What are Tax Credits and how can they help me?
2009 EITC Guidelines Now Available!
If you’re like millions of Americans, you work hard, but you don’t earn a high income, and want to keep more of what you earn. The Earned Income Tax Credit (EITC) is a refundable credit for people who earn low-to-moderate incomes; EITC can reduce your taxes, and can mean a refund of more than taxes owed should you qualify. In simple terms, working families and individuals may keep more of what they work for.
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The advance EITC allows those taxpayers who expect to qualify for the Earned Income Tax Credit (EITC) and have at least one qualifying child to receive part of the credit in each paycheck during the year the taxpayer qualifies for the credit.
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Other Tax Credits:
Child Tax Credit (CTC) is a federal tax credit worth up to $1,000 per qualifying child. The CTC can reduce or eliminate the tax you owe. The CTC is reduced for families with adjusted gross incomes over an amount determined by the IRS.
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The Saver's Credit (formerly known as the Retirement Savings Contribution Credit) benefits low- to moderate-income families who set aside part of their earnings in a qualifying retirement plan. The Saver's Credit can increase a taxpayer's refund or reduce the tax owed up to $1,000 ($2,000 for married couples).
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