Special Rules Help Many People With Disabilities Qualify for the Earned Income Tax Credit; Up to 1.5 Million Fail to Claim Valuable Benefit

WASHINGTON — The Internal Revenue Service wants taxpayers with disabilities and parents of children with disabilities to be aware of the Earned Income Tax Credit (EITC) and correctly claim it if they qualify. The EITC is a federal income tax credit for workers who don’t earn a high income ($53,505 or less for 2016) and…

IRS proposes changes to rules for dependents

The IRS is proposing to change its position on when taxpayers may qualify as childless for purposes of the Sec. 32 earned income tax credit (REG-137604-07). The proposed regulations, issued on Thursday, would also make a variety of changes to the definition of “dependent” in the regulations to reflect various statutory changes that have been…

Five Reasons to File Your Taxes Early

Tax season has officially kicked-off. With the deadline being April 18, many taxpayers wait until last minute to file their taxes. According to the IRS, close to 75 percent of taxpayers received a refund of about $2,800 last year. Did you know if you file your taxes earlier you may receive your refund before everyone…