ABSOLUTE BOOKKEEPING TAX & PAYROLL SERVICE: Issue Number: Tax Tip 2019-30


Absolute Bookkeeping Tax & Payroll Service issued the following announcement on March 27.

Issue Number: Tax Tip 2019-30

Spread the word about a tax credit that helps millions of Americans

All individual taxpayers and families should claim tax credits for which they are eligible. Tax credits can not only reduce the amount of taxes owed, but some can result in a tax refund. The earned income tax credit is such a credit. It benefits millions of taxpayers by putting more money in their pockets.

The IRS encourages taxpayers who have claimed the credit to help their friends, family members and neighbors find out about EITC. They can go to IRS.gov/eitc or use the EITC Assistant tool on IRS.gov, available in English and Spanish. Word of mouth is a great way to help people who may be eligible for this credit in 2019 for the first time. People often become eligible for the credit when their family or financial situation changed in the last year.

Based on income, family size and filing status, the maximum amount of EITC for Tax Year 2018 is:

$6,431 with three or more qualifying children

$5,716 with two qualifying children

$3,461 with one qualifying child

$519 with no qualifying children

Every year, millions of taxpayers don’t claim the EITC because they don’t know they’re eligible. Here are some groups the IRS finds often overlook this valuable credit:

American Tribal communities

People living in rural areas

Working grandparents raising grandchildren

Taxpayers with disabilities

Parents of children with disabilities

Active duty military and/or veterans

Healthcare and Hospitality workers

Original source can be found here.

Source: Absolute Bookkeeping Tax & Payroll Service

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