The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act extended a number of tax deductions and credits for 2011 and 2012, which help families pay for college and other child-related expenses.
EIC or EITC is a refundable tax credit, meaning you can get money back even if you owe no federal income tax or had no tax withheld. And, if you owe tax, it can offset the amount you must pay. Below is a preview of the new 2010 earning limits and maximum amounts.
This summarizes the important changes that take effect in 2010 that could affect your estimated tax payments for 2010. More information on these and other changes check back as we get closer to the tax season.
Here is 2009 Publication 596 – Earned Income Credit. The 2009 EIC Table begins on page 46 of the document. You can read it online here or optionally download it to your computer at the bottom of the page. Be sure to read through some of the new Earned Income Credit changes before going straight to the 2009 EIC chart. This is the 2010 EIC chart for filing your 2009 taxes.
Credit Amounts for 2010 Advanced Lean-Burn Vehicles
Credit Amounts for 2010 Model Year Hybