October 20, 2014 – Best IRS Tax Refund has introduced an article explaining what the Earned Income Credit (EIC) is and how taxpayers can qualify based on the latest rules for 2014 and 2015. The EIC is intended for people with low to moderate annual incomes according to the article. Credit amounts depend on specific factors mentioned. The author introduces how one can qualify for the credit, and then details a set of general requirements and credit limits.
Some requirements are the taxpayer and dependents have a social security number. There are limitations such as investment income caps, separate filing if married, and citizenship. The EIC is strictly limited to those who earn their income from employment or self-employment work. These requirements are explained in greater detail online.
The author then touches on TurboTax as a tool for automatic credit calculations and eligibility information. In addition, he explains how to claim the credit with no dependents or figure out which dependents qualify based on age and relationship status. These are also listed. Taxpayers with dependents receive more, the author reveals, while some people may still qualify without them. The most current factors are revealed in more detail including individual specifics and qualifying events.
Eligibility is also limited based on age. The article explains these and the conditions under which they apply. Once again, it touches upon tax software as a simple way to answer questions and learn quickly about qualifying for the Earned Income Credit. The basis of the article is for people to get a maximum tax refund while filing without an extensive knowledge of the constantly changing IRS tax laws.
To learn more, go to http://bestirstaxrefund.com/what-is-earned-income-credit-eic-how-to-qualify.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on the Internet.
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