From an income tax perspective, many low to moderate income earners may qualify for a tax credit that could boost their income tax refund by thousands of dollars. That’s right, we are referring to the earned income tax credit more frequently known as the E-I-T-C.
Taking advantage of this credit can be substantial for some tax payers but exactly how much of the credit you get depends on your individual situation. The E-I-T-C takes into consideration your income and family size. In addition, you must meet special rules to qualify for the E-I-T-C. These rules can be a bit complicated and challenging for the average tax payer but the tax professionals at Metro Accounting And Tax Services are ready to help you navigate this process.
It is important to note that since the earned income credit can add thousands of dollars to your tax refund, all returns claiming this credit are examined thoroughly by the IRS. The IRS takes the filing of a false claim for E-I-T-C very seriously. Among other things, the tax payer needs to ensure that any child claimed is indeed a qualifying child. Tax payers need to be very careful is this regard as errors on your return could delay your tax refund or your E-I-T-C may even be denied.
User | 19/12/2017