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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 Missouri 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 Missouri and nationwide: U.S. Asks Federal Court to Bar Dallas Man from Preparing Tax Returns for Others The United States has sued a Dallas, Texas, man, seeking to bar him from preparing federal income tax returns for others, the Justice Department an... Read more > U.S. Government Sues Jackson Hewitt Tax Preparation Franchises, Alleging Pervasive Fraud The United States has filed civil injunction suits against five corporations that operate Jackson Hewitt tax preparation franchises, as well as 24 ... Read more > IRS Issues Winter 2004-2005 Statistics of Income Bulletin WASHINGTON — The Internal Revenue Service today announced the release of the Winter 2004-2005 issue of the Statistics of Income Bulletin. T... Read more > More Taxation News >

Taxation Terms

Today's Terms

Acquisition

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

Compulsory payroll tax

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

Partnership return

Definition:
If you need more time to file a partnership return, file Form 8736, Application for Automatic Extension of Time To File U.S. Return for a Partnership, REMIC, or for Certain Trusts, for an automatic 3-month extension. File Form 8736 by the regular due date of the partnership return.

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

Missouri Taxation Attorney

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

Arnold
Ballwin
Belton
Blue Springs
Cape Girardeau
Chesterfield
Columbia
Fenton
Florissant
Grandview
Independence
Jefferson City
Joplin

Kansas City
Lebanon
Liberty
O Fallon
Poplar Bluff
Rolla
Saint Charles
Saint Louis
Saint Peters
Sedalia
Sikeston
Springfield

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