The Small Business Tax Help Blog

Posts Tagged ‘eic’

Getting to Know Your Taxes: Credits for Children

Question: Earned Income Credit – home-schooled child turned 19 before the end of 2006, does our school still qualify?

My son was homeschooled thru July, turned 19 in August. Tax book says he still qualifies up until age 24 if “full-time” student for at least 5 months of the year, but is not specific about which “full-time” school actually qualifies. Haven’t had a problem with homeschool and tax forms all of these years until now. We live in Texas. I have searched the web as much as possible and cannot find an answer – help, please…

Answer: Full time student means in a post secondary educational institution, College, University.
Home schooling does not qualify
Call the Internal Revenue Service for more clarification at
1-800-829-1040

Ten Tips For Claiming Summer Camp Expenses On Your Taxes

If your household is anything like mine, you?re in full summer camp mode right now? ??Wi

Answers with Ray the CPA Ep 9 IRS definition of a qualifying child…oh yeah!

Question: Why do so many always complain about people on welfare when the amount of money that goes to them?

is trivial at best?

According to The Budget for Fiscal Year 2008, Historical Tables, total outlays for Means Tested Entitlements in 2006 were $354.3 billion. This was 2.7% of GDP and

Includes Medicaid, food stamps, family support assistance (AFDC), supplemental security income

(SSI), child nutrition programs, refundable portions of earned income tax credits (EITC and HITC) and child tax credit, welfare contingency fund, child care entitlement to States, temporary assistance to needy families, foster care and adoption assistance, State children’s health insurance and veterans pensions.

http://polecolaw.newsvine.com/_news/2008/01/08/1212663-how-much-does-welfare-cost

Answer: Because they are brainwashed into thinking these programs are far more than 2.7% of taxes paid and they are also not compassionate human beings.

Snyder’s Budget To Slash University Aid, Government Revenue Sharing

LANSING – The first shockwaves already are emanating from Gov. Rick Snyder’s expected budget proposal for the 2011-12 fiscal year with sources telling Gongwer News Service that Snyder plans a 15 percent cut in aid to public universities and a cut of about $200 million in revenue sharing to local governments.

The American Opportunity Tax Credit Student/Parent Forum

Question: Is this a correct estimate?

I haven’t filed taxes for 4 years. Myself & my daughter have both been claimed by my grandmother on her taxes. I’ve been a stay at home Mom so I haven’t had an actual job. I did under the table work this year and made about $3600. All un taxed. When I put this information in HR Block’s calculator it told me I would recieve a refund of $1,833. How is this possible? Is this right??? Wouldn’t I OWE some money since none of it was taxed? It says I would recieve $1233 Earned Income Credit & $600 Recovery Pay…Would this be right?

Answer: If you have earned income of 3600.00 you would owe 551 in self employment tax, get a credit for 50 percent of SS paid of it against your taxable income,have no tax liability after your standard deduction and 2 exemptions, have nothing withheld, not qualify for the child tax credit or additional child tax credit and have $1233 for an earned income credit. This means a refund of 682. In a nut shell.

Joblessness leaves a trail of woe

Kenneth and Phyllis Turner are out of work, out of benefits — and nearly out of hope.

2009, 2010 EIC Tax Table, Schedule

Question: Filed Taxes?

What happens if i used the earned income credit table on my taxes instead of the tax table to answer to question number 11 on the 1040EZ? Now I did get the amount of refund check that i put i was suppose to get? Now it was off by $54. Is this something I will be penalized with in the future or what?? Please I need an awswer that will be helpful! THANKS!

Answer: Wait two weeks then ammend your
return 1040X, with corrected tax amount.
If you already got the money, just save it
and they will bill you for it soon. They
have to send you a notice of change to
your return.

Survey Finds USDA Nutrition Education Program Improves Eating Habits of Low-Income Children

CookShop, a Program of the Food Bank For New York City, Prompts Healthy Food Choices at a Time When 43 Percent of NYC Public Elementary School Children Are Overweight/Obese, Teachers Say read more

Recovery Act Tax Benefits