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January 30, 2012

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Taxation Legal News

2005 Federal Earned Income Tax Credit

Earned Income Credit Amounts Increase

The maximum amount of income you can earn and still get the credit is higher for 2005 than it is for 2004. You may be able to take the credit for 2005 if:

You have more than one qualifying child and you earn less than $35,263 ($37,263 if married filing jointly)

You have one qualifying child and you earn less than $31,030 ($33,030 if married filing jointly)

You do not have a qualifying child and you earn less than $11,750 ($13,750 if married filing jointly)

The maximum amount of adjusted gross income (AGI) you can have and still get the credit has also increased.

You may be able to take the credit if your AGI is less than the amount in the above list that applies to you.

Contact our Cincinnati Taxation Lawyer Now!

Did You Know?

Form 5471 is Information Return of U.S. Persons With Respect to Certain Foreign Corporations
Report information with respect to certain foreign corporations. A domestic partnership may have to file Form 5471 if it: Controls a foreign corporation; or Acquires, disposes of, or owns 5% or more in value of the outstanding stock of a foreign corporation; or Owns stock in a corporation that is a controlled foreign corporation for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and it owned that stock on the last day of that year.

	Newsroom
	News about Taxation cases in Cincinnati and nationwide: IRS Reminds Corporations To File For An Extension By March 15 Today the Internal Revenue Service reminds certain corporations with assets of $10 million or more and whose tax year is the calendar year to e-fil... Read more > New Law Revamps IRS Offer In Compromise Program WASHINGTON — Under a new federal law, taxpayers submitting new offers in compromise must make a 20 percent nonrefundable, up-front payment in many ... Read more > New IRS Study Provides Preliminary Tax Gap Estimate WASHINGTON – The Internal Revenue Service released preliminary results today from a major research project assessing compliance with the tax laws. ... Read more > More Taxation News >

Taxation Terms

Today's Terms

Subchapter S

Definition:
The S-Corporation must complete and file IRS Form 1120s to report its annual income to the IRS each year.

Acquisition

Definition:
The purchase of one corporation by another, through either the purchase of its shares, or the purchase of its assets.

Self-Employment Tax

Definition:
The self-employment tax rate on net earnings remains the same for 2003. This rate, 15.3%, is a total of 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).

More Taxation Terms >

Tax Legal Resources

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Taxation Hot Topics

Topics Related to Taxation Law:

Income Tax Cases
Recent Estate & Gift Tax Cases
Recent Income Tax Cases
State Statutes Dealing with Taxation

Cincinnati Taxation Attorney

If you live in the following cities and need an taxation attorney you should contact our Taxation Attorney as soon as possible:

Alliance
Ashtabula
Barberton
Beachwood
Bowling Green
Brunswick
Canton
Chillicothe
Cincinnati
Cleveland
Columbus
Dayton
Delaware
Dublin
Eastlake
Elyria
Fairborn
Fairfield
Findlay
Grove City
Hamilton
Hilliard

Kent
Lakewood
Lancaster
Loveland
Marion
Mason
Massillon
Medina
Mentor
Middletown
Newark
Painesville
Reynoldsburg
Sandusky
Stow
Toledo
West Chester
Westerville
Wooster
Xenia
Youngstown
Zanesville

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