The Earned Income Tax Credit – Best Tax Credit of All

Aug 05, 2014 By Nielsen Law Group In Taxation No Comment Tags : , , ,

Tax credits are welcome news at tax time (or any time) and the Earned Income Tax Credit is one of the best. If you’re eligible, you could receive more than $6,000 in refundable credits.

To qualify in 2014, your income and dependents must fit the following levels:

  • $46,997 or less ($52,427 married filing joint) with 3 or more qualifying children
  • $43,756 or less ($49,186 married filing jointly) with 2 qualifying children
  • $38,511 or less ($43,941 married filing jointly) with 1 qualifying child
  • $14,590 or less ($20,020 married filing jointly) with no qualifying children

You must also meet the following requirements to be eligible:

  • Your filing status can’t be Married Filing Separately.
  • You must have a valid Social Security number for yourself, your spouse if married, and any qualifying child.
  • You must have earned income. Earned income includes earnings such as wages, self-employment and farm income.
  • You may be married or single, with or without children to qualify. If you don’t have children, you must also meet age, residency and dependency rules.
  • If you are a member of the U.S. Armed Forces serving in a combat zone, special rules apply.

If you have questions about whether or not you qualify for the Credit, the IRS provides an “EITC Assistant tool” on its website (http://www.irs.gov/Individuals/EITC-Home-Page–It%E2%80%99s-easier-than-ever-to-find-out-if-you-qualify-for-EITC) or contact your tax professional for details.

Would you like us to take a look and see if you qualify for this tax credit? Call us today to schedule your free consultation by calling (480) 888-7111 or submit a web request here.

By: Evan A. Nielsen