Information on how taxpayers can determine if they are eligible for the Earned Income Tax Credit is now available.
May 22, 2015 — The Earned Income Tax Credit (EITC), varies based on one’s income, family size, and filing status, according to athometaxcalculator.com, which now explains the limits and available credits. It is based on information from IRS Commissioner John Koskinen. The article mentions the EITC Assistant, an IRS tool that helps taxpayers determine whether they are eligible and also calculates an estimated refund.
Those who may receive substantial refunds include employees, farmers, and self-employed individuals, the article states. It also says for all those who were eligible the total was over $63 billion. The average worker or family received about $2,300.
A major difference in the EITC is that it is refundable. One might receive a credit even if they don’t owe taxes, according to the author. The article goes on to list out the EITC income limits and maximum credit amounts based on household income and number of children. The next list shows the maximum credit for the tax year, again based on the number of qualifying children.
Next, the author explains how to claim the credit when filing a tax return. He also discusses how to avoid errors and mentions a few common mistakes in a series of bullet points. It is important to avoid mistakes to receive the EITC. Next, a few tips for identifying scams are provided. People have claimed fictitious children or dependents, for example.
To read more about the EITC and how to determine eligibility, view “You Might be Able to Claim the Earned Income Tax Credit” at http://athometaxcalculator.com/you-might-be-able-to-claim-the-earned-income-tax-credit.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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Traverse City, Michigan 49686
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