Traverse City, MI -- (SBWIRE) -- 10/16/2015 -- Tax specialist and author Frank Ellis has published an article on the American Tax Service website, explaining important facts about the Earned Income Tax Credit. It also includes a credit table to give families an idea of what to expect. More families can qualify for the tax break, which provides a tax refund for those with low earnings.
Ellis says married couples submitting together and who made under $52,427 may qualify. For individuals it is slightly under $47,000. Some of the complexities of the credit are discussed. The author also mentions H&R Block is able to assist and get the most available credit provided.
Various tests for qualifying are covered next. Taxpayers must pass these if they are to even move forward with applying for the credit. These include earnings within the stated limits, having at least one child, and various others. A credit of up to $6,143 is possible based on earnings and number of children. Ellis also mentions the Earned Income Credit chart on Form 1040 to prove eligibility. In addition, a bullet list of eligibility requirements is provided based on earnings, marital status, and citizenship.
While those with the lowest earnings can receive the largest credits, the author says, people with higher earnings are eligible for lesser credits. A table with the 2015 earnings restrictions and highest credit amounts is included in the middle of the article.
The next section is intended to help one figure out if their child is eligible. Relationship, age, and residency in the USA are primary factors. More insight into all of these is provided by Ellis in this section, along with specific examples.
Welfare benefits and their relationship with the EITC are explained next. Tax refunds from the credit are not considered income by the IRS, nor is the money received from common benefit programs. Resources on discovering eligibility for the credit are provided last.
To learn more, go to http://americantaxservice.org/earned-income-tax-credit-table/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
American Tax Service
945 East 8th Street Suite A, Traverse City, Michigan 49686