1 in 5 eligible people fail to claim the Earned Income Tax Credit, which is like leaving thousands of dollars on the table!
The federal government has been siphoning money out of your paychecks all year long. It’s up to you to fight for as much of that cash as you can. You hunt down all the deductions and credits you can find—if there’s any way you can reduce your taxable income (legally, or course), you’ll find it.
Yet millions of people are just letting the IRS keep the money that they rightfully deserve back. In fact, 1 in 5 people miss the biggest tax credit of them all: the Earned Income Tax Credit (EITC).
You’re entitled to some of your money back, and that’s what getting a fat tax refund is about. The EITC could single-handedly double or triple your refund, so don’t let it slip away if you can help it.
Get a bigger refund with the EITC
The EITC could translate into quite a big chunk of change. It’s been helping ease the tax burden of working class families for quite a while: the EITC first started back in 1975.
In 2013, the average credit was $2,200, but for this year it could be worth as much as $6,143! With the EITC, it’s even possible to get a larger refund than the amount that’s already been withheld from your wages.
How much money can I get back with the EITC?
The amount you get back is based on your income and number of dependents. The more eligible children or dependents you can claim (up to 3), the bigger the credit. For example, here are the maximum credit amounts for:
- A family with 3 qualifying dependents: $6,143
- A family with 2 qualifying dependents: $5,460
- A family with 1 qualifying dependent: $3,305
- A family with no dependents: $496
That kind of money could make a huge difference in the lives of millions of Americans, if they only know how to get it.
Am I eligible for the Earned Income Tax Credit?
If you are married, you have to file jointly to be eligible for the EITC, but a single person can be eligible as well. Your earned income and adjusted gross income must be lower than the following:
- $46,997 ($52,427 married filing jointly) with 3 dependents
- $43,756 ($49,186 married filing jointly) with 2 dependents
- $38,511 ($43,941 married filing jointly) with 1 dependent
- $14,590 ($20,020 married filing jointly) with no dependents
How can I make sure I’m eligible?
The IRS has made a point of going after fraudulent claims for the EITC, so you need to be certain that your income is correctly reported and that your children qualify as dependents. The IRS’s website, www.irs.gov, provides a helpful tool called the EITC Assistant which can help you determine your eligibility.
The best way to make sure you’re eligible for the EITC is to meet with a tax professional. Don’t be afraid to claim this fat tax credit! Call Check City today and find out how our tax professionals can help you get the biggest refund possible!