Making Work Pay credit
With all the press surrounding the new payroll tax holiday for 2011, it's easy to forget about the Making Work Pay Credit. The credit, which was the cornerstone of President Obama's economic stimulus plan, was replaced by the new payroll tax holiday.
Unlike the new payroll tax holiday, the...
Taxpayers often use the terms "deduction" and "credit" as though they're the same thing. They are not. They're actually very different terms, and being aware of the distinctions between the two can help you make good choices at tax time -- and maybe put some extra money back in your pocket.
A...
Tax credits are popular ways to reduce your overall tax burden. Credits are dollar for dollar reductions in the amount of tax due, so it's a pretty big bang for your buck. Here are five of the most common tax credits:
1. Credit for Child and Dependent Care Expenses. The credit for child and...
Who Loses Under Obama's GOP Tax Compromise? The Working Poor
6:30AM 12/09/2010
President Obama insists that his agreement with Republicans will help working people avoid a pay cut. But as tax experts look at the full package more closely, it has become clear that low-end wage earners will indeed take a painful hit.
Less than a week after the midterm elections, politicians and special interest groups are both plotting their next moves. With an overwhelming majority of voters citing the economy as the deciding factor in the election, both parties realize that some kind of change is inevitable for the coming...
Making Work Pay Credit not likely to be extended
2:00PM 9/27/2010
Congress' effort to stimulate the economy included pushing through a series of tax breaks in 2009. The centerpiece of the legislation was the Making Work Pay Credit, which was intended to provide tax relief for working and middle class families. It may not last beyond this year.
The idea was to...
Are you eligible for the Making Work Pay tax credit and Schedule M?
12:00PM 2/19/2010
The highly touted Making Work Pay tax credit is proving to be a headache for many taxpayers this season. Despite a PR campaign by the IRS designed to provide information about the credit, taxpayers are still struggling to understand who is eligible for the credit and how it affects their 2009...
IRS has no information on missing stimulus checks
3:00PM 2/09/2010
After the popular "stimulus checks" issued as part of efforts to jump start the economy in 2001 and 2008, many taxpayers were again looking forward to a check in 2009. This year, however, checks weren't in the cards for most Americans.
Most of the taxpayer relief for American Recovery and...
Every year about this time, I receive a lot of mail from seniors who are confused about whether they should file a tax return. The confusion stems from the fact that many seniors receive income from sources that might not be taxable, such as Social Security and tax-exempt bonds.
Whether you're a...
13 tax changes you need to know before filing your 2009 returns
8:00AM 1/23/2010
If it seems like tax laws are changing every time you time around, it's not your imagination. Over the past eight years, changes to the Tax Code have been made at a rate of more than one a day. According to the office of the National Taxpayer Advocate, there were 500 changes in 2008 alone, many of...
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