The amount earners can claim in the child tax credit has doubled, and so have the income limits. Here’s what that means as the IRS 2018 tax return deadline looms.
Families often spend thousands of dollars caring for ailing loved ones at home.
The earned income tax credit is often overlooked by taxpayers who did not earn a significant salary the previous year, but lower wage earners can benefit.
Today's Lauren's list reveals how to make your holiday donations count on your taxes.
Volunteering has its costs. But it also has its deductions. And being smart about those deductions can make the act of giving back all the more rewarding.
By the time the Model S ships, Tesla may have used up many of its 200,000 tax credits. The estimated 150,000 US buyers in the waiting won't all get $7,500 back.
Almost 40,000 out of 209,000 eligible Philadelphians didn’t apply for the Earned Income Tax Credit on their federal income tax returns last year. And with each credit averaging about $2,400 for eligible filers, Philadelphia Department of Revenue Commissioner Frank Breslin is making sure the city is doing what it can to educate residents about the EITC and make it easier for them to apply for the credit on their federal tax return.
The Child Tax Credit can reduce your tax bill by as much as $1,000 per child, if you meet all seven requirements.
The Earned Income Tax Credit (EITC) is a valuable tool for lower-income taxpayers, and it can result in a refund that's even larger than the taxes you paid.
Tax credits mystify many Americans, if only because it's hard to know which ones they qualify for and why. They're worth having because they provide meaningful savings on a filer’s overall tax contribution and in some cases lead to a tax refund.
You may have not have heard of the Earned Income Tax Credit, but it may help you get a tax refund of thousands of dollars from the Internal Revenue Service.
The EITC payout ranges from $503 for a single individual with no children up to $6242 for a person with three or more qualifying children.
The Child Tax Credit is an important tax credit that may save you up to $1,000 for each eligible qualifying child. Be sure you qualify before you claim it. Here are five useful facts from the IRS on the Child Tax Credit:
Here are some important facts about the Child Tax Credit: The Child Tax Credit is intended to offset the many expenses of raising children. The Child Tax Credit can be worth as much as $1,000 per child for 2013 and later Tax Years. For 2014, the Child Tax Credit is at least partially refundable if you had an earned income of more than $3,000 (see the Additional Child Tax Credit). This refundable portion of the credit will expire at the beginning of 2017. For 2014, the Child Tax Credit begins to phase out (decrease in value) at an adjusted gross income of $75,000 for Single filers and Heads-of-Household, $110,000 if Married Filing Jointly, and $55,000 if Married Filing Separately.
Most parents wouldn’t trade the experience of raising children for anything in the world. If only it weren’t so darn expensive. Between the medical bills, child care and college tuition, it’s a wonder parenting hasn’t gone the way of the wet nurse. Fortunately, the government offers some generous tax breaks to help ease the financial burden. It’s up to taxpayers, of course, to take full advantage of them -- and in some cases this can be difficult, since it may involve figuring out which breaks are more beneficial than others. There are a few things parents should understand. First, most child-related deductions and credits are available whether families take the standard deduction or itemize deductions. Second, there’s a difference between deductions and the more coveted tax credits.
Raising children can be expensive, as any parent knows. Knowing what taxpayers are eligible for when they become parents can keep them from paying more in taxes than they owe. Just outfitting a nursery and stockpiling diapers can really add up. According to a “baby-cost” calculator on BabyCenter, parents can expect to spend $72 per month on disposable diapers and $76 per month on a cloth diaper service. And of course, day care is likely to be much more expensive. H&R Block advises new parents to make sure they claim all the tax breaks they are eligible to claim, which can help put money in their pocket to cover new expenses. Following are some tax breaks taxpayers need to keep in mind as they file their 2014 tax returns.
Mela Frankfort wishes the current tax code would expand to allow parents who are supporting their grown children while they are living at home and looking for a job. That, of course, is a phenomenon all too familiar for parents of Millennials. Frankfort, who lives in Ventura, Calif., is helping out her 20-year-old son who is an unemployed guitarist. There are no deductions she can take advantage of since he is one year older than the cutoff age required by the IRS for dependent children if you are not a student. “If Americans are helping our struggling adult kids, we should at least be able to write off the space,” she said. “It would just make sense.”
The Earned Income Tax Credit (EIC or EITC) is a refundable credit for workers who earn low or moderate incomes. This credit is meant to supplement the income you have earned through working, whether for yourself (self-employed) or for someone else. If you qualify for the Earned Income Tax Credit you can reduce your taxes and increase your tax refund. In general, the EITC allows more working people and their families to keep more of their hard-earned money. The income limits for the Earned Income Credit have been adjusted for 2014, so even if you didn’t qualify for the EITC in the past, you may be able to claim it this year. The maximum amount of the credit has also increased.
Tax credits mystify many Americans, if only because it's hard to know which ones they qualify for and why. They're worth having because they provide meaningful savings on a filer’s overall tax contribution and in some cases lead to a tax refund. One of the most beneficial credits for families with low or moderate incomes is the Earned Income Tax Credit (EITC). It was established to offset the burden of Social Security taxes and provide an incentive to work. Experts of financial planning and taxes recommend all filers explore their eligibility for receiving the EITC. "It is an overlooked credit all too often," says Sandy Zinman, committee chairman for the National Conference of CPA Practitioners.
As Tax Day inches closer, you are likely (hopefully) getting your important documents in order. And if you have children, you may be wondering about how much you can claim in the form of a child tax credit. This can be a huge tax saver for parents. However, there are some certain criteria that need to be met, according to the Internal Revenue Service. Here are six things to keep in mind when using the child tax credit, as provided to Patch by the IRS: