Answer: this discussion goes beyond sole proprietors, and the short answer is “maybe.”
This is something I’ve wanted to research for a long time. Paid preparers are saddled with increasing IRS requirements and scrutiny regarding the earned income credit. The IRS says this is justified because $14.5 billion EIC claims are paid in error. This represents 24% of all EIC claims. But how many of those claims are […]
The Earned Income Credit refers to a tax credit available to taxpayers between the ages of 25 and 65 whose income is below certain levels.