Posts Tagged ‘credit’
Earned Income Credit How Much
February 6th, 2007
Question: Can tax deductions help you qualify for earned income credit?
I usually get earned income credit, but this year I am a couple thousand dollars above the limit. I have lots of deductions and was wondering if this would help. Also want to know if turbo tax is as easy as they make it out to be?
Answer: The IRS has a great tool on their website that helps you figure out if you qualify for EITC (also called EIC sometimes). The program hasn't been updated for the tax year 2007 yet, but will be soon. Here's the link that will contain the "EITC Assistant" as soon as it's released:
Also, TurboTax IS as easy as they make it out to be. I was a TurboTax user for many years. Two years ago, I switched to TaxCut by H&R Block. It's as good (and easy) as TurboTax, but it costs less. You can pick up either at your favorite retailer.
A Financial Plan for the Newly Rehired
Congratulations. You found a new job in a very difficult economy. Now here's a game plan to rebuild your finances and help protect yourself and your family in case your luck takes a turn for the worse.
KCRA Interview on Earned Income Tax Credit
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