The Small Business Tax Help Blog

Posts Tagged ‘table’

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: 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

Justice Department Files Six Lawsuits to Enjoin Preparation of Fraudulent Federal Income Tax Returns

Return Preparers Allegedly Prepared Thousands of Federal Income Tax Returns with Fraudulent Deductions & Credits Resulting in Millions in Lost Revenue to the U.S. Treasury

2008 Earned Income Tax Credit

International Forecaster January 2010 (#3) – Gold, Silver, Economy + More

The following are some snippets from the most recent issue of the International Forecaster. For the full 26 page issue, please see subscription information below.

Bush, McCain Warned of Banking Disaster, Democrats ignored

Question: Will I be eligible for the Earned Income Credit?

I am probably going to be selling my house this year. This has been my primary residence for the past 2.5 years. It will probably sell for around $20k more than I paid for it. I see that the maximum investment income is around $2,800 or less to still qualify for the EIC. I beleive the sale of my home would be considered capital gains and would be included in investement income.
However I know that there are other tax laws that come into play since I’ve been in my home for 2 of the past 5 years and may not have to pay capital gains on it. Does it make it somehow exempt from being counted as interest income for EIC eligibility?
Please only respond if you really do know what you’re talking about! Thanks in advancd!
My question refers to EIC eligibility for 2007, not 2006. So the sale of my home will be in 07, and I want to know if that will disqualify me from the EIC that would be recieved at the end of 07/begining of 08.

Answer: Since you lived in the home as your primary residence for over two of the last five years, and I assumed owned it that same time, your gain on the house sale won't be taxable, and won't have to be reported on your tax form since the gain will be well under the amount you can exclude. So the sale of your home shouldn't affect your eligibility for EIC.

Your family may qualify for free VITA tax help

You could owe less in taxes and get cash back from the IRS. The Earned Income Tax Credit (EITC) is a federal tax benefit for working people with low or moderate incomes. It can offset some or all of the taxes workers must pay and can help cover any federal income tax workers may still owe at tax time. You may also get cash back through an EITC refund. The EITC can be worth up to $5,567 for ...

Cathie Mahon discusses NYC's EITC outreach efforts