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IRS Presents: Five Facts about the Making Work Pay Tax Credit
1. This credit – still available for 2010 – equals 6.2 percent of a taxpayer’s earned income. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers.
2. Eligible self-employed taxpayers can benefit from the credit by evaluating their expected income tax liability and, if they are eligible, by making the appropriate adjustments to the amounts of their estimated tax payments.
3. Taxpayers who fall into any of the following groups during 2010 should review their tax withholding to ensure enough tax is being withheld. Those who should pay particular attention to their withholding include:
- Married couples with two incomes
- Individuals with multiple jobs
- Dependents
- Pensioners
- Workers without valid Social Security numbers
Having too little tax withheld could result in potentially smaller refunds or – in limited instances –small balance due rather than an expected refund.
4. The Making Work Pay tax credit is reduced or unavailable for higher-income taxpayers. The reduction in the credit begins at $75,000 of income for single taxpayers and $150,000 for couples filing a joint return.
5. A quick withholding check using the IRS Withholding Calculator on IRS.gov may be helpful for anyone who believes their current withholding may not be right. Taxpayers can also check their withholding by using the worksheets in IRS Publication 919, How Do I Adjust My Tax Withholding?. Adjustments can be made by filing a revised Form W-4, Employee’s Withholding Allowance Certificate. Pensioners can adjust their withholding by filing Form W-4P, Withholding Certificate for Pension or Annuity Payments.
For more information about this and other key tax provisions of the Recovery Act, visit IRS.gov/recovery.
Links:
- The American Recovery and Reinvestment Act of 2009: Information Center
- The Making Work Pay Tax Credit
- IRS Withholding Calculator
- Publication 919, How Do I Adjust My Tax Withholding?
- Form W-4, Employee’s Withholding Allowance Certificate
- W-4P, Withholding Certificate for Pension or Annuity Payments
YouTube Videos:
Flabbergasted Reputable Tax Service Company acting like an A-Hole
By Stacie Clifford Kitts, CPA
I was totally amazed a few days ago when I received a spam comment from a reputable organization that describes themselves as premier providers of specialty tax services. Like I mean flabbergasted. I’ve done business with these people. They aren’t stupid. But come on. They don’t know that spam commenting is sleazy and disgusting and just plain wrong?
Needless to say, it really really ticked me off and got me to thinking who the heck is giving out the bad advice.
For those of you who aren’t bloggers maybe you can still understand the premise here. Bloggers put forth effort. You know, a real time investment involving research, examination and compiling of information for their posts. And for the most part, bloggers do it for free. There is the payoff of course, the showcasing of your expertise, the expansion of your web presence, the name recognition yada yada yada.
Then you get some sleaze ball who looks at your blog site (or they hire some slimy low life company that does it for them) and says, gee I’m going to post a spam comment on this blog to get some free advertising off the back of someone else’s hard work.. Come on WHAT TYPE OF A-HOLE thinks that is a good idea.
If you are wondering, what a spam comment looks like. Well – it generally advertises the services of another company. It reads like marketing literature. It links back to someone else’s website, and for the most part has no real reference back to the original blog post. It’s the blog world equivalent of a form letter, cold and impersonal.
Bloggers post content that they often hope will relate back to a reader on a personal level. It showcases not only the writers knowledge, but also their personality and opinions. Think of spammers like this, you are out having cocktails with a friend chatting happily about what knot when some greasy slime bag wedges his way into the conversation and tries to sell you a used car – eewwww get away from me you creep.
The comment section of a blog is meant for readers who are interested in commenting about the post, sometimes a reader thanks you for the information, praises the writer on a job well done, asks a question about the content or maybe the commenter wants to express their own opinion on the subject .
Hello, the comment section of a blog post IS NOT FREE ADVERTISING SPACE FOR YOU OR YOUR BUSINESS. If you want to capitalize on my time investment and my readership, contact me and I will be happy to discuss the fee for advertising on my site.
Stacie's Tax Stuff 