Information about Filing Taxes and the Earned Income Tax Credit

Learn more about information to file your taxes. With the earned income tax credit, you may be getting a much larger refund than expected.

 

Earned Income Tax Credit

2017 Earned Income Tax Credit (2017 EIC) – Taxpayers who are eligible for the 2017 EITC may receive a substantial benefit. To summarize, the EITC, Earned Income Tax Credit, is a benefit for working people who have low to moderate income. It supplements wages by rewarding people who work.

2016 Earned Income Credit Amount – The IRS announced the 2016 Earned Income Credit amounts which have some small changes from the 2015 EIC.

2015 Earned Income Tax credit (EITC) Chart – Information about the 2015 Earned Income Tax Credit and the 2015 Earned Income Tax Credit Amount.

Form W-5 Earned Income Credit – Get the earned income tax credit early. This is possible through the Advance Payment Program Earned Income Credit (or EIC Advance) which is filed for through IRS Form W-5.

Other Information about the Earned Income Tax Credit– Additional information about claiming the EIC or EITC in a particular tax year.

 

Tax Bracket Information

2017 IRS Income Tax Brackets – The IRS updated the 2017 Income Tax bracket. As has been the case in previous years, due to low inflation, there is not much change in the income tax brackets, standard deduction, or personal exemption amounts.

IRS 2016 Income Tax Brackets and Rates – Each year, the IRS uses the Consumer Price Index (CPI) to calculate the past year’s inflation and adjusts income thresholds, deduction amounts, and credit values accordingly. For 2016 income tax brackets, inflation was relatively low and they were not increased much more past the 2015 income tax brackets.

IRS 2015 Income Tax Brackets and Tax Rates – The IRS Tax Bracket for 2015 tax is different, yet similar to the tax bracket for 2014. Every year, the IRS adjusts more than 40 tax provisions for inflation to make sure the numbers do not get out of whack with what is going on in the economy.

 

 

 

Other IRS Tax Information

Form SSA-1099 Social Security and Taxes – If you receive Social Security benefits, you may have to pay federal taxes on a fraction of their profits.

2016 Child Tax Credit Amount – The amount of the child tax credit will change every year. Between 2015 and 2016 there no chance in the difference in the amount of the child tax credit.

50 Percent Charitable Contribution Limit on Deductions – The amount of charitable contribution that can be deducted is limited by certain tax laws. The charitable contribution deduction allowed for any one year is based on the taxpayer’s adjusted gross income (AGI)