The earned income credit is one of the most valuable credits for those with low or moderate incomes. To claim it you will need to file an income tax return, even if you don’t necessarily owe anything in taxes.
The Earned Income Tax Credit (EIC) is a credit that is for low to moderate-income taxpayers to get ahead and have more money in their pockets. It can boost refunds significantly if you can meet the eligibility guidelines to claim it.
For example, if you are employed, but your income is considered “low” by the IRS, you may be able to claim the earned income tax credit, which currently has a maximum credit amount of $6,660.
Below you will find the EIC table chart and some of the most common questions that taxpayers have about the Earned Income Credit.… Read the rest
Not everyone mау actually knоw how a tаx rеfund wоrkѕ, but еvеrуоnе wоuld surely want tо receive a tax rеfund. A tax rеfund is a refund returned bу thе gоvеrnmеnt fоr оvеrрауmеnt of tаxеѕ. When the tax уоu оwе iѕ lеѕѕ thаn whаt уоu раid in, уоu get a rеfund. Sо hоw dо you get your rеfund fаѕt?
A Tax Rеfund iѕ Prосеѕѕеd Aftеr Yоu Have Filed a Tаx Rеturn.
If you are a member of America’s armed forces, we know how valuable your time is – even when it comes to tax season. That’s why we have compiled a few tips for you to know as you begin the process of paying Uncle Sam.
You don’t need to be an expert in state and federal tax code, and you don’t need to spend the money on an accountant or go to a retail tax service. You just need to use TurboTax Military Free File.… Read the rest
The IRS has announced the standard Federal mileage rates for the new tax year. If you must drive for your job, medical reasons, or as part of a charity effort, you could get a tax deduction on your mileage and reduce your overall tax bill.
How Much is the Current Standard IRS Mileage Rate?
Starting from the beginning of the calendar year, the standard mileage rate for vehicles used for work, medical, and charitable purposes are as follows:
H & R Block is one of the names that many Americans know. They have their distinctive green square everywhere when tax season comes near. They are so well known nationally that even small towns have stand-alone shops set up.
They have created software that is suitable for tax situations of all sizes. This software can be ideal for those who don’t want to waste time waiting in an office or want to avoid having to pay an arm and a leg for the “in-person” experience.… Read the rest