Posts Tagged ‘tax law benefits’

Are You Eligible for the Earned Income Tax Credit???

Friday, January 25th, 2013

The exclusive purpose for the information which is provided from this website is to disseminate information, and not to provide tax advice.

The provisions of this tax benefit were enacted by the U.S, Congress in 1975.    This tax benefit is intended to provide a REFUNDABLE tax credit for those taxpayers whose annual income is below certain thresholds.  “REFUNDABLE” means that it is possible for you to have a $ 0.00 income tax liability, receive a tax refund for all Federal taxes that were withheld, and in addition, receive the full amount of the tax credit to which you are entitled.  While it is primarily intended to benefit individual and couples who are providing a household for their children, there are also other situations for which you may be qualified.  The additional intent of the tax law is to offset the reduction of income associated with social security taxes, and to provide an incentive to work (equals earned income) and to not be reliant on social welfare programs.

 Addtional information regarding the qualifications can be found in IRS Publication 596 (“Earned Income Credit”).  (more…)