Basics Of The Low Income Tax Credit
Individuals and especially families who do not earn a lot of money may be eligible for a low income tax credit. This type of credit takes some of the strain off working families by maximizing their refund. One of the most widely used federal credits is the EIC or earned income credit. It is available for many employed families with children. You do not have to have children to benefit from this tax credit, however this will increase your likelihood of qualifying for the EITC.
In order to receive the earned income tax credit, you must not exceed certain income levels for based upon the size of your family. Also, you and your qualifying children must have resided in the United States for the entire year. In order to receive the EIC, you must have been employed at some point throughout the year and earned income. Self employment is counted under this tax credit. To claim the Earned Income Tax credit, your filing status cannot be married filing separately. You may file as single or married filing jointly.
If you have questions about the EITC, speak with the IRS or a tax professional. In some cases there are special modifications to the policy, for disaster victims, clergy members, military personnel and the disabled. Another tax credit that can help low income families is the child tax credit. This credit gives you a certain amount of money for each qualifying child, who must have lived with the parent filing for the credit more than 49 percent of the year. The child tax credit also has upper income limits so if your income exceeds a certain amount you would not be eligible for this credit.
You may also be able to receive low income housing tax credits if you go through HUD for housing. Ask your tax preparer about credits for low income families and individuals, there may be some you are not aware of. If you send your child to daycare while you work, this may qualify you for a Child and Dependent Care Expenses credit. There are quite a few low income tax credit breaks for those who meet certain financial criteria. It is imperative that the tax forms be filled out properly, so it is advised to use the services of a professional especially if you are expecting a refund and their fee can be automatically deducted.
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