Every year, the tax season brings anxiety and complexity which drives mad every one of us. None of us claims that he/she likes tax, yet Earned Income Tax Credit (EITC) can make the tax season a little brighter. You can avail a grand payout if only you’re eligible, it can be up to $5,751! How you can avail the income tax returns right away if you qualify for the EITC. Make sure you file your tax return with dollar off by using Tax Preparation Coupons and get the most out of your tax return this tax season.
What is the EITC?
The EITC is an IRS incentive and stimulus package for moderate-income workers. Filing for your EITC is easy … it’s just part of your normal tax return. However, one in five taxpayers who were eligible for the EITC in 2010 failed to claim their credit and missed out on all that extra cash!
Are You Eligible?
Don’t lose out on your payout. You may qualify for the Earned Income Tax Credit if you:
- Earned $49,078 or less in wages, self-employment, or farm income in 2010
- Are not filing as a dependent of another family member
- Are over the age of 25
- Are a citizen or legal resident of the U.S.
If you’re still not sure about your EITC eligibility, you can use the official IRS EITC Assistant. This little program will tell if you can get the EITC and estimate how much it’ll be worth.
How to Claim Your EITC
How much money you get depends on a few things including your 2011 wages, the number of children you have, and any other income you made from investments, capital gains, or alimony in 2011. For families with three or more qualifying children, you’re looking at a maximum tax credit of up to $5,751! But – just so you know – the average payout last year was about $2,200.
Calculating your EITC can be a bit complicated, but there are resources that can help. You don’t want to go it alone, so try H&R Block Coupon Codes and save up to 35% on H&R Block’s online tax preparation. And if you choose H&R Block Online Premium, you’ll get live tax advice to answer any questions you might have. H&R Block’s tax experts can also walk you through the qualification process for the EITC, as well as any other deductions and credits you can claim to boost your 2011 return.
Turbo Tax fans can find similar offerings and savings: Turbo Tax coupons can help you get big discounts on Turbo Tax’s preparation tools. And Turbo Tax’s easy-to-use EITC Wizard will quickly determine your 2011 EITC credit as you file.
It really does not matter how you prepare your taxes this season, make sure to check your Earned Income Tax Credit eligibility and claim every little dime you can coming towards you!