Traverse City, MI -- (SBWIRE) -- 09/11/2014 -- With the economy is still suffering after several years of languid job growth, many struggling Americans feel like they're in a recession that never seems to end. Millions of hard-working people have accepted lower paying jobs just to make ends meet.

While that is unfortunate, during tax season it is important for these workers to remember that since they've earned less money, they're probably entitled to additional family tax credits and deductions than what they were used to receiving before. The earned income tax credit (EITC) is one of the more generous of these credits available to taxpayers who qualify.

The EITC is typically available for lower to moderate income families with one or more children. While single taxpayers may also qualify, their income has to be substantially less than compared to that of families who qualify.

Generally, the more children that a family has, the higher the credit that they will receive. Credits such as the EITC, unlike deductions, are refunded, which often results in taxpayers receiving thousands of dollars back from the federal and state governments.

To qualify, the taxpayer must have had a source of income earned through employment during the year. Furthermore, that income has to not exceed certain parameters that depend largely on the number of children also claimed. Finally, the taxpayers and their children must either be US citizens or legal residents, as social security numbers are necessary in order to process the return.

As with all credits, the formula that is used to calculate the EITC differs slightly from year to year. Therefore, taxpayers shouldn't rely on the older calculators available, as these will not give the correct amount due.

Trying to calculate the EITC by oneself can be very confusing, even for the more mathematically inclined among us. Fortunately, the 2014 EITC calculator is now available and taxpayers can easily see if they qualify given their income for the year.

In his article, "EIC Tax Table For 2014, 2015", tax expert Frank Ellis provides valuable information about claiming the EITC for the new tax season, including the qualifications for receiving it and how to get a general idea of the amount of money one will receive.

All taxpayers are urged to investigate further and see if they're entitled to claim the EITC. Many who have seen their incomes decline over the last few years due to the job market, especially those with families, can now take advantage of this credit, not only reducing the amount of federal taxes paid but also receiving money back in the form of a refund.

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 800 articles on the Internet.

CONTACT INFORMATION:

Frank Ellis
Easy Income Tax Filing Online
945 East 8th Street Suite A
Traverse City, Michigan 49686
Website: www.easyincometaxfilingonline.com