Tag Archives: Earned Income Tax Credit

Form 1040 Tax Credits

January 11, 2023

The Form 1040 is the primary form used by taxpayers to report their annual income and tax liability to the Internal Revenue Service (IRS), and it is important to be aware of the various tax credits that may be available to claim on it. Tax credits are deductions from the amount of taxes owed to […]

Categories: Credits Tags: , , , ,

The IRS announced this month that most Americans should receive their refunds within 21 days of filing – with some exceptions. Due to regulations designed to prevent fraud, claiming the Earned Income Tax Credit will slow down your tax return. As a result, people who claim this credit and file their returns on January 24 […]

Categories: Credits Tags:

The earned income tax credit is a way for low and moderate income families to save some money during taxation. The EITC is reimbursable and may reduce taxes owed to families working under certain circumstances to zero. If your income primarily comes from working and not investing, you are eligible. The level of income changes […]

Categories: Credits Tags: , ,

The Child Tax Credit

December 14, 2018

Families working know how expensive it is to raise children. At tax time, the government offers these families some help through the 1997 child tax credit. This credit gives eligible families $ 2,000 per child under 17 years of age. Both Democrats and Republicans continued to support tax credit, which resulted in an expansion in […]

Categories: Credits Tags: , , ,

Often, taxpayers qualify to claim the Earned Income Tax Credit (EITC), however they forget when they file their return. The IRS reports that one out of every five qualified taxpayers don’t claim the credit. Like all tax credits, the EITC decreases the amount of taxes you owe the IRS, and depending on the number of […]

Categories: Credits Tags: ,

Most taxpayers know that there are certain income limitations that they must fall under to claim the Earned Income Tax Credit (EITC), however income is not the only thing that can affect your eligibility. The other requirements one must meet in order to claim the EITC follow: You must have at least $1.00 in earned […]

Categories: Credits Tags: , ,

This year, don’t forget to take advantage of tax credits and benefits that can save your family money. The following credits are important to taxpayers and their families: Child Tax Credit: is worth up to $1,000 per child, depending on income. The higher your annual income, the smaller the credit. Married taxpayers who file jointly […]

Categories: Credits Tags: , , , ,

It’s common for many people to make a little mistake on their tax return. In doing so, it can delay your refund. However, if you make a mistake when claiming the Earned Income Tax Credit, you may wait months to receive that portion of your refund. Depending on the situation, some errors can lead to […]

Categories: Credits Tags: , , ,

Tax credits can really make a difference for your refund at tax time. Refundable tax credits are even better, as they can offer you money back even if your tax liability is reduced to zero. One of the most popular refundable tax credits you may be eligible to claim is the Earned Income Tax Credit. […]

Categories: Credits Tags: ,

Though there are no refunds once you have children, they may be worth a credit – a tax credit, that is. Parents can benefit from the Child Tax Credit, a popular tax break that is worth $1,000 per child when you file. Your child must be claimed as a dependent on your tax return and […]

Categories: Credits Tags: ,