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Sunny Day · 03-30-2014, 02:14 PM

Unless they've changed things,

A Premium is what you pay on an insurance policy. Just like you pay a yearly premium on your car insurance. You cousin will pay $132 monthly.

A Tax Credit is what you can deduct when you file your taxes. Cousin's credit $607 monthly.

The BS with a Tax Credit is, if you don't have enough income, it's bogus. At $15,000 the cousin may not be paying much in taxes anyway or nothing.

I worked for a small start-up company looking for any help. They got tax credits for hiring "disadvantaged" people. Such as farmers who lost their farm, divorced house wives. there's a a ton of qualifications. But it did the company no help as they were losing money. A big company I worked for scored millions of tax credits for hiring employees who lived in areas ravaged by items such as Hurricane Katrina.

It's an encouragement to hire in areas where businesses might not want to hire. That's how DeLorean ended up building his cars in N Ireland. But for the average, lower income working person it might mean you income tax bill goes down a few $100 if at all.

03-30-2014, 02:14 PM
Sunny Day Confirmed User Industry Role: Join Date: Dec 2010 Posts: 1,406	Premium vs Tax Credit Unless they've changed things, A Premium is what you pay on an insurance policy. Just like you pay a yearly premium on your car insurance. You cousin will pay $132 monthly. A Tax Credit is what you can deduct when you file your taxes. Cousin's credit $607 monthly. The BS with a Tax Credit is, if you don't have enough income, it's bogus. At $15,000 the cousin may not be paying much in taxes anyway or nothing. I worked for a small start-up company looking for any help. They got tax credits for hiring "disadvantaged" people. Such as farmers who lost their farm, divorced house wives. there's a a ton of qualifications. But it did the company no help as they were losing money. A big company I worked for scored millions of tax credits for hiring employees who lived in areas ravaged by items such as Hurricane Katrina. It's an encouragement to hire in areas where businesses might not want to hire. That's how DeLorean ended up building his cars in N Ireland. But for the average, lower income working person it might mean you income tax bill goes down a few $100 if at all.