Questions from Federal Taxation

Q: Can all taxpayers who claim a child as a dependent receive a

Can all taxpayers who claim a child as a dependent receive a child tax credit for that child? Explain.

Q: What are the general criteria for eligibility for the earned income credit

What are the general criteria for eligibility for the earned income credit?

Q: Merlene owns a bookstore. The store needs repainting, but she

Merlene owns a bookstore. The store needs repainting, but she is short of cash to hire a painter. Fred is a painter who enjoys fine mystery novels. Merlene makes a deal with Fred to have him paint...

Q: Is the child credit refundable? Explain.

Is the child credit refundable? Explain.

Q: What are the general criteria for eligibility for the child- and

What are the general criteria for eligibility for the child- and dependent-care credit?

Q: Art is in the 28% marginal tax bracket for 2017.

Art is in the 28% marginal tax bracket for 2017. He owes a $10,000 bill for business expenses. Since he reports taxable income on a cash basis, he can deduct the $10,000 in either 2017 or 2018, depe...

Q: Does the child-care credit help promote a progressive tax rate

Does the child-care credit help promote a progressive tax rate structure? Explain.

Q: Compare and contrast the American Opportunity Tax Credit with the Lifetime Learning

Compare and contrast the American Opportunity Tax Credit with the Lifetime Learning Tax Credit.

Q: What determines who must file a tax return?

What determines who must file a tax return?

Q: What is the difference between a personal exemption and a dependency exemption

What is the difference between a personal exemption and a dependency exemption? Are all taxpayers allowed a personal exemption?