Iowa’s taxation of married couples has quirks that can throw a taxpayer or tax preparer for a loop. This post will cover allocation of itemized deductions, and allocation of tax credits, when couples file separately in Iowa.
Answer: this discussion goes beyond sole proprietors, and the short answer is “maybe.”
In my recent post about fraud and the earned income credit, I got a comment from someone who pointed out that tax fraud is committed by people from all walks of life, not just the lower-income folks who qualify for refundable credits. This is a valid point. In a lot of discussions among tax pros, […]
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 […]
In 2012, I wrote that new IRS requirements on preparers regarding earned income credit claims would drive up fees. That’s been the case, but it’s not as bad as I had predicted.
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.