Archive for September, 2009
Earned Income Tax Credit
September 23rd, 2009 | 
Author: 
WOW! I can’t believe after all of these years the Internal Revenue Service has finally realized some people have more than two children. For everyone who has claimed earned income tax credit before you know the maximum credit you could receive was for two kids with a maximum of approximately $4k per year.
This year the law has changed and now you can receive credit for three children. I know that’s exciting for someone with more than three children; however, it’s a start it has taken a very long time for us to get to this point. When my children were small and my income was in the $15k dollar range I could only receive credit for two. I didn’t think it was fair since I had three mouths to feed and clothed with a small income.
Now the other good stuff the salary range has increased if you had more than three kids living with you and you made less than $43,279 you may be able to take the credit. Let’s look at an example:
Let’s say Jane had three kids and her EARNED income from working was $12,700 and she paid $1,905 in taxes for this example her refund would be:
Earned Income Tax Credit – $5,657
Federal Income Tax Withheld – $1,905
Total Refund: $7,562
Remember, this is just an example; but, that was a great refund to me anyway. Before claiming the credit make sure you meet all the requirements.
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Loans For People in the Military
Dealing with financial difficulties can prove to be daunting and extremely frustrating. There comes a point where you just have to bite the bullet and seek help through obtaining loans. Some of the easiest to apply for are loans for people in the military. These loans are granted for people who have served in the military or the immediate members of those that are currently enlisted and on active duty.
How to apply for loans for a military person?
1. Show proof that you are indeed military personnel or have otherwise served the armed forces.
2. Be sure to present necessary documents especially if you are hoping to be approved for any amount larger than $5000. There are certain limitations as to the amount of money that can be borrowed under loans for a military person.
3. Fill out the necessary papers and state the amount of money you wish to borrow as well as the purpose for obtaining such funds.
4. Wait for the approval to be granted.
Parameters of loans for military person
1. Unsecured loans have lower amount limits. If you want to be approved for a higher amount of money, you may have to present collateral for security purposes.
2. The collateral for secured loans can be any significant asset such as your home or your vehicle depending on the total amount of cash you are borrowing.
3. Interests depend on the guidelines set by the creditor, your credit worthiness, and the period set for paying back the loan.
4. You can be approved for lower interest rates if you have outstanding credit or if the worth of the collateral is more than twice the total principal loan amount.
5. If you are turned down by prime lenders, you can still get money by arranging with subprime lenders who are not as stringent with the requirements.
6. You can also get lower rates by looking around for better loan offers. You can use the internet to search for quotes that can guide you in deciding which type of loan is best for you and which credit company you should be dealing with.
7. There are certain loans for military people that have flexible interest rates. You should look into the possibility of applying for this instead so you will be able to better adapt to the repayment schedule depending on your financial capacity in the very near future.