EITC

6 Tax Breaks for the 2016 to 2017 Tax Filing Season

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It is almost that time of year again….tax season! We have compiled a list of six tax breaks for the 2016-2017 tax season that will lower your taxes due and increase the amount of your refund.  The first topic is Earned Income Credit (EIC). The rules on this can be very confusing, but we are […]

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2017, 2016 and 2015 Earned Income Tax Credit (EIC) Qualification Income Limits

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[Updated] Below are the final IRS published 2016 and 2017 Earned Income Tax credit (EITC) figures. You can reference IRS publication 596 or use online tax providers like TurboTax or H&R Block to get a free estimate of the specific credit amount you would get. How to read the EITC tables: The maximum amount of the earned income credit allowed/payable is shown in line […]

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2014 Earned Income Tax credit (EITC)

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[2014 EIC Update] The IRS has released 2014 Earned Income Tax credit (EITC) details which are shown in the table below. There have been some minor increases to the EITC amount and qualifying limits following inflation adjustments. How to read the table above. The “earned income amount” (line 1) is the amount of income (minimum limit) at or […]

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2013 Tax Changes, Credits and Impacts You Need to Be Aware of When Filing Your Tax Return in 2014

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[Updated for 2013-2014 tax filing season] Thanks to the so called fiscal cliff deal reached last year there were a number of impacts to taxes in 2013 which you need to be aware of when filing your 2014 taxes. Changes were in the form of updated federal tax rates, new phase out deductions and the […]

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2012 Personal Exemption, Standard Deduction, EITC and Foreign Earnings Deduction Change

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With the 2011 tax filing deadline past (unless you filed for an extension) it’s a good time to remind yourself about some key 2012 tax changes. You can see the latest 2012 tax tables here which saw a widening of tax brackets and increases in personal exemptions and standard deductions due to inflation. Personal and […]

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Obama’s 2013 Budget Review – Tax Cuts, Job Stimulus and Small Business Credits

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The Treasury recently released their Greenbook on President Obama’s 2013 budget proposal. The Greenbook explains the Administration’s revenue proposals included in the budget that seek to boost near-term growth; provide permanent middle-class tax relief; encourage onshore investments in manufacturing and insourced jobs; cut taxes for small businesses; add balance to deficit reduction by asking the […]

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The Most Overlooked Tax Deductions You Can Claim This Year

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The folks at Turbo Tax have provided a list of the most overlooked deductions that may save you a few bucks when filing your tax return this year: 1. State sales taxes This write-off makes sense primarily for those who live in states that do not impose an income tax. You must choose between deducting […]

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2012 Poverty Guidelines, Thresholds and Income Limits – Nearly 50 Million Americans in Poverty

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[Updated with 2012 federal poverty levels] 2012 poverty income levels have now been published. As discussed below, poverty guidelines and thresholds are two slightly different versions of the federal poverty measure. The poverty thresholds are provided by the Census Bureau and updated annually. Poverty guidelines, also updated every year, are provided by the Department of Health and Human Services (HHS). […]

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2017, 2016 and Past Earned Income Tax Credit (EITC) Qualification and Income Thresholds

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[Update]  Below are the EITC tables for the past few years. These are adjusted annually in line with inflation and other government mandates. The EITC supplements the wages of low income workers, and especially working mothers, lifting more children out of poverty than any other single federal program. Over 9 million families are eligible for […]

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