Filing your taxes at the end of the year usually brings headaches and worries about how much you will need to pay. But, for people who qualify for the Earned Income Credit (EIC), tax time can be a time to look forward to. The EIC is a tax credit for people with children who have worked but make below a minimum threshold. Credits can be in the thousands of dollars and it’s not uncommon to receive more than a few thousand dollars for each qualifying child. The Earned Income Credit is based on the age of your children and the total household income for the claiming parent. The EIC is eligible filing jointly, separately, or married.
Although the EIC works on a scale of earning vs benefits you can usually determine if you qualify for the benefits if you make below the minimum pay for the year. In 2013 the figures you needed to make below are listed below for a married couple filing ‘married’:
The numbers are less for single parents. Keep in mind also these numbers will change each year so 2014 and beyond will have higher figures so even if you’re right on the edge of these numbers it’s certainly a tax credit that you’ll want to take advantage of. There is also a minimum that you’ll need to make in order to qualify for the credit. To learn more about the EIC and get information on how to apply this tax credit to your return be sure to visit, http://bestirstaxrefund.com/
Although the EIC works on a scale of earning vs benefits you can usually determine if you qualify for the benefits if you make below the minimum pay for the year. In 2013 the figures you needed to make below are listed below for a married couple filing ‘married’:
- $43,210 with one qualifying child
- $48,378 with two qualifying children
- $51,567 with three or more qualifying children
The numbers are less for single parents. Keep in mind also these numbers will change each year so 2014 and beyond will have higher figures so even if you’re right on the edge of these numbers it’s certainly a tax credit that you’ll want to take advantage of. There is also a minimum that you’ll need to make in order to qualify for the credit. To learn more about the EIC and get information on how to apply this tax credit to your return be sure to visit, http://bestirstaxrefund.com/