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Have you thought about all the tax benefits you can receive this year? You may be among the one in four eligible taxpayers who, according to the IRS, fails to claim the Earned Income Tax Credit.
The Earned Income Tax Credit, or EITC, helps low and moderate-income workers and working families. More than 22 million taxpayers received more than $43 billion in EITC on their federal income tax returns last year.
While the EITC is a popular credit, it is often confusing for many taxpayers. There are earnings limits for eligibility and rules for claiming dependents. Ordinarily, you must have earned income as an employee, independent contractor, farmer, or business owner. Some disability retirees are also eligible.
Military service men and women receive special treatment with regard to the EITC. They may include their combat pay, which is non-taxable, as income just for purposes of calculating the EITC. By doing so, they may be able to increase their tax refund.
The tax preparers at Jackson Hewitt Tax Service can help you determine whether you qualify for this credit and then assist you in claiming it on your tax return. You can call 1-800-234-1040 or use the office locator on this website to find the Jackson Hewitt nearest you.
Produced for Jackson Hewitt Tax Service Inc.
If you work for a living, you may be eligible for the Earned Income Tax Credit (EITC) and get up to $5,548 cash (federal and state) when you file your 2008 tax returns.
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