The Small Business Tax Help Blog

Posts Tagged ‘eic’

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Question: Obama is trying to help poor people why are people with FAT pockets trying to stop him?

His plan will effectively eliminate all taxes for about 10 million low-income Americans.
Obama also offers a 10 percent mortgage credit that can be claimed by people who don’t itemize deductions and eliminates taxes for senior citizens who earn less than $50,000.
His approach is aimed in part at giving a boost to workers whose incomes have been stagnant in recent years by allowing his $1,000 credit to offset payroll taxes as well as income taxes, which means it will reach lower on the income scale.
Obama’s tax plan is the best tax plan that has ever been proposed by a candidate, but there are a lot of special interest and lobbyists trying to resist it.

Answer: Well said!!! Thanks

Latina for Obama

Garsworld.com Proudly Announces its '100 Day Mad Dash for Fa$t Ca$h' Program

-- ‘StockVision’ (Stock Screener) has navigated thousands of investors through turbulent markets since 1999 -- (PRWeb Jan 6, 2010) Read the full story at http://www.prweb.com/releases/stocks/investors/prweb3381854.htm

Homes for Sale in Raleigh Cary North Carolina Real Estate Matters - Credit and Home Mortgage Loans

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.

Residents need to be aware of changes in filing tax returns

The initials I-R-S may produce a cold sweat or a stress headache for some at this time of the year. Tax season is well under way and for those taxpayers that may not speak the language and do not know if theY need a 1040 or a 1040EZ tax tips are very helpful.

Illegal Immigration & Earned Income Tax Fraud - Part 5

Question: stimulus tax credit – refundable or no?

IRS tax credits can be both refundable or non-refundable – for example the earned income credit is a refundable credit, making IRS send money to you even if you don’t owe any tax.
The new economic stimulus credit is supposed to be 6.2 percent of earned income, up to $400, for an individual, applied through reductions in withholding.
But what if you claim exempt from withholding on the W-4 – typically up to $10000 can result in a zero-tax-due year for an individual. Is the credit refundable, like the EIC, and if so, how can you get the credit without voluntarily changing withholding status? (which would be like loaning the government money until next April, basically, reducing cash on hand now for the sake of more later).

Answer: The Making Work Pay credit is fully refundable. If you have no tax liability and no tax withheld, you'll get a refund of at least $400 if you earn at least $6,451 in 2009.

Unfortunately if you are not subject to withholding there's no way to receive it in advance. You'll have to pick it up when you file next year.

Tax law changes expand ways to save

SALISBURY -- Residents facing hardships during the recession could find a little financial relief through a number of tax law changes this year, according to local accountants.

CHANGE IS ON THE WAY | Sam Harris | Tribute to Barack Obama

EPCOR announces 2009 financial results

EPCOR Utilities Inc. today filed its annual and fourth quarter results for 2009.

Burning Down The House: What Caused Our Economic Crisis?

IRS offers tips for those who e-file

Taxpayers have until April 15 to file federal tax returns, but they can file any time between now and then if they choose, so Uncle Sam has a few reminders about changes in place this tax season. A new law went into effect Nov. 6 extending by five months the first-time homebuyer credit. The maximum credit amount is $8,000 for someone who has not owned a primary residence during the three years …