February 3, 2010 – 1:26 pm
Earned Income Credit Missed by Many
One of the best tax credits available today is the Earned Income Credit but many individuals don’t claim it even when they qualify. These individuals may not have qualified last year but their financial, marital, or dependent situation may have changed making them now qualified.
The tax credit maximum is $5,657 this year and depends on your income and how many dependent children you have in your household. Plus the credit is refundable, which means you can get a refund above the tax your into the treasury during the tax year. Make sure not … Read the rest
By Steve
|
Posted in tax credit, tax filing, tax forms, tax tips
|
Also tagged Credit, dependents, Earned Income Tax Credit, eitc, household, Income, Income tax, internal revenue service, irs gov, Tax, tax credit, Taxation, United States, valid social security number
|
January 13, 2010 – 4:08 pm
Tax Impact of Having Children
There are numerous tax advantages to having children that the IRS has provided. If you have children you can begin claiming them as dependents the year they are born. This immediate tax deduction helps offset some of the additional expenses you will face as a parent. There are other credits and deductions to consider too.
The Child Tax Credit is available for dependents up until the age 17. And once you have received the full benefit of the Child Tax Credit you can file for the Additional Child Tax Credit. This Additional Child Tax Credit … Read the rest
By Steve
|
Posted in tax credit, tax filing, tax tips
|
Also tagged additional child tax credit, Child, child tax credit, coverdell education savings, coverdell education savings account, IRS, kiddie tax, Tax, tax act, tax advantages, tax deduction, taxact
|
