Twenty-five states and the District of Columbia offer resident taxpayers a state version of the federal earned income tax credit (EITC). Indiana is amongst the states who seek to reduce poverty through a tax credit that puts money back into their taxpayers’ pocket. Indiana’s EITC eligibility follows older federal guidelines, that don’t account for recent […]
— Read moreThe Earned Income Tax Credit (EITC) is one of the tax benefits available to taxpayers throughout the year to help keep their money in their own hands, and also reduce poverty levels. Along with the federal EITC, twenty five states (and the District of Columbia) offer a version of their own EITC, including Illinois. Residents […]
— Read moreAt tax time, any way that one can put more money back into their own pocket is a welcome relief. The Earned Income Tax Credit (EITC), does just that for working families with low incomes. Based off the federal government’s version, the state of Massachusetts offers their own version of the credit for state residents. […]
— Read moreIn Michigan, working families with low incomes may qualify for a state version of the Earned Income Tax Credit (EITC). Like the federal version, Michigan’s credit is offered to those with certain incomes to help encourage families to continue to work despite low wages and to keep those who do above the poverty line. Michigan’s […]
— Read moreThe federal government offers an Earned Income Tax Credit (EITC) to working families in an effort to combat poverty and help Americans retain a little extra of their hard-earned money. For lower income families, the EITC can be a big help at tax time, as it can keep taxpayers above the poverty line. Many states […]
— Read moreTwenty-five states and the District of Columbia have enacted their own state version of the Earned Income Tax Credit (EITC). Maine is among those who model their state credit after the federal version, in terms of eligibility requirements. Taxpayers can determine their eligibility for the Maine state EITC the same as they do for the […]
— Read moreOne mortgage point is equal to 1% of your loan paid upfront at closing in an effort to stick you’re a lower interest rate. While it isn’t applied to the principle of your loan, it may be beneficial down the road. Mortgage points paid are deductible in the following cases: The loan secures your primary […]
— Read moreWhile retirees may reap state income tax exemptions on public pension distributions and Social Security benefits in some states, the overall trend is that exclusions of state income tax on private pensions are less popular amongst the Great Fifty. Private pensions are fully taxed by the District of Columbia and the following twelve states: Arizona […]
— Read moreWhen it comes to state tax policies, federal legislation exists to protect governmental civil service pensions. Because of this, pensions deriving from state or local governments cannot receive better taxation than Federal civil service pensions. State tax departments are allowed to institute policies that favor their own state pensions over those from another state. The […]
— Read moreAlong with federal income tax, you are required to pay taxes on most income you earn as a resident of your home state. This income tax is assessed under specific regulations, and each state has different rules about what qualifies as taxable income. In twenty-seven of the fifty states and the District of Columbia, Social […]
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