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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.

     

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    Contact our Oklahoma 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).

    		 


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    News about Taxation cases in Oklahoma and nationwide:

    2004 Tax Law Changes
    Education IncentivesThe maximum Tuition and Fees Deduction is $4,000 for those with Adjusted Gross Income (AGI) up to $65,000...
    Read more >

    New IRS Study Provides Preliminary Tax Gap Estimate
    WASHINGTON – The Internal Revenue Service released preliminary results today from a major research project assessing compliance with the tax laws. ...
    Read more >

    Tax Amnesty Collections Near $10 Million
    Program on Pace to Hit $48 Million Target

    Richmond, VA, October 15, 2003 - Virginia's Tax Amnesty program, which seeks to...
    Read more >

    More Taxation News >

    		  
     

    Taxation Terms

     


    Today's Terms

    Meal Expense Deduction

    Definition:
    Generally, you can deduct only 50% of your business-re-lated meal expenses while traveling away from your tax home for business purposes. Also, you can generally de­duct only 50% of certain reimbursements you make to your employees for meal expenses they incur while traveling away from home on business.

    Employee

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

    Electric and Clean-Fuel Vehicles

    Definition:
    For vehicles placed in service in 2004, the maximum clean-fuel vehicle deduction and qualified electric vehicle credit are scheduled to be reduced by 25%, as compared to 2003.

    More Taxation Terms >

     

    Tax Legal Resources
     


    Search Taxation legal resources in our resource center:

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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

    More Tax Topics >

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

    • Ada
    • Altus
    • Ardmore
    • Bartlesville
    • Bethany
    • Broken Arrow
    • Chickasha
    • Choctaw
    • Claremore
    • Collinsville
    • Duncan
    • Durant
    • Edmond
    • El Reno
    • Enid
    • Guthrie
    • Lawton
    • Mcalester
    • Miami
    • Muskogee
    • Mustang
    • Norman
    • Oklahoma City
    • Okmulgee
    • Owasso
    • Ponca City
    • Sand Springs
    • Sapulpa
    • Shawnee
    • Stillwater
    • Tahlequah
    • Tulsa
    • Yukon
     


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