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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 Iowa Taxation Lawyer Now!

Did You Know?

There are tax rules if change in accounting method is made
Generally, the partnership must get IRS consent to change its method of accounting used to report income (for income as a whole or for any material item). To do so, it must file Form 3115, Application for Change in Accounting Method. See Form 3115 and Pub. 538, Accounting Periods and Methods.

	Newsroom
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Taxation Terms

Today's Terms

Standard Mileage Rate

Definition:
For 2004, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck is increased to 37.5 cents a mile for all business miles.

Dependency exemption

Definition:
Amount that taxpayers can claim for their eligible dependents. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.

Federal income tax

Definition:
The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt.

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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

Iowa Taxation Attorney

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

Ames
Ankeny
Bettendorf
Burlington
Cedar Falls
Cedar Rapids
Clinton
Council Bluffs
Davenport
Des Moines
Dubuque
Fort Dodge

Iowa City
Marion
Marshalltown
Mason City
Muscatine
Newton
Ottumwa
Sioux City
Urbandale
Waterloo
West Des Moines

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