The earned income tax credit is available to working Americans with low incomes. It is designed to keep families out of poverty, while still encouraging taxpayers to work. According to the Internal Revenue Service, in 2010 the EITC was credited with keeping 6.6 million Americans above the poverty line, which is more than any other US anti-poverty program. The credit …
Do I Need to File a Tax Return?
Depending on your filing status and the amount of income you made during the year, you may not be required by law to file a return with the IRS. However, even if you do not have to file it may be in your best interest to submit a tax return. If your taxable income is below your standard deduction amount, …
Common Tax Myths
Money you inherit is taxable to you. ● While this is a very complicated area of taxation, in most cases the person receiving the inheritance is not liable for tax associated with the gift. You cannot claim your parents as dependents if they live in the nursing home. ● If you provide over 50% of support for a relative, you …
The IRS Called?
I received a phone call from the IRS, is it real or a scam? Identity thieves often impersonate IRS agents. They will use any method to trick the victim into providing personal information or wiring money directly to the imposter. The imposter may provide a fake IRS identification number or even alter the caller ID information to make it appear …