Can an Amendment Be Filed for Earned Income Credit?

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The Earned Income Tax Credit (EITC) was designed to provide some tax relief to low-income wage earners. If you were eligible for this credit, but failed to claim it, you can do so by filing an amended return.

What Is a Living Trust in California?

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Living trusts in California are legal documents that many people use in place of wills for estate planning purposes. When you establish a living trust you transfer ownership of assets such as real estate and bank accounts to the trust during your lifetime. A trustee manages the trust on a day-to-day

Tax Relief - Pension Schemes

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It is interesting to note the amount of time spent by the government working out proposals that will persuade individuals to bank money in personal or company pension schemes. You will accept the fact that, by itself, the State Pension is not enough to be the only income, so the government is attemp

Income Limitations on SSI Benefits

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With Supplemental Security Income, the Social Security Administration provides monthly payments to low-income U.S. citizens and eligible non-citizens if they are aged 65 or older, blind or disabled. SSI payments provide a financial lifeline to the elderly and disabled who cannot work or cannot find

Corporations Failing To Claim Amt Exemption Overpay Taxes By $11,000

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Does your incorporated business pay alternative minimum tax [AMT]? If so, there is a 93 percent chance you have been overpaying your taxes by an average of $11,000 a year according to the Treasury Inspector General.

Claim Charitable Donations For Tax Purposes

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The IRS allows charitable donations to be deducted from your tax liability each year. If you are trying to reduce the amount you owe to the Internal Revenue Service (IRS), a charitable donation may be claimed. Donating to charitable causes each year not only helps you in terms of taxes, but it also

Later Beneficiaries of Homeowners Tax Credit Got a Much Better Deal

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The Homeowners Tax Credit was part of the 2008 stimulus package law that endeavored to jump start the American economy after the recession, followed by the mortgage crunch. The credit was set to be an incentive to Americans to purchase houses and therefore, increase demand in the housing sector. The

Do You Pay Federal Income Tax on a Pension?

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Pensions are retirement plans that allow workers to save for the period late in life when they will no longer be working. Though you theoretically receive your pension during retirement, you will still be responsible for income taxes on most of those pension distributions. Because you received pre

Seychelles IBC - The Easiest of Tax Havens for Offshore Incorporation

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This article is all about Seychelles IBC and importance of offshore company formation. You can also check specifications related to Seychelles IBC.

About Tax-Free Gifts

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Financial gains received as monetary gifts are generally untaxed. While tax-free gifts can play an important role in your tax calculations and savings strategy, a careful understanding of the legal rules and regulations concerning tax-free gifts is required in order to avoid breaking the laws set by

The Debt Ceiling Compromise: A Closer Examination

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Earlier this week, mere days before the deadline, the Republicans struck a deal with the Democrats in Congress and President Barack Obama to raise the statutory ceiling on federal debt and avoid a default that would have been lethal to our economy. In the aftermath a great tidal wave of rhetoric has

Certified Medical Assistant Information

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Medical assistants are part of a growing industry and help provide care for patients. Certified medical assistants are certified by the American Association of Medical Assistants, and receive a CMA (AAMA) designation after qualifying for and passing an exam. The designation is held in high regard in

Property Tax Calculation for a New Home in Florida

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One of the biggest benefits of living in Florida is that there is no personal income tax. Unfortunately, there is a property tax levied on most real estate, including your new house. Given the fact that property values in Florida remain relatively high compared with the rest of the country, the prop

Donations and Tax Deductions for Business

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Businesses often donate to charitable organizations. While these donations are a way for businesses to give back to their communities and to display their generosity, there are often other motives also. Most of these charitable donations can be written off as tax deductions. Generally speaking, a bu

Can a Tax Attorney Help Me With Non-Filing Problems?

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The Internal Revenue Service regularly checks filed returns against W2s and other tax documents to make sure taxpayers report all their income. If a taxpayer has not filed at all, he can face serious civil penalties and possibly criminal charges. A tax attorney may provide help in resolving some iss

What If I Haven't Received My W2 Form Yet?

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Although the deadline for receiving a W-2 form from your employer is January 31, some employers occasionally send these tax forms out late for various reasons. One common reason an expected W-2 form doesn't arrive is that an employee moved and forgot to update her records with an employer. If you ha

What Is a Schedule C?

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A Schedule C is an IRS form filed with a 1040 tax return that reports profit or loss from a sole-proprietorship business. It is made up of five sections. A filer who has diligently kept records and receipts will find it easy to complete Schedule C.

Guide On The Tax System In Spain

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Here the team at Terry Wright Spain have done some research on the tax system in Spain to give you a better understanding as to how the system works.The tax office in Spain is known as the Hacienda, which is a part of the Ministerio de Economia y Hacienda. Each Spanish province has a head office or

What Percentage of Taxes Do You Pay for Unemployment in Michigan?

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Unemployment taxes vary from state to state. Unlike many other states, in Michigan all employment taxes are paid by the employer, so the percentage of unemployment taxes that workers must pay is zero. Michigan's unemployment tax structure is based on the age of the business.

How to Find Out How Many People Are Claimed in a Household

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Filing taxes is a complicated procedure. It not only requires knowing information such as how much money is made through the year, but also the number of individuals in the household. The number of individuals in a household is not always determined by how many people are living a home, so finding o