There maybe several tax benefits for you to take advantage of, but unless you know about them and understand how to qualify for them it is unlikely you will reap the benefits to which you might be entitled.
One such credit is the earned income tax credit.
Here is an article that goes into more detail about the earned income tax credit and table chart.
Be sure to read the article to get more information about the tax credit, but in a nutshell, based on your level of earned income, the credit decreases all federal income tax you currently owe, dollar-for-dollar.
Should the credit totally wipe out your tax bill and some credit remains, it’s possible to get a cash tax refund for the outstanding amount.
Again, read the article to learn of resources that will help you determine your eligibility. The article also includes the credit table which shows the income levels that meet the threshold for the credit. It also includes information about whether or not your child is eligible for the credit.
Posted by Nick Venturella
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