Tax expert Frank Ellis reveals the EITC can now be used by Americans without children, in a new article published at nationaltaxreports.com.
September 07, 2015 — A recently published nationaltaxreports.com article now explains how the Earned Income Tax Credit is open to Americans without children. The tax credit is rather complicated and often overlooked. Each year, the IRS and other organizations raise awareness about it. This past year, according to Ellis, 28 million people received $66 billion for the EITC.
National EITC Awareness Day was held in Detroit at the end of January. While the author states people have linked the credit with working families, a refined credit is available to people without children. It is a lesser credit but valued at about $496 for 2014 income tax returns, Ellis says.
According to the author, the Earned Income Credit is worth up to $6,143 for families that have three or more eligible children. Experts say the take-rate is high, but people with no children usually don’t take advantage of the credit even if they are eligible. The author reveals how one qualifies if they don’t have an eligible child. There are also strict income restrictions. Single people must make no more than $14,590 to qualify.
The article also reveals the possibility of access to the EITC being widened. Others are saying it’s the most effective way to move people from welfare to employment. Possibilities include reducing age restrictions so childless workers as young as 21 can get the credit.
Experts are quoted regarding the benefits of a refundable tax credit, while Ellis reveals such a credit rewards those who work hard to pay the bills. He reveals refunds may be available to people that earn less than $52,427 in 2014, and points to the EITC Assistant on the IRS webpage to help determine eligibility.
Ellis also points to TurboTax and H&R Block for no cost tax refund calculators. These sources can help people claim and calculate the EITC if they are eligible, which can put extra cash in one’s pocket.
Learn more about claiming the EITC even without a qualifying child, by going to http://nationaltaxreports.com/earned-income-credit-without-children/.
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 leading financial websites.
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