The Small Business Tax Help Blog

Posts Tagged ‘michigan’

Question: Schedule C adding to tax return because of EITC?

This one’s for the tax experts.

In the past I had to pay taxes by reporting nonemployee compensation (line 7 of 1099-misc) on a schedule c and schedule se.

This year TaxSlayer and TaxAct are reporting that I do owe money, but will some receive more money than before by adding my self-employed income.

The only apparent difference between this year and last is that I have a daughter now and as so, I’m eligible for the Earned income tax credit.

Is it possible that the EITC or the Child Tax Credit is raising my return while still taking away medical, ss, etc?

Thanks

Answer: Aren’t daughters wonderful?

Yes, your EIC changed because of having a kid. You’re in a different collumn on that table now, one with numbers in it.

(Self-employment income qualifies as “earned income” for EIC purposes.)

The original purpose of the Earned Income Tax Credit was to defray the payment of FICA and medicare taxes for low-income workers. It used to be that you got the same % back as you paid in on your paycheck, but I think it was Clinton who raised the benefit so that you actually get back a higher rate.

Gavin Newsom PSA on the Importance of the Earned Income Tax Credit (EITC)

2010 Tax Prep

The calendar has been flipped from 2009 to 2010. That means W-2 forms and 1099’s will be showing up in your mailbox at the end of the month, and a trip to get your taxes done will soon follow. There are some changes you should be aware of as you get ready to file before that April 15th deadl . . .

IRS TAX TIPS: Making Work Pay – Retirees (ASL, Captions & Audio)

Vucurevich Foundation dishes out $1.5 million to area groups

The John T. Vucurevich Foundation awarded almost $1.5 million in grants to South Dakota arts, education and health and human services.

Pine Bluff / Jefferson County EITC Coalition – Free Tax Prep

Mines dot health bills: Public option among concerns for business

Health care and business leaders in Southeast Michigan have mixed reactions to a 2,700-page health care reform bill approved Christmas Eve by the U.S. Senate. Executives had similar reactions when the U.S.

The HAPPY Act to provide tax credit for pet and veterinary care by U.S. Rep. Thaddeus McCotter

Married Couples Pay More Than Unmarried Under Health Bill

WASHINGTON -(Dow Jones)- Some married couples would pay thousands of dollars more for the same health insurance coverage as unmarried people living together, under the health insurance overhaul plan …

Are you eligible for the Earned Income Tax Credit?