Tax Carnival Ecstasy – October 11, 2011

Welcome to the October 11, 2011 edition of Tax Carnival Ecstasy. In this issue we have three top stories for this edition of the Tax Carnival. Gregory Stokes takes a look at the Child Tax Credit with a basic guide. Gemma Flannery has a nice post on Tax Codes and your Personal Allowance. Finally Jessica Bird writes about why the UK is the world’s third most expensive place to purchase petrol. Hope you enjoy the stories, bookmark, share, tweet, like on Facebook and come back soon.

credits

Gregory Stokes presents Your Basic Guide to Child Tax Credit posted at Tax Credit Calculator, saying, “If you have children under the age of 16 you may be able to claim child tax credits. This post is a guide on how to make claim.”

filing

Gemma Flannery presents Tax Codes and your Personal Allowance posted at Tax Codes, saying, “Each year you can earn a certain amount tax free. This post shows how your tax code is affected by your tax code.”

taxes

Jessica Bird presents UK is the world’s third most expensive place to buy petrol | posted at CarTaxBands.org, saying, “If you thought the price of gas was high in the US you should be glad that you are not living in the UK. The UK has the third highest price of gas in the world.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

 

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How To Save Taxes: Tips For Parents

How To Save Taxes: Tips For Parents

It’s only a new parent that knows how much cost is associated with any new baby – you need to buy bottles, diapers, a crib, high chair, and stroller – all these are needed even before the child learns how to walk and speak and be able to ask you for a pair of designer jeans worth $ 500. Even though it is expensive, parenting is an important and very rewarding job for any person to do in life. There is good news for the parents however. The federal government has offered 2 … Read more at 2009 Tax.

How To Save Taxes: Tips For Parents

It’s only a new parent that knows how much cost is associated with any new baby – you need to buy bottles, diapers, a crib, high chair, and stroller – all these are needed even before the child learns how to walk and speak and be able to ask you for a pair of designer jeans worth $ 500. Even though it is expensive, parenting is an important and very rewarding job for any person to do in life. There is good news for the parents however. The federal government has offered 2 tax breaks, one being the dependant exemption and the other is the child tax credit, so that they can prepare with proper financial planning for their family.

Around $ 3000 per year worth of deductions from your taxes can be obtained through the dependant exemption tax break till your child is 18 years old. This is an extra benefit the IRS provides over and above giving the standard exemption of tax covering basic expenses of livelihood. Single parents can take only one exemption and married couples can opt for both these exemptions every year.

Your savings through this exemption are determined in accordance with the tax bracket you are in; the higher this bracket, the more your savings will be as long as your income is not high enough that it does not qualify for any exemption. The dependant tax exemption is restricted for married couples who jointly file and have an adjustable total income higher than $300,000. Certain limits exist for single parents as well; so it’s important for you to take some time to consider these facts for both single parents and married couples in order to know that your income is within that limit. In case you qualify, you will then need to fill out the particular section of the form and supply the certification of adoption, or the children’s social security numbers.

The other tax break, child tax credit, can be availed by married couples having a total income not more than $ 13,000 and who file jointly; again, remember that the income limits frequently get revised. With this tax credit, up to $ 1000 can be received per child.

For claiming the credit amount, one needs to first complete the worksheet for child tax credit available in the IRS web site. A social security number or an identification number for adoption will be required for qualification. It is advisable to consult a professional for your tax plan and tax information as the taxation laws get revised from time to time.