Tag: lifetime learning credit

Posts Tagged ‘lifetime learning credit’

Tax Filing for Low Income Taxpayers

Posted by Robert Flanagan on December 10, 2016
Last modified: December 16, 2016

Need a hand preparing your tax return this year?

There’s a good chance that if you are one of many low income taxpayers, you will file a tax return this year. Preparing that return doesn’t have to cost you most of that refund you’ve been looking forward to.

There are credits specifically targeted toward taxpayers earning less than $50,000 per year. Let’s take a look at four credits that should be on your radar this year.

Earned Income Tax Credit

This credit was originally created as an incentive for people to work. Eligibility and the amount you receive from this credit are determined by filing status and income; specifically your adjusted gross income. To qualify for the credit, you must be between 25 and 65 years old. You also must be either single or married filing a joint tax return. If you qualify, you can earn up to $6,242! A few things to keep in mind before blindly claiming this credit are: (more…)