The Earned Income Tax Credit (EITC) helps workers and families who don't make a lot of money get a tax break. If you qualify, you can use the credit to reduce the taxes you owe - and maybe even get a bigger refund. The credit is usually higher for eligible working families, but many lower-income workers [...]
If you're raising a family, there are valuable tax credits you may be able to claim, even if you aren't required to file a tax return. First, there's the Earned Income Tax Credit. If you work and are eligible for the credit, you can claim this valuable benefit for up to three qualifying children based on [...]
This article was published by the IRS. This is the second of two tax tips providing an overview of ways the American Rescue Plan may affect some people's 2021 taxes. Part 1 is available here. Changes expanding EITC for 2021 and beyond New law changes expand the EITC for 2021 and future years. These changes include: [...]
This article was published by the IRS. This is the first of two tax tips providing an overview of how the American Rescue Plan may affect some individual's 2021 taxes. Child and dependent care credit increased for 2021 only The new law increases the amount of the credit and the percentage of employment-related expenses for qualifying [...]
If you're in the Armed Forces, there are several special tax benefits that apply to you: First, you may be eligible for a combat zone exclusion, which means some or all of your combat pay could be tax-free. However, you may choose instead to include tax-free combat pay in your earned income when you file your [...]
