Image

IRS declares today #EITCAwarenessDay!

art-child-tax-creditWhen correctly claimed, #EITC and #CTC greatly reduces poverty for working families. To get the credit, individuals must file a tax return, even if they do not owe any tax or are not required to file. Many qualified individuals and families don’t claim the #EITC because they don’t know about the credit, think they are ineligible, or worry about paying for tax preparation services.The IRS recommends using the EITC Assistant, on IRS.gov, to determine eligibility, estimate the amount of credit and more.

Many #EITC filers will get their refunds later this year than in past years. That’s because a new law requires the IRS to hold refunds claiming the #EITC and #ACTC until mid-February. Taxpayers claiming these credits should file as soon as they gather all necessary documentation to prepare an accurate return. In other words, file as you normally would.

Earned Income Tax Credit (EITC); Child Tax Credit (CTC); Additional Child Tax Credit (ACTC); American Opportunity Tax Credit (AOTC).

Advertisements
By C Fitts Tax Solutions, LLC Posted in Tax Talk