Tax and Tax Information

The Western Union Company is a financial services and communications company based in the United States. Its North American headquarters is in Greenwood Village, Colorado, and its international marketing and commercial services headquarters are in Montvale, New Jersey. Until it discontinued the service, Western Union was the best known US company in the business of exchanging telegrams.

Western Union has a number of divisions, with products such as person-to-person money transfer, money orders, and commercial services. As of September 9, 2000, the company has 350,000 Western Union agent locations in over 240 countries and territories.

CPA Moms will transfer your tax refund to a Western Union Office near you. Pick your Tax Refund in Cash.

     

Tax and Tax Information - Child Tax Credit

For More and Complete Details
CPA Home
Earned Income Tax Credit
Tax Cash From Western Union
Homeowner Tax Credit
Alimony Deductions
Day Care Deductions
Moving Deductions
Contribution Deductions
Job Hunting Deduction
Education Deductions
Adoption Deductions
Medical Deductions
Mileage Deductions
Car Donation Deductions
Bad Debt Right Off
Hybrid Cars Deductions
Educator Deductions
Adoption Deductions
CPA Moms Master Index
Overview - Type of Business Entities
Sole Proprietors
Partnerships
S Corporations
How to Incorporate
Incorporating in California
Incorporating in Delaware
Incorporating in Nevada
C Corporations
LLC's - What is it?
Business Mileage Expenses
Office in Home
Business Deductions
Bankruptcy
Claiming Social Security Disability
Divorce & Taxes
Offer in Compromise
Installment Payment for Taxes
Credit Reports
Social Security
Deliquent Tax Returns
Back Taxes
Garnishment
Retirement Planning
Self Directed IRAs
Roth IRA
Traditional IRA
Iniherited IRA
Reverse Mortgage
Roth 401k
Borrowing from your IRA
Estate Planning
Social Security Benefits
Retirement Planning
Day Trading
Tax Preparation
Electronic Filing
Incorporating Services
Representation before IRS
Non Profit Services
Accounting
Bookkeeping
Sale of Residence
Sale of Rental Property
1031 Exchange
Real Estate IRA
Refinance your Home
Accounting
Additional Resources

Tax and Tax Information * Child Tax Credit

Use Child Tax Credit for Tax Savings   
Keith Hoyng

Now, here's a real tax savings to the individual taxpayer with dependents.

The child tax credit is a direct federal income tax credit based on the number of dependent children in your family. This federal tax credit is available to provide credit to taxpayers with income below certain established levels. Started in 2003 and going to 2010, the maximum credit per child is $1000 and is first applied to reduce or eliminate the taxpayer's federal tax liability. In 2011, the Sunset Provision will decrease the tax credit unless the credit is extended or made permanent.
How does this federal tax credit work and who qualifies for this credit? Well, let's start with the last question first. Every family with children qualifies, however the federal tax credit phases out when income is above $110,000 for married filing jointly, $75,000 for single, head of household, or widow, and $55,000 for married filing separately. In addition, the child tax credit might be limited by the amount of income tax you owe as well as any alternative minimum tax you might owe. But like everything else in this world, there are exceptions. If the amount of your child tax credit is greater than the amount of federal income tax you owe, you may be able to claim a portion or all of the difference as an "additional" Child Tax Credit. First exception: if your earned income exceeds $10,750, you may be able to claim up to 15 percent of that amount. Second exception: if you have three or more qualifying dependent children in your family, you may claim up to the amount of Social Security taxes you paid during the year, minus any Earned Income Tax Credit you received. If you qualify under both these exceptions, you receive the greater of the two amounts, up to the difference between your federal tax liability and your regular Child Tax Credit. You may want to seek a tax professional for help with this credit.

Article to continue below----------------------------------------------

Tax Season Brings Out The Fraud Artists (ABC News)
Tax season is a popular time for identity-theft scams. Identity theft - Theft - Crime - Fraud - Law

----------------------------------------------------------------------------

Now, to answer the "how does it work" aspect; the best approach might be to simply break down the requirements, and explain each fully. The child tax credit is the responsibility of the Internal Revenue Service (IRS), and the credit issuance is determined through the federal tax returns the individual taxpayer completes each year. Taxpayers must complete either the 1040 or the 1040A and the IRS form 8812. The IRS will then determine eligibility, and process accordingly; the requirements and limits change each year, so the individual's eligibility may change each year.


In order to qualify, a family must have earned at least $10,500 in income, and that figure will rise each year, according to inflation. There must also be at least one qualifying child. In order to be classified as a "qualifying child", the child must meet the following requirements: under age 17 of the tax year, claimed on your tax return as a dependent, must pass the relationship test (son, daughter, stepchild, grandchild, brother, sister, foster child, adopted child, etc.), be a US citizen or a resident alien, and have a social security number.

