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Before you file 2011 taxes, make sure you’re familiar with all the credits that could save you money.
Basically, the Earned Income Credit is a tax credit designed to put money in the pockets of moderate to low income individuals. It can reduce the amount of tax you owe and even give you a refund.
One of the ways you could potentially save money on your taxes is through the Earned Income Credit (EIC).
You may be eligible to take the 2011 Earned Income Credit if
- You earn less than $43,998 ($49,078 if married) and have 3 or more children
- You earn less than $40,964 ($46,044 if married) and have 2 children
- You earn less than $36,052 ($41,132 if married) and have 1 child
- You earn less than $13,660 ($18,740 if married) and have no children Continue reading “The 2011 Earned Income Tax Credit: What is it?”
Our recent series of articles, on how an IRS audit of your Federal tax return is triggered, has now been completed. You may now peruse all three installments for a complete view of the audit risks you may be unaware of, the best practices to comply with IRS regulations, and methods to document your finances properly and prevent the IRS from casting undue suspicion on your tax return. Continue reading “The Dread Tax Audit: Triggers and Tips –
Our series is now complete.”
Welcome to the third and final part of our series on how to avoid an IRS audit. In our first part, we gave you a basic outline of how IRS audits happen. Last time, we showed you how the income you report and credits you claim can make the IRS suspicious. In today’s article, we’re explaining how the deductions you claim can lead to an audit. Read on, and find out how and why the IRS moves your tax return to the top of the audit stack, and what you can do to avoid getting audited. Continue reading “The Dread Tax Audit: Triggers and Tips
Part 3: Deduction Triggers”
