Tag Archives: EITC
If you wish to claim the Earned Income Tax Credit (EITC) and you fall under the income limitations in relation to your adjusted gross income, the next rule you have to meet requires you to have a valid Social Security Number (SSN). If you file jointly with your spouse, both parties have to have an […]
— Read moreThe Earned Income Tax Credit (EITC) is a great way for low-income workers and their families to receive a little extra assistance during the tax season. There are seven major requirements a taxpayer must meet in order to pre-qualify for the EITC. If you meet all seven, there are additional rules that you have to […]
— Read moreAs a military service person, you will receive a Form W-2, Wage and Tax statement, like other employees. This form will document your military pay that is subject to taxable income. In cases where you were paid for military service in a combat zone, those wages may be excluded from taxation. Additionally, any commissioned officers’ […]
— 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 moreTaxpayers who work, but have low incomes, are entitled to a special tax credit known as the Earned Income Credit. This credit is essentially an incentive for low income taxpayers to continue working, and is second only to Medicaid in the amount of assistance it provides to low income families. The earned income credit amount […]
— Read moreIf a divorced couple has children, only one parent is eligible to claim any credits relating to the child. This means that one parent cannot claim the Earned Income Tax Credit, while the other claims dependency exemptions and credits. Typically, the custodial parent is eligible to claim the dependency exemption, the child tax credit, the […]
— Read moreIf you have children, you may be entitled to beneficial tax credits. There are a few credits that are specifically targeted towards parents, and can be extremely helpful when it comes to saving money or offsetting the costs of raising children. In most scenarios, you can claim your child as a dependent, including children just […]
— Read moreSince it was enacted almost 40 years ago, the Earned Income Tax Credit has been helping boost revenues of low and moderate income workers. The IRS reports that four of every five employees eligible for the EITC claim the benefit, however they’d like to see everyone who qualifies take advantage of it. If you qualify, […]
— Read moreNot too many things can make you happy when it comes time to pay your taxes. The tax credit can be your friend and ally during tax season, so it’s important to get informed about which credits you may qualify for. Tax credits reduce the amount of tax you are responsible for paying, and some […]
— Read moreDo You Qualify for the Earned Income Tax Credit? For low to moderate income families, the Earned Income Tax Credit is available to help reduce the amount of federal income taxes that you owe. The refundable credit is available to families who earn the majority of their income through working (opposed to investing) and can […]
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