Posts tagged as:

credit

It’s Baaaack: Making Work Pay Credit

15 February 2011

My inbox is already filled with taxpayers trying to wrap their heads around the Making Work Pay Credit. Yep, it’s back and just as confusing as it was last year. Here are a few tips to help you sort it out: The Making Work Pay Credit did go away under the new tax deal (it [...]

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Calculating the Making Work Pay Credit (2011)

15 February 2011

There have been few changes in the Making Work Pay Credit since last year (look for my post later today summarizing what you need to know). Those changes are, however, enough to throw taxpayers, so I’ve updated what you need to know to calculate the credit. As it was last year, if you were paid [...]

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Fix the Tax Code Friday: Making Work Pay Credit

24 September 2010

Although the Bush tax cuts are making the most news these days (a logical focus considering the size and scope of the cuts), Congress is considering a number of other tax-related proposals. Among the concerns is what to do about the Making Work Pay Credit. The credit was only made law for two years (2009 [...]

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Ask the taxgirl: Did the Feds Make a Goof?

3 March 2010

Taxpayer asks: Thanks for your blog entries on the Making Work Pay tax credit – very helpful. I’m wondering if the tax tables have been “fixed” for 2010 so that people with more than one job or spouses who both work don’t get the tax credit twice. About 3 – 4 months ago the story [...]

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Making Work Pay Credit: The Basics

21 February 2010

I’ve been getting lots and lots of questions about the Making Work Pay Credit. To make it easier for you, here are the basics: The Making Work Pay Credit is only available for taxpayers with earned income during the year. The credit HAS NOT already been calculated as part of your withholding. Your eligibility for [...]

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Making Sense of the Making Work Pay Credit

2 February 2010

So now that you’ve calculated the Making Work Pay Credit, what does it all mean? A credit is a dollar for dollar reduction in your tax bill. So if you owed $1000 and the credit was $400, your tax bill is now $600. The tax rates didn’t change. The tax due didn’t change. The credit [...]

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Calculating the Making Work Pay Credit

2 February 2010

I’ve received a bunch of questions about the Making Work Pay Credit. I agree – it is confusing. Let me see if I can make some sense of it for you. To keep things simple, I’m doing this in two posts. This first post will assist you in calculating the credit and completing Schedule M. [...]

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