Have You Overlooked This Major Tax Break?

1169
Tax Breaks Americans Overlook

(FinancialHealth.net) – Every year, millions of U.S. residents look forward to their tax refunds. Unfortunately, many of them aren’t receiving all of the money they deserve because they fail to claim their earned income tax credit (EITC).

The EITC is a credit available to people who make low to moderate incomes. The IRS explains:

The Internal Revenue Service (IRS) sees billions of dollars go unclaimed every year. In fact, 20% of the people who qualify for the EITC are missing out on it.

Here are some facts about the EITC that you should know:

  • You must be between the ages of 25 and 65 to qualify for the credit.
  • A single, childless person with an income of $15,570 could receive up to $529.
  • You must file as married filing jointly or as an individual.
  • Every qualifying member of your family must have a social security number.
  • Self-employed workers are eligible.

Get all the money you’re entitled to. If you’re not sure whether you qualify for the EITC, ask your accountant or tax preparation specialist. Filing yourself? Try a program like TaxAct, which can help identify all the credits available to you.

~Here’s to Your Financial Health!

Copyright 2020, FinancialHealth.net