Looking Into United States Tax Credit Programs

Are you interested in United States tax credit programs? There are many available. You may be able to qualify for a refund. You also might reduce the total taxes that you owe. The Earned Income Credit is one that you might consider. This credit is also referred to as the EITC. Since 1975, this credit has been available. It is made for people with low to moderate incomes. In most cases, you must be employed to receive this credit. There are things that you should know about it.

The first step is to determine if you qualify. You and all family members will need valid social security numbers. The best way to find out qualification is to visit the Internal Revenue Website. You can use the EITC assistant to figure out your qualifications. You will answer a series of questions. This will help answer many of your questions about the Earned Income credit.

This credit has basic rules. You must have earned income from an employer. This income may also be from self-employment. There are other sources also. One example is disability retirement pension. You must be below retirement age, also. This does not include social security money.

The limit amounts will change every year. However, the 2009 limits will give you a good idea. The most your credit can be is $457 without qualifying children. If you have one qualifying child you can get up to $3043. The two child credit is $5028. More children than two is $5657.

Income limits will vary a lot. They may be as low as $13,440 for single tax payers with no children. They could be as high as $48,279. This is for individuals that file a joint return and have three qualifying children or more.

There is also an Advance Earned Income Credit. Are you expecting an earned income credit? You can receive some of that on your paycheck. You need to have at least one qualifying child. There is a limit. The most you can receive in one year is $1826. This is for the 2009 tax year.

There are many United States tax credit programs that you may be able to utilize. The Earned Income Credit is available to many people. Make sure that understand it. Also, make sure that you qualify for it. Check with the website of the Internal Revenue Service for information. You may be able to receive a substantial income tax refund. You may also receive part of it on your paycheck, each pay period.

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