Article to continue below----------------------------------------------

Tax Season Brings Out The Fraud Artists (ABC News)
Tax season is a popular time for identity-theft scams. Identity theft - Theft - Crime - Fraud - Law

---------------------------------------------------------------------------



During its original year of inception, many families with qualifying children were mailed an advance federal income tax credit of either $300 or $400 dollars; but they were also told this would reduce their end-of-year tax credit, dollar for dollar.
The method used for determining the tax credit is fairly simple, and is not difficult to calculate; however, any individual taxpayer with uncertainty should seek the advice and assistance of a tax professional when preparing their federal tax return.


The credits, as stated earlier are claimed when you complete a 1040 or 1040A and file your returns with the Internal Revenue Service. Although many individual taxpayers pay for a professional to complete their federal tax returns each year, there are qualified preparers that are available free of charge each year, through the IRS; either way, make sure that you communicate your qualifications for the child tax credit, and check your tax return to see that the credit was applied. You do not want to let this tax credit slip by.


The child tax credit, along with the Hope and Lifetime Learning credits are a direct means to affect the individual taxpayer's tax liability and offer some level of tax relief. This is meant to help parents with the costs associated in raising children, and educating them. Most often, the child tax credit is a way to alleviate the existing federal tax liability for middle-income taxpayers. For the extremely low income families, there is often no income tax due, so there is no allowable tax credit. Although it does not help the poverty level families as a form of federal income tax refund or tax-free income, it does help to alleviate any federal tax liability. The Earned Income Credit is used by many poverty level or low-income families as a supplement to their earned income.





Keith Hoyng is the web master and operator of http://www.quickcash2u.com which is an excellent source of tax and debt relief and much more key financial information. Visit us at http://www.quickcash2u.com/TaxHelp.html

What Other Authors say about Taxes

How Will You Spend Your Tax Refund? by Carl LaFresnaye

Taxes – everybody hates them. The government takes from your paycheck every weekIt can be frustrating to see how much they get right off the top. Some of that youll never see again, but your federal and...

Income Taxes: What Do They Go? by Carl LaFresnaye

Remember the Boston Tea Party? In 1773, the king in England and his Parliment had just initiated the Tea Tax – and the settlers didn't accept it. Many of them dressed up as Indians, boarded a trade ship...

Understanding Basic Tax Terms by Ryan Fyfe

If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the...

Delinquent Taxes - What Happens if I Don't Pay the IRS? by Neil Lemons

Depending on how much time has past, an individual will see hundreds; even of thousands of dollars owed in back taxes that were not originally assessed when first receiving a letter from IRS. Similar to...

Gambling Income and Expenses - Taxes by Richard A. Chapo

Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.Gambling income includes, but is not limited...

Sources Of Tax Deductions by Carl LaFresnaye

Taxes are expensive! And though we don't mind paying “our fair share,” everyone is happy when they find a way to reduce their taxes. One of the simplest ways to reduce the taxes you will owe is to have...

Do You Know When To File A Tax Return? by Ken Snowie

Every year, millions of Americans dread the inevitable; they have to gather all of their receipts and records and get ready to file their Federal Income Tax Returns. When was tax season first initiated?...

Small Business Tax Credit - Americans with Disabilities Act by Richard A. Chapo

Many small businesses complain when confronted with the expense of complying with the Americans with Disabilities Act. Most do not realize that there are a number of tax incentives available to offset...


Who are the CPA Moms?      Your Tax Professional Forever!!!!

“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon.

To Join CPA Moms

Click for accredited member's reliablility report.

Privacy Policy    About Us    Disclaimer    Copywrited 2005  - 2010 & Developed by  Tax Net Inc  Contact Us

Index of Articles about Taxes

What Other Authors say about Taxes

How Will You Spend Your Tax Refund? by Carl LaFresnaye

Taxes – everybody hates them. The government takes from your paycheck every weekIt can be frustrating to see how much they get right off the top. Some of that youll never see again, but your federal and...

Income Taxes: What Do They Go? by Carl LaFresnaye

Remember the Boston Tea Party? In 1773, the king in England and his Parliment had just initiated the Tea Tax – and the settlers didn't accept it. Many of them dressed up as Indians, boarded a trade ship...

Understanding Basic Tax Terms by Ryan Fyfe

If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the...

Delinquent Taxes - What Happens if I Don't Pay the IRS? by Neil Lemons

Depending on how much time has past, an individual will see hundreds; even of thousands of dollars owed in back taxes that were not originally assessed when first receiving a letter from IRS. Similar to...

Gambling Income and Expenses - Taxes by Richard A. Chapo

Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.Gambling income includes, but is not limited...

Sources Of Tax Deductions by Carl LaFresnaye

Taxes are expensive! And though we don't mind paying “our fair share,” everyone is happy when they find a way to reduce their taxes. One of the simplest ways to reduce the taxes you will owe is to have...

Do You Know When To File A Tax Return? by Ken Snowie

Every year, millions of Americans dread the inevitable; they have to gather all of their receipts and records and get ready to file their Federal Income Tax Returns. When was tax season first initiated?...

Small Business Tax Credit - Americans with Disabilities Act by Richard A. Chapo

Many small businesses complain when confronted with the expense of complying with the Americans with Disabilities Act. Most do not realize that there are a number of tax incentives available to offset...