Ask The Taxgirl: Child Tax Credit
Have a question? Ask The Taxgirl.
-
-
Taxes From A To Z (2015): N Is For Nonrefundable Tax Credits
It’s my annual “Taxes from A to Z” series! Next up: N is for nonrefundable tax credits A credit is a dollar for dollar reduction in the amount of tax you owe. There are two types of tax credits: A refundable tax credit can reduce your tax liability below zero. If the amount of the…
-
Ask The Taxgirl: Child Tax Credit
Taxpayer asks: How much do you get for child tax credit this tax season? taxgirl says: For the tax year 2012, the child tax credit may be worth up to $1,000 per qualifying child. The amount that you can claim is limited if your modified adjusted gross income (MAGI) is above $110,000 for couples married…
-
Taxes From A To Z: H Is For Household Employees
I’m not rich. I don’t own a mansion. I don’t have a maid (that would be me). I don’t have a chauffeur (that’s me), a gardener (still me), or a chef (also me). But I’ve had household employees. Chances are, you have, too. You see, household employees are something that we associate with the rich…
-
The Morning After: The Tax Deal Hangover
I’ll admit that I didn’t see yesterday’s tax deal coming. I was fairly certain that the drama would play out through this week. We still have drama but now it’s more of the “let me explain” variety. Let me see if I can sort out for you what happened and why. First, let’s talk timing….
-
Hey Congress, Why Don’t You…? Take A Second Look
Robert D Flach, the internet’s “Wandering Tax Pro“, writes: If I ruled the world, or at least had a voice in rewriting the Tax Code, not only would every man be as free as a bird and every voice be a voice to be heard, but I would also make the following changes to our…