claim – if that’s the case, you could end up ineligible to get EIC for several years even if you ARE eligible for it.

Income Tax Returns Due Monday April 18

Monday is the deadline for filing for federal taxes. Some post office locations are extending their hours to help ensure that last minute federal tax filers receive the April 18 postmark on their returns.

Dancing Liberty Waver

Question: Tax Question: Form 1065 or Schedule C?

My husband and I were filling out a 1040 along with a schedule c. The only problem with a schedule C, is that it ask for the name of ONE person and my husband and I are jointly filing. So, I followed instructions and went on to form 1065. Now the problem is that it’s asking for “name of partnership.” All we are is contract laborers for one company. We don’t own the company, and we don’t have a business name. For “name of partnership” should I just put the name of the company we work for? For “date business started” should I put the date that we began working as contract laborers for this company? What is “accrual?” It also says “gross receipts of sales.” We didn’t make any sales, we worked for the company. Anyone with any info would be greatly appreciated as I’m incredibly lost. . .

Answer: You each complete a separate Schedule C and Schedule SE. You are not a partnership. All that you have here is each of you getting a 1099 MISC because you each do contract work for the same company. It doesn’t make you a partnership. You can have multiple schedule Cs on your 1040 tax return. It’s not uncommon. Name of business is your name, date started is date you began this contract job, you will use cash not accrual (accural means you count income when you invoice it not receive it basically), gross receipts/sales is gross income. If you haven’t made quarterly payments throughout the year to cover your taxes you will owe underpayment penalties as well. Don’t forget that self employment tax is social security and medicare that wasn’t taken through a payroll deduction already – not income tax. And you will owe income tax on your income as well.

Locals charged in federal court

L’Observateur LAPLACE – A LaPlace couple is facing multiple charges of conspiracy and filing false income tax returns after they allegedly concocted a filing scheme that netted them more than $34,000, according to a release from U.S. Attorney Jim Letten.

Tips for Filing Taxes : How to Keep Tax Records for Charity

Question: Earned Income Tax Credit Eligibility?

I’m a college student who is filing taxes. My question is: am I eligible for the Earned Income Credit if I’m being clamed as a dependent by my parents (since I’m a full-time student)?

The IRS web site’s list of eligibility requirements says:

“You cannot be a qualifying child of another person”

Does this mean if I’m the qualifying child of someone else who is attempting to claim the EITC, or is it all-encompassing (including all forms of dependents)?

Answer: You can not claim the EIC if you are being claimed as a dependant on another taxpayers return.

Dexion Trading Ltd – Annual Financial Report

Dexion Trading Ltd – Annual Financial Report

Power Hungry Governor Taxes Poor In Michigan