Tax Preparation Service Greenville NC - Greenville NC Tax Credits for Parents. The IRS offers tax deductions and credits to help families retain more of their hard earned income. Tax credits can reduce the amount of tax that must be paid annually, and some are even refundable.
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One of the best tax credits available to families with children is the Child Tax Credit, which can assist in covering expenses such as childcare, healthcare and schooling costs. Parents, grandparents and guardians can all claim this credit.
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American Rescue Plan's expanded Child Tax Credit will bring immediate financial relief to working families starting in 2021 and beyond. Couples earning less than $150,000 or $112,500 each will automatically qualify for the CTC. They do not need to sign up or take any action on their behalf.
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Families can claim the full refundable Additional child tax credit for this year and 2021 by filing Schedule 8812. There are no rules that prevent families with coparenting households from dividing these funds among coparenting households. This can be particularly helpful when there is a custody agreement defining who gets these advanced payment stimul checks.
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The Dependent Care Credit may lower your tax bill when you pay for care of a child, spouse, or dependent who is unable to care for themselves. This credit ranges from 20%-35% of up to $3,000 in work-related expenses related to one qualifying individual or $6,000 when multiple qualifying individuals exist.
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Your dollar limit may be reduced if you receive dependent care benefits from your employer through a qualified dependent benefit plan. Your employer will let you know if this plan qualifies. Please report these in box 10 of your W-2, Wage and Tax Statement form or, for self-employed individuals, as part of their net earnings reported on Schedule SE (Form 1040), line 3.
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You'll need to provide proof that the care provider has met all requirements. You will need to provide their name, address, taxpayer ID number (usually the social security number) and bank statements or receipts as proof. If this information cannot be supplied then filing your return and providing evidence of reasonable due diligence would still suffice.
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Earned income credit (EITC), a vital tax incentive, is designed to reduce poverty for low- and medium-income working families. By offsetting tax liability or providing refunds, it increases earned income value while reducing poverty. As it is a refundable credit, they can still receive their EITC regardless of any potential tax owing.
Are you eligible for the Earned income tax credit (EITC). The EITC is dependent on your filing status, income, and the number of children eligible in your household. There are many complex rules that define earned income. These include wages, salary tips, employer-based disability payments, self-employment income and union strike pay.
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The EITC was initially implemented temporarily as part of welfare reform discussions in 1975 and has since been expanded several times, most recently with the American Rescue Plan Act of 2021 expanding eligibility criteria and increasing maximum credit amounts for individuals without children.
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The Earned income tax credit is a federal benefit that supports working families. Families who qualify can claim the EITC as a way to offset their withheld taxes, or receive refunds for what they overpaid. This credit may also help those families that did not receive regular Child Tax Credit payments in the past year. Families must file both state and federal tax returns to claim the credit. It will not affect eligibility or amount for other federal benefits or programs.
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EITC eligibility depends on a variety of factors such as earned income, number and age of children, as well as other considerations. For instance, an eligible worker earning $15,820 could potentially receive up to $538 through EITC (IRS 2020).
United Way Volunteer Income Tax Assistance program (VITA) can assist qualified Greenville residents with filing their tax return. Visit our VITA page for more information on eligibility and services offered.