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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 Delaware Taxation Lawyer Now!

Did You Know?

Form 8308 is Report of a Sale or Exchange of Certain Partnership Interests
Report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items.

	Newsroom
	News about Taxation cases in Delaware and nationwide: Improper Payments Of Comp Time Overtime In Engineer’s Department Auditor of State Betty Montgomery today released the annual financial audit of Perry County. The audit makes findings for recovery totaling m... Read more > IRS Announces Standard Amounts for Telephone Tax Refunds WASHINGTON — The Internal Revenue Service today announced the standard amounts that most long-distance customers can use to figure their telephone ... 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

Work Opportunity Credit and Welfare-to-Work Credit

Definition:
The work opportunity credit and the welfare-to-work credit are scheduled to expire for wages paid to individuals who began working for you after 2003.

Earned Income Credit

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

Exemptions

Definition:
Amount that taxpayers can claim for themselves, their spouses, and eligible dependents. There are two types of exemptions-personal and dependency. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.

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

Delaware Taxation Attorney

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

Bear
Camden Wyoming
Claymont
Clayton
Dover
Dover Afb
Felton
Georgetown
Greenwood
Harrington
Hockessin
Laurel
Lewes

Magnolia
Middletown
Milford
Millsboro
Milton
New Castle
Newark
Rehoboth Beach
Seaford
Selbyville
Smyrna
Townsend
Wilmington

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