Have you claimed all of the credits that you are due?
So many bemoan the loss or limitations to deductions, but tax credits are more valuable, because they are dollar-for-dollar reductions of the income tax owed, which is why you should claim as many as you can.The EITC is aimed at workers with low to moderate income when they file their tax return. The IRS notes that “many people risk missing out on the credit because they don’t know they’re eligible — especially people who had a major life change and may qualify for the first time this year.
Check IRS.gov to determine if you qualify and for how much, which is determined by the size of your family. The maximum amount is $7,430 with three or more qualifying children.Reverts to the pre-pandemic level of a maximum of $2,000 per qualifying child under the age of 17 and is partially refundable . The income threshold at which the child tax credit phases out increased to $200,000 ).Sounds similar, but this is different from the CTC.
To claim it, your modified adjusted gross income must be $80,000 or less . Reduced amounts available for incomes of $80,001 – $90,000 .This credit can offset part of the first $2,000 workers contribute to IRAs and workplace retirement plans s, 403s, 457 plans) and is available for singles with incomes up to $34,000 in 2022 .
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