A Wonderful Program Called the Earned Income Tax Credit (EITC)
(firmenpresse) - USA like any other country has rich and poor people as its citizens. There are people who are not financially stable and need government’s support to survive up to the standards of living.
For people like these, the government introduced a wonderful program called as Earned Income Tax Credit (EITC) in 1975 that have low or medium incomes and are offered a refundable tax credit. This program’s whole sole purpose is to help the families with children, who do not have sufficient income to sustain and survive.
The information and few facts about the reform are as under
1)You should be a legal citizen of the U.S.A.
2)The child should be any of the following: Brother, sister, half brother, half sister, stepbrother, stepsister, son, daughter, stepchild, foster child or dependent
3)The child should have stayed in U.S.A. for more than 6 months continuously and has to be sharing your residence
4)The child should be under 19 years of age and younger than you; 24 years if a full time student or totally disabled.
5)There are certain income amounts which you should not exceed in terms to qualify for the credit.
6)The credit is calculated on your taxable income, not on your earned income.
7)If you file for marriage separately, you will not qualify for the credit, so filing for marriage jointly is mandatory.
8)You should also include any other income from other sources of earnings.
By keeping in mind all these pointers and filing the credit correctly, people can be benefitted in a right way without any hassles.
There have been multiple cases of fraud and misrepresentation due to which the government has laid down strict rules for the credit program. If any person is found doing fraud or filing in wrong information, he will be banned for filing the credit for two consecutive years and also would need to file Form 8862 for reinstatement.
Overall this is a very good program which can help people survive and sustain with a very valuable support from the government.
EITC is a US government’s poverty prevention program which helps people who have low or medium income but are not able to sustain because of the costs of living. There are various eligibility criteria which need to be fulfilled to benefit from the program.
The Government of the United States has many anti-poverty programs for its citizens and from time to time they have modified and remodeled them as per the need. There are various reforms which are good and actually benefit people but they do not have complete information about it.
The earned income credit table can help people determine the amount of credit due. You will not be eligible if you earned over $51,567.00 or if you had investment income that exceeded $3,100.00.
Contact: Frank
Company: Easy Income Tax Filing Online
Address: 945 East 8th Street Suite A
Traverse City, Michigan 49686
Telephone No.: (231) 922-0938
Website: http://www.easyincometaxfilingonline.com/
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Datum: 13.02.2014 - 21:01 Uhr
Sprache: Deutsch
News-ID 327171
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Contact person: Frank
Town:
USA
Phone: 231-922-0938
Kategorie:
Personal Finance
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