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IRS reminds taxpayers to look into valuable credit - Earned Income Tax Credit

February 7, 2019

 

 

The Internal Revenue Service wants to remind you about the Earned Income Tax Credit and to correctly claim this important credit if you qualify.

 

The IRS and community partners nationwide are alerting the millions of workers who may be missing out on this valuable tax credit. Partners will be sharing information and holding events across the country today and in the days ahead.

 

“The Earned Income Tax Credit makes a big difference for working families across the country,” said IRS Commissioner Chuck Rettig. “We encourage people to carefully review the EITC instructions to see if they qualify for this important credit when they prepare their taxes.

 

The IRS also appreciates the continued effort of our partners across the nation who share information and raise awareness about EITC for people who may qualify.”

 

Eligible families with three or more qualifying children could get a maximum credit of up to $6,431. EITC for people without children could mean up to $519 added to their tax refund.

 

The IRS is recommending that all of you who earned around $54,000 or less learn about EITC eligibility and use the EITC Assistant to find out if they qualify.

 

The tool will help them determine their filing status, if they have a qualifying child or children, if they qualify to receive the EITC and estimate the amount of the credit they could get. If you do not qualify for EITC, the Assistant explains why.  A summary of the results can be printed and kept with the worker’s tax papers.

 

In addition to the EITC, if you have children or other dependents, you may be eligible to claim the Child Tax Credit, the Additional Child Tax Credit, or the Credit for Other Dependents. See Publication 972, Child Tax Credit, and Publication 5307 for information to help individual taxpayers understand the Tax Cuts and Jobs Act.

 

Please remember that LR Tax & Accounting Services, Inc. is always here to help with any questions and concerns. We offer tax planning, tax resolution, tax returns for individuals and business, accounting, payroll and bookkeeping. Please contact us today to get a quote or ask a question!

 

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