DogEarned Corners - Tax Facts & Tips Etc FYI – 4
•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 https://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 https://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!
Any U.S. tax advice contained in this electronic communication was not intended or written to be used, nor can be used, by any recipient of this communication for the purpose of avoiding penalties that might be imposed pursuant to the Internal Revenue Code or U.S. Treasury Regulations, or any other state or local law or regulation.
Content of this site is not intended to replace professional consultation
This site needs an editor - click to learn more!
You Should Also Read:
Taxes & Love - The Player Prince Is Giving A Valentines Day Ball
DogEared Corners - Tax Facts & Tips, Etc FYI
Editor's Picks Articles
Top Ten Articles
Content copyright © 2021 by Kate Woods. All rights reserved.
This content was written by Kate Woods. If you wish to use this content in any manner, you need written permission. Contact BellaOnline Administration for details.