IRS Reminds you: Don’t Miss out on Earned Income Tax Credit

How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX

As reported by the salt lake tribune, The Internal Revenue Service on Monday launched its annual outreach campaign aimed at helping the millions of Americans who earned $49,078 or less take advantage of the Earned Income Tax Credit.

The agency also is spreading the word about free preparation assistance.

Although an estimated four out of five eligible workers and families are eligible for the EITC, one in five still miss out either because they don’t claim it or don’t file a tax return at all, according to the IRS.Workers who earned $49,078 or less from wages, self-employment or farm income last year could receive larger refunds if they quality for the credit. That could mean up to $464 in ETIC for those without children and a maximum credit of up to $5,751 for those with three or more qualifying children, the IRS said.

Unlike most deductions and credits, the EITC is refundable. In other words, those who are eligible may get a refund from the IRS even if they owe no tax.

People can find out if they qualify by visiting IRS.gov and answering a few questions using the EITC Assistant. In tax year 2010, almost 26.8 million eligible workers and families received more than $59.5 billion in EITC. The average EITC per individual last year was $2,200.

Read more

Advertisements

One response to “IRS Reminds you: Don’t Miss out on Earned Income Tax Credit

  1. Check this out on how can i make supplemental income online

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s