Tax Tips
THE EARNED INCOME TAX CREDIT (EITC OR EIC)
I.T.E.C. would like to remind you that The Earned Income Tax Credit or the EITC is a refundable federal income tax credit for low to moderate income working individuals and families. When EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.
To qualify, taxpayers must meet certain requirements and file a tax return, even if they do not have a filing requirement
CHILD TAX CREDIT/ADDITIONAL CHILD TAX CREDIT
I.T.E.C. would like to remind you that the child tax credit remains $1,000 for a qualifying child under age 17. A qualifying child is a son, daughter, stepchild, eligible foster child who is a dependent, brother, sister, stepbrother, stepsister, or descendant of one of them (including grandchild, niece and nephew). This credit is nonrefundable, and can only reduce the taxpayer's income tax liability. The additional child tax credit on the other hand is a refundable credit and may be available to those who qualify.
CHILD AND DEPENDENT CARE CREDIT
I.T.E.C. would like to remind you that a credit for qualified child and dependent care expenses paid (IRS Form 2441) is available for taxpayers who pay childcare in order to go to work. Qualified expenses may be allowed for up to $3,000 for one eligible individual ($6,000 for two or more). Persons employed or looking for work that must pay someone to care for dependents under age 13 or for a qualified disabled person may be able to take this credit.
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