Posts tagged as:

tax-credit

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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Homebuyers Face Deadline

29 June 2010

Despite some pretty serious lobbying efforts by realtors, banks, lenders and goodness knows who else, it looks like the homebuyer’s credit may not be extended. The credit was set to expire tomorrow. In other words, to qualify for the tax credit, homebuyers had to close by June 30, 2010. For one reason or another, that [...]

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Who Should Pay Taxes?

14 March 2010

On Friday, I posted that the Tax Foundation reported that, in 2008, nearly one in three taxpayers paid no taxes or received every dollar back which was withheld. It’s the highest percentage of nonpayers ever. Think about that for a second. It’s pretty scary. For 2008, those numbers mean that there were about 51.6 million [...]

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Ask the taxgirl: I forgot to file Schedule M!

18 February 2010

Taxpayer asks: I was not aware of the above credit. I am single, and just yesterday filed form 1040 EZ my self. I did not file schedule M to claim that credit. Can I file an amended return to claim this credit. Taxgirl says: This is a great question. I actually called up the IRS [...]

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Ask the taxgirl: Qualifying Wages for Making Work Pay Credit

2 February 2010

Taxpayer asks: My daughter only made $3,900.00 this year, then was laid off… She only worked for one employer.. so is she illegible for the Work Pay Credit… it comes to about $252.00 which would help her out considerably, because she is only getting back $116.57. She is in her thirties with no dependents. Taxgirl [...]

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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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Hey Kid, Wanna Buy a House?

23 October 2009

Information involving potential fraud with respect to the first time homebuyer’s credit continues to make headlines. After initial reports that over 100,000 refunds were perhaps inappropriately distributed, the IRS has released more data about fraud relating to the credit. Officials from the Internal Revenue Service testified before Congress that as much as $600 million of [...]

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Fix the Tax Code Friday: Tax Credits for Business

26 June 2009

It’s Fix the Tax Code Friday! Over the past few weeks, I’ve reported on a number of industry-specific tax credits offered to businesses, including tax credits for the tech industry and for the movie industry. Reports have been mixed as to whether these credits produce any results. I’m interested to know what individual taxpayers think. [...]

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Fix the Tax Code Friday: Energy Tax Credits

1 May 2009

It’s Fix the Tax Code Friday! This week, I’ve been researching federal energy tax credits for an Earth Day post that I’m writing (yes, I’m aware that Earth Day is long gone – wait for the post, you’ll get it). I’ve been intrigued to see the reactions on both sides of the aisle about tax [...]

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