Earned Income Tax Credit is a tax credit that can benefit low income working people. The Earned Income Tax Credit is the Federal Government’s progressive method to help low income tax payer to encourage the people to work and get their living as well as to facilitate their tax paying burden. The Earned Income Tax Credit reduces tax for the poor who brings in income that is low or moderate yearly.
2017 EITC is a tax credit notably meant for those working class folks who makes very low income. This Earned Income Tax Credit is helpful and really advantageous to low income working families.
EITC is refundable credit, so it is possible to still claim the EITC if your claim is legit even if you do not owe any tax the IRS on tax return. To qualify for 2017 eitc, you should have an income in the tax year, should not be dependent of someone else, married couple should file tax return. You live for at least half or should be a citizen of USA.
The quantity of 2017 EITC depends on many standards. Not every low income families will get exactly the same amount of refunds. Your Earned Income Tax Credit claim depends upon how many qualifying children you’ve got. Three or more qualifying children will get you more refund. The tax return also needs to file jointly to be eligible. You are able to calculate the amount of tax credit you are able to refund by using tax software or use the help of tax accountants. Tax accountant and tax software will compute the amount of tax credit you’re qualified for.
You runs your own company or must earn wage. You must be a resident of US for over six months of the tax year to be eligible or a citizen of USA. Married couple who file separately WOn’t be eligible for EITC. Other areas such as citizenship, income, addiction and age should be fulfilled to qualify for 2017 EITC. The Earned Income Tax Credit amount and each person will differ depending on the standards they fulfil.