Tag Archives: Earned Income Credit
In order to get a little extra cash back this tax season, consider the benefits you can claim as dependents for children or adult relatives. For each dependent you claim that you qualify, you may be eligible for an additional tax credit that can reduce your tax liability and save you money depending on the […]
— Read moreErrors on your tax return happen, and generally they delay your refund. When the mistake is made while claiming the Earned Income Tax Credit, you can expect to wait a little longer to receive that part of your tax refund, even extending into months-long delays. In some cases, errors on the EITC portion of your […]
— Read moreEven if you received unemployment compensation during the year, you may still be able to claim the Earned Income Credit. However, you’ll need to meet a few requirements first. The EIC, as its name suggests, require you to have “earnings”, sourced from the act of providing services in exchange for compensation – for example: employment. […]
— Read moreThe Earned Income Tax Credit is refundable, allowing eligible low to moderate income workers the opportunity to reduce their taxable income. If its reduced below zero, the taxpayer may receive a refund of the excess amount of the credit. The credit is adjusted each year to account for the cost of living, as well as […]
— Read moreTax credits reduce the amount of income tax you owe to the government, both federal and state dollar-for-dollar. Tax credits are offered as a reward for stimulating the economy, the environment, or other governmental concerns in a beneficial way. Most tax credits cover expenses that are paid during the year, however there are certain requirements […]
— Read moreHave you ever owed taxes after you’ve filed your return in April? If so, you’re probably looking for ways to save this tax season. Seeing which tax credits you qualify for can make a big impact on your tax bill this season. Tax credits are a big advantage to taxpayers. Qualifying for a credit is […]
— Read moreIt seems like there’s so much to learn about the tax world. Many terms are relative, and once you learn them, you can apply them to other parts of the tax code. Earned income, for example is a vital definition to know so you can know what parts of your income are taxable. The following […]
— Read moreJust because you are a fulltime student doesn’t mean you are automatically exempt from filing a tax return or reporting your income. If you didn’t have enough withheld during the year, you may owe a surprising amount of taxes. If you don’t have to file a return, you still should, as you may be entitled […]
— Read moreIf you are a single parent you know you can face some only one of its kind situations in life, this can include things that come up at tax time as well. Before you file your taxes, you should check out these federal tax considerations: Head of Household – If you were single on the […]
— Read moreThe IRS reports only 4 out of 5 people who qualify for the Earned Income Credit actually claims it, this credit can put $2,400 back in your pocket at tax time. The IRS has developed an easy to use help system that will allow you to determine if you qualify for the credit. If you […]
— Read more
