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4 years ago

What is eic for taxes

2 answers:

8 0

The United States federal earned income tax credit or income credit (EITC or EIC) is a refundable tax credit for low to moderate income working individuals and couples.

daser333 [38]4 years ago

5 0

It is estimated that 1 out of 5 people who qualify for the EITC don't claim it on their tax returns. Those people most in danger of missing out on their Earned Income Tax Credit include:

self-employed

people living in rural areas

grandparents raising their grandchildren

recently divorced

recently unemployed

taxpayers with no children

recipients of disability benefits

Don't let this happen to you! When you prepare your tax return on efile.com, we will automatically check to see if you qualify for the EITC, calculate the amount of your credit, and fill out the right forms for you to claim it.

<em>Remember: even if you don't owe income tax, you could still get the EITC as a tax refund, but you have to file a return to claim it.</em>

Hope it helps

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3 years ago

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4 years ago

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Bas_tet [7]

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4 years ago

By what amount would net income differ if bad debt expense was computed using the percentage-of-receivables approach? Assume tha

Murljashka [212]

Answer:

By following the Accountants Principle and Dicksons policy of debiting Bad debt accounts as Accounts are written off, the Net income would have been impacted negatively (reduced) by the write off from Prior period of $31,330 only

However, by following the % of receivables approach, a total of $31,330 (Write off from prior period) + $9,240 (current period provision for bad debt) will impact the Net Income negatively (reduced) = $40,570

Explanation:

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12% projected uncollectible debt = $9,240

Provision for bad debt under the % of receivables approach = $9,240

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4 years ago

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Answer:

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