Traverse City, MI -- (SBWIRE) -- 09/19/2016 -- Tax Specialist Frank Ellis, has published an informative article on how taxpayers can know if they are eligible for the earned income tax credit.
Frank Ellis reveals that according to IRS, a substantial amount of taxpayers qualifies for the unique tax break for wage earners with low earnings yearly but neglect to take advantage of it.
The guidelines for the EIC Earned Income Credit and the credit table were lately liberalized; therefore, many more families meet the new requirements. People who are earning low income can claim the tax credit. The amount varies on a few factors. The article is providing the detailed information and helping people earn the right amount of tax credit that they deserve.
Changes to Earned Income Tax Credit (EITC) will be announced over the summer months and into the fall of 2016. Early filers will be affected by the proposed changes. On December 18, 2015, an act entitled Protecting Americans from Tax Hikes Act of 2015 (also known as PATH Act) was enacted for the benefit of taxpayers and taxpayer families.
In this law, Section 201 requires that credits or refunds cannot be released to taxpayers before February 15 of any tax year. The changes take effect on January 1, 2017. Additional time is given to prevent lost funds occurring from identity theft or refund fraud in regards to withholdings and/or fabricated wages.
The article details how taxpayers can know if they are eligible for the Earned Income Credit, how to determine their credit amount and how low-income earners can use TurboTax software to calculate their earnings.
For more information, visit 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
Address: 945 East 8th Street Suite A, Traverse City, Michigan 49686