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FAQ

How is the minimum income for earned income credit calculated?
If you go to irs.gov you’ll get a clearer information than my generalattorney information. The real answer is “it depends.”EIC has a lot of rules and the rules change from year to year.EIC as of 2021 these are the factors that IRS looked at this list is notexhaustive to calculate the minimum income age of taxpayer filing statusimmigration status total earned income in home number of individuals livingin the home how long each individual lived in the home student status ofsome of the individuals in the home the familial relationship between theindividuals who provided more than 50 support for each individual.
What is the meaning of all basic business terms (like Capital, Gross profit,Net profit, revenue, turnover etc.)?
Revenue Income Sales An activity of selling a productservice and it is calculated interms of revenue or volume.Turnover Profit Amount earned Amount spent on buying operating manufacturingMargin difference between product’s selling price and its cost tomanufacture.Margin Selling price manufacturing costLoss losDebt is an amount of money owed to a particular entitysay bank or personDebit money leaving your accountvaletCredit money entering your accountvaletDebit and credits are equal but opposite actions when recording accountingtransactions.Break even Capital Moneyor assets invested in a business to generate income.asset if X is an asset then it means X is owned by the business or theorganization or the person. In depth meaning is it is also available to meetdebts of the business.Equity ownership on a businessLiability
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