Tax return is still in full swing and Financial Elite is finding interesting ways to increase your tax return all the time.
Did you earn less than $41,646 last year? If you did, the Earned Income Tax Credit (EITC), a refundable federal income tax credit for low-income working individuals and families, could pay you as much as $4,824 and additional credits could pay you even more. You don't have to owe Federal taxes to receive this money, but you do have to file. Individual credit and refund amounts will vary. Visit IRS.gov to estimate your refund.
Taxpayers who qualify and claim the credit, could pay less federal tax, pay no tax, or even get a tax refund beyond the amount of tax withheld. To qualify, a taxpayer must meet certain eligibility guidelines and file a tax return.
Two programs, Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE), offer FREE tax help to low-to moderate-income (generally, $39,000 and below) taxpayers, and are often located in community and neighborhood centers, libraries, schools, shopping malls, and other convenient locations.
For more information about EITC and to get FREE tax filing help, visit the IRS Web site, IRS.gov, keyword: EITC, or call 1-800-829-1040.
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