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February 06, 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 Pennsylvania Taxation Lawyer Now!

Did You Know?

If you have employees, you are responsible for Federal Taxes
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold certain taxes from your employees pay checks. Employment taxes include the following. Federal income tax withholding Social Security and Medicare taxes Federal unemployment tax act (FUTA).

	Newsroom
	News about Taxation cases in Pennsylvania and nationwide: Lake Worth Tax Return Preparer Convicted On Tax Fraud, Contempt Charges Following a five-week trial, a federal jury in West Palm Beach has found defendant Louis Wayne Ratfield, a Lake Worth, Fla., tax return preparer, g... Read more > IRS Gives Northeast Storms Victims Until April 26 To File Tax Returns Taxpayers affected by the major storm that hit the Northeastern United States April 16 now have until Thursday, April 26 to file their tax returns,... Read more > 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 > More Taxation News >

Taxation Terms

Today's Terms

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).

Limited Liability Company

Definition:
An LLC may be classified for Federal income tax purposes either as a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in Regulations section 301.7701-3. See Form 8832, Entity Classification Election, for more details.

Employee

Definition:
Works for an employer. Employers can control when, where, and how the employee performs the work.

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

Pennsylvania Taxation Attorney

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

Aliquippa
Allentown
Bensalem
Bethlehem
Butler
Carlisle
Chambersburg
Chester
Coatesville
Coraopolis
Downingtown
Doylestown
East Stroudsburg
Easton
Greensburg
Hanover
Havertown
Hazleton
Irwin
Lancaster
Lansdale

Lebanon
Lititz
Media
Morrisville
New Castle
New Kensington
Norristown
Philadelphia
Pittsburgh
Pottstown
Southampton
State College
Uniontown
Upper Darby
Warminster
Washington
West Chester
Wilkes Barre
Williamsport
York

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