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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 Alaska Taxation Lawyer Now!

Did You Know?

Corporate Reorganizations; Transfers of Assets or Stock Following a Reorganization
These proposed regulations address the effect of transfers of the assets or the stock of parties to a reorganization pursuant to transactions intended to qualify as reorganizations within the meaning of section 368(a) of the Internal Revenue Code. REG-130863-04. Published August 17, 2004.

	Newsroom
	News about Taxation cases in Alaska and nationwide: Late Tax Scam Discovered; Free File Users Reminded To Use IRS.gov The Internal Revenue Service learned late Friday of a new tax scam on the Internet that lures taxpayers into filing tax information on a site masqu... Read more > Trust Promoters Sentenced To Prison For Tax Fraud WASHINGTON, D.C. - Five persons associated with Innovative Financial Consultants (IFC) were sentenced to lengthy prison terms for promoting a tax e... Read more > IRS Works With Associations to Help Hurricane-Affected Taxpayers IR-2006-43, March 13, 2006 WASHINGTON — The Internal Revenue Service announced today an agreement with two tax professional associations to... 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.

Excise tax

Definition:
A tax on the sale or use of specific products or transactions.

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

Alaska Taxation Attorney

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

Anchorage
Bethel
Chugiak
Eagle River
Fairbanks
Juneau
Kenai

Ketchikan
Kodiak
North Pole
Palmer
Sitka
Soldotna
Wasilla

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