Earned Income Tax Credit

Earned Income Tax Credit: One Way to Save Money on the Schedule C

Are you looking for a way to save money? The Earned Income Tax Credit on your Schedule C helps low income workers.

There are millions of unincorporated businesses across the US. Many of these unincorporated business owners file a Schedule C on their personal tax return rather than a separate corporate tax return. There are benefits to keeping their tax filing requirements simple but there is also a near certainty that if you have a small business and you also are eligible for the Earned Income Tax Credit or Earned Income Credit (EITC), you will be audited. Here’s why.

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IRS Takes Action on Tax Credits

Why does the IRS need to take action on tax credits?

The IRS takes action on tax credits for the 2016 tax returns during the 2017 tax season for a good reason. Tax credits and tax fraud costs the government billions of tax dollars a year. The IRS is clamping down on tax credits due to these costs. In an effort to rein in tax fraud, some new laws took effect in 2016. These laws clamp down on individuals who file a fraudulent claim on the American Opportunity Tax Credit (AOTC), the Child Tax Credit (CTC), or the Earned Income Tax Credit (EITC).

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Earned Income Tax Credit: Do Not Miss Out

The Earned Income Tax Credit (EITC) is a tax benefit for working people who have low to moderate income. It provides a tax credit that is treated like tax withholding. It goes to pay an individual’s … Read More

9 Tax Tips for Disabled Taxpayers

Disabled Taxpayers may qualify for a number of tax credits and benefits. Parents of children with disabilities may also qualify. Listed below are several tax credits and other benefits that are available if you are disabled … Read More