Income tax accounting - Essay Example

Only on StudentShare

Extract of sample
Income tax accounting

is under 19 years old at the end of the year for which the claimant is claiming for the EITC or under 24 years old at the end of the year for which the claimant is claiming for the EITC or any age and permanently and totally disabled; and
The Child Tax Credit is a separate credit from the EITC. The Child Tax Credit is a nonrefundable credit and has a limit of $1,000 per qualifying child. The actual amount of Child Tax Credit is determined based on the income. The amount of Child Tax Credit is smaller if the adjusted gross income is more than: $110,000 and the filing status is married filing jointly, $75,000 and the filing status is single, head of household, or qualifying widow(er), or $55,000 and the filing status is married filing separately (Internal Revenue Service, 2004). In addition, the Child Tax Credit is basically limited by the amount of the income tax the parent owes as well as any alternative minimum tax the parent owes (Internal Revenue Service, 2006).
Parents who qualify for the Child Tax Credit may also qualify for the Additional Child Tax Credit. The Additional Child Tax Credit is a refundable credit and may give the parent a refund even if the parent does not owe any tax. The credit is for certain parents who receive less than the full amount of the Child Tax Credit (Internal Revenue Service, 2004). ...Show more


The Earned Income Tax Credit (EITC) is a refundable federal income tax credit for low-income working individuals and families (Internal Revenue Service, n.d.). Families with qualifying children can receive much more EITC than single workers who do not have any children…
Author : klockoclair
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Income tax accounting"
with a personal 20% discount.
Grab the best paper

Related Essays

Tax Evation
Without taxes, the government cannot deliver even the basic services it owes to the people. It cannot construct the necessary structures to develop the country. It cannot build schools, hospitals, and all other government buildings where services are rendered to the people.
10 pages (2500 words) Essay
Tax Law & Accounting
In 1939 Congress codified the Federal tax laws" ("Tax Law and Accounting," 2009). The aspect of modern income tax statutes that undeniably upset people the world over is that the tax law continually changes. Not only that, but it happens to be very complicated.
4 pages (1000 words) Essay
Income tax accounting Essay
Interest paid on money to buy or carry investment property that produces taxable income is also deductible on Schedule A, but under section 163(d) the deduction cannot exceed the net investment income. Commissions and other costs of acquiring or disposing of securities are not deductible but must be used to figure gain or loss upon disposition of the securities.
2 pages (500 words) Essay
Tax Rate in Thailand
Collecting different types of taxes is one important source of such funds. The tax rate depends not only upon the economic condition of the country, but it also depends upon a number of international factors. For example, these days the oil prices are heading down south.
5 pages (1250 words) Research Proposal
Tax Planning
Businesses need tax planning to help implement strategies that would lessen their tax liabilities for the year ahead. There are numerous tax planning strategies available to business owners. Regardless of how simple or how complex a tax strategy is, it will be based on structuring the business transactions to accomplish anyone or more of the following goals: 1) reducing the amount of taxable income, 2) reducing the tax rate , 3) claiming any available tax credits, or 4) controlling the effects of the Alternative Minimum Tax.
6 pages (1500 words) Essay
Tax Accounting Questions. Assignments
The main difference is that GAAP measures revenues and expenses while income tax accounting measures gross income and deductions. Under the GAAP, the matching principle records revenue and losses
12 pages (3000 words) Essay
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email