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DogEarned Corners - Tax Facts & Tips Etc FYI – 4

DogEared Corners, those folded corners of book pages are to prompt yourself or someone else to read an item or a fact, or a tip or note on that page. Visit my DogEarned Corners pages for Tax Facts & Tips Etc. where I will be posting interesting items that I come across in the land of tax preparation and that I would DogEar for future reference because I think they might be of interest to many taxpayers.

•The IRS has free publications available on just about any federal income tax subject. They are available online at www.irs.gov and by phone toll free at 800-TAX-FORM (800-829-3676) .

•The maximum amount of income a taxpayer can earn and still be eligible for the Earned Income Credit for 2007 returns has been increased. According to the IRS you may be eligible to take the credit if all other requirements for eligibility are met if – you have more than one qualifying child and you earn less than $37,783 ($39,783 if married filing jointly); or you have one qualifying child and you earn less than $33,241 ($35,241 if married filing jointly); or you do not have a qualifying child and you earn less than $12,590 ($14,590 if married filing jointly).

•The maximum amount of the credit available has also been increased to - $2,853 if you have one qualifying child; $4,716 if you have more than one qualifying child; or $428 if you do not have a qualifying child.

•Married persons filing separately are not eligible for the Earned Income Credit.

•For more eligibility information regarding the Federal Earned Income Tax Credit you can use the IRS EITC Assistant if you visit the IRS website at http://www.irs.gov/individuals/article/0,,id=96406,00.html

•Some states also offer an Earned Income Tax Credit. To find out if your state is one of them go to the IRS website and check the chart at http://www.irs.gov/individuals/article/0,,id=177866,00.html

•The Earned Income Tax is a Refundable Credit which means you may be eligible to receive it even if you didn’t pay in any tax withholding or earn enough to otherwise be required to file a return.

I hope you're enjoying Tax Facts on the Taxing Subject of Taxes!

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