Taxes Suck!

[Jeb]

Question for you Taxmanhog! Did the law change or am I seeing things? The proposed Obamacare wants to make our dependants count up to 27, yet I see I don't get a $1000 Child Tax credit for my kid because she turned 17 in the last month of 2009. So, let me get this straight, my kid in the 11th grade I can't count for the 11 months she was 16 simply because she turned 17 before I file? I also see if you live in DC you get a big tax credit/deduction for new home buyer. If you go buy "Green" aplliances you can get a tax credit but not if you buy shit that actually works! Hmmm! Redistribution of wealth by stealth!:gun:

[TaxmanHog]

IIRC, the Child tax credit stops at age 17, sorry, it's been that way since it's inception.

Rumors on the news indicate some revisions of current credits (Child Care Credit) which usually applies to young families with two working parents & a child in daycare, as well as a few other family type credits. I have not heard of any changes planned for the Child Credit

[Remphoto]

A new law in Ohio requires health insurance companies to keep dependents on their parent's health plans until age 26. This increases all employer premiums by a few percent. The concept continues of "helicopter parents" swooping down to snatch their kids out of trouble. Its time for parents to make their adult children put on their big boy pants and take the responsibilities of adulthood. Sorry to hijack the thread, but had to vent.

[Motive]

That's probably to help push the corporate world more onto the side of socialized medicine.

[Jeb]

It still comes down to punishing one group of people vs another. Rewarding one segiment of the population and moving behavior in a certain direction. I could claim tuition if i sent my kid to college, but i can't claim Home school tuition or private school monies because they know the state can't influence what they think. I pay a lot of property taxes for public school and have never sent my child to their schools. I get no deduction for making sure my kid smarter and thinks for herself or has the values that our family hold sacred!

[Jeb]

TAXMANHOG, did anything change after the "Ones" speech concerning us poor working folks taxes! I read a speculative report that maybe he was going to extend the Chil Tax credit or increase it! Anything?

[Al the Auto Mechanic]

Start a small business.It's real easy to do,an ebay sellers account works great.
Incorporate or LLC it and learn how to stay under shelter for 5 years,then start a new one for 5 more years.

[TaxmanHog]

TAXMANHOG, did anything change after the "Ones" speech concerning us poor working folks taxes! I read a speculative report that maybe he was going to extend the Chil Tax credit or increase it! Anything?

All the crap in his speech is HOT AIR until a bill runs through congress & signed into law by the BHO, so far that has not happened.....I heard on the news that it's also possible the ADVANCED EIC will be discontinued, mind you , the credit is not stopping but the ADVANCED part may, what happens is for folks who are perpetually qualified to benefit from EIC over a number of years from when the child is young up to disqualifying age, the wage earner can benefit by having the credit advanced to them with each weekly paycheck putting more cash into the family budget week by week. At the end of the year the actual qualified credit is computed and reduced by what ever was paid as an advance, if too much was paid the Taxpayers refund is severely reduced or possibly they are moved into a balance due condition, not good for po-folks, trying to put food on the table:eek:

Most people do not try to figure out or take the advance option, and wait until they file the end of year tax return to get the HUGE REFUND check to go buy their big screen TV's etc.:mad:

I'll let you know when I hear more solid news about changes to these credits.:coffee

[Remphoto]

His idea of redirecting billions from the TARP funds to community banks for lending purposes is laughable. Speaking to colleagues at other banks, we all agree there is not a snowball's chance and hell that any of us want any of these funds. We don't want to be subject to future government restrictions and interference with pay practices as occurred with the big banks. He must think us a bunch of stupid schmucks. Besides, most community banks have plenty of funds to lend -- it is a matter of finding businesses interested in borrowing AND who have the ability to pay back the loans.

[TaxmanHog]

Here are some of the proposed details.....
http://www.whitehouse.gov/blog/2010/01/29/helping-middle-class-families-with-soaring-child-care-costs

It's not law yet, so take it for what it's worth!

[Jeb]

None of it will help me! I appear to have won life's lottery (Dick Gebhart saying) and will have to put more skin in the game!