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July 20, 2010

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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 Indiana Taxation Lawyer Now!

Did You Know?

There are tax rules if change in accounting method is made
Generally, the partnership must get IRS consent to change its method of accounting used to report income (for income as a whole or for any material item). To do so, it must file Form 3115, Application for Change in Accounting Method. See Form 3115 and Pub. 538, Accounting Periods and Methods.

	Newsroom
	News about Taxation cases in Indiana and nationwide: Electronically Filed Returns Up More Than 5 Percent The Internal Revenue Service announced today that taxpayers are continuing to electronically file their tax returns at a record pace, up more than ... Read more > IRS Updates Tax Gap Estimates Washington — Internal Revenue Service officials announced today that they have updated their estimates of the Tax Year 2001 tax gap based on the Na... 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 > More Taxation News >

Taxation Terms

Today's Terms

Compulsory payroll tax

Definition:
An automatic tax collected from employers and employees to finance specific programs.

Federal income tax

Definition:
The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt.

Earned Income Credit

Definition:
A tax credit for certain people who work, meet certain requirements, and have earned income under a specified limit.

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

Indiana Taxation Attorney

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

Bloomington
Brownsburg
Carmel
Columbus
Connersville
Crawfordsville
Crown Point
East Chicago
Elkhart
Evansville
Fishers
Fort Wayne
Franklin
Goshen
Granger
Greenfield
Greenwood
Hobart
Huntington
Indianapolis
Jeffersonville
Kokomo
La Porte

Lafayette
Logansport
Marion
Martinsville
Merrillville
Michigan City
Mishawaka
Muncie
New Albany
New Castle
Newburgh
Noblesville
Peru
Plainfield
Portage
Richmond
Seymour
Shelbyville
South Bend
Terre Haute
Valparaiso
Vincennes
West Lafayette

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