SEARCH


PK Tax Services, L.L.C.
PK Tax Services, L.L.C.
  • Home
  • Services
    • 2021 Tax Season Documents for 2020
    • Year-End Tax Planning
    • FAQs on Mixed Marriages
  • Resources
  • Meet the Company
    • Videos
  • Blog
  • Contact
  • Client Portal Instructions

BLOG

Earned Income Tax Credit

2/16/2016

0 Comments

 
Picture










The Earned Income Tax Credit has helped workers with low and moderate incomes get a tax break for 40 years. Yet, one out of every five eligible workers fails to claim it.

Here are some things you should know about this valuable credit:
  • Review Your Eligibility. If you worked and earned under $53,267, you may qualify for EITC. If your income or family situation has changed, you should review the EITC eligibility rules. You might qualify for EITC this year even if you didn’t in the past. If you qualify for EITC you must file a federal income tax return and claim the credit to get it. This is true even if you are not otherwise required to file a tax return. Don’t guess about your EITC eligibility. Use the EITC Assistant tool on IRS.gov. The tool can help you find out if you qualify for the credit. It can also estimate the amount of your EITC.
  • Know the Rules. You need to understand the rules before you claim the EITC, to be sure you qualify. It’s important that you get this right. Here are some factors you should consider:
o If you are married and file a separate return you do not qualify for EITC.
o You must have a Social Security number that is valid for employment for yourself, your spouse, if married, and any qualifying child listed on your tax return.
o You must have earned income. Earned income includes earnings from working for someone else or working for yourself.
o 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 have a child who lived with you for more than six months of 2015, the child must meet age, residency, relationship and the joint return rules to qualify.
o If you are a member of the U.S. Armed Forces serving in a combat zone, special rules apply.
  • Lower Your Tax or Get a Refund. If you qualify for EITC, you could pay less federal tax, no tax or even get a refund. EITC could be worth up to $6,242. The average credit was $2,447 last year.
  • Use Free Services. If you do your own taxes, the best way to file your return to claim EITC is to use IRS Free File. Free brand-name software will figure your taxes and EITC for you. Combining e-file with direct deposit is the fastest and safest way to get your refund. Free File is only available on IRS.gov/freefile. You can also get free help preparing and e-filing your return to claim your EITC. The IRS Volunteer Income Tax Assistance, or VITA, program offers free help at thousands of sites around the country. You can also get help with the health care law tax provisions with Free File or VITA.
0 Comments



Leave a Reply.

    Picture
    Pat Kolodziej
    ​C.P.A., M.S.T.


    Categories

    All
    IRS Tax News
    Just For Fun
    Tax Tips For Businesses
    Tax Tips For Individuals


    Archives

    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015

Pat Kolodziej, CPA, MST
Managing Member
PK Tax Services, L.L.C.

87 South McLean Boulevard, Suite A
South Elgin, IL 60177


Phone: (224) 227-6061
Cell: (847) 858-5074

Fax: (224) 227-6059
Contact Us
Client Login
Picture
Picture
Picture
Picture
Picture
Picture
BACK TO TOP

Proudly Serving: South Elgin Illinois, St. Charles Illinois, Elgin Illinois, Geneva Illinois, Batavia Illinois, Bartlett Illinois, West Chicago Illinois, Algonquin Illinois, Crystal Lake Illinois, Aurora Illinois, etc.

© 2017-2020 PK Tax Services, LLC  |  All Rights Reserved  |  Website Created by LislDesign.com

PK Tax Services, L.L.C.