There is a federal tax credit (called the Earned Income Tax Credit or EITC) that may be available for individuals and families who earn below a certain dollar amount. The calculation for the credit is a bit complex so the IRS is having an ‘Awareness Day’. This is one of the tax credits that can increase your refund (or lower taxes owed) and, unfortunately, is missed by about 20% of eligible taxpayers. So, if you don’t have children and earn less than $13,980 or have children and earn less than $50,270, you may be eligible for the EITC.
You can find out information about eligibility, dollar limits and other information at this link. There is also an automated assistant that can help walk you through the eligibility requirements. If you think you might be eligible, check it out!
Tax season is up-and-running! If you would like my assistance with your taxes, or just have questions, feel free to contact me.
Thomas C. Hodge, CPA
The Hodge Group
3040 N. Menard Avenue
Chicago, IL 60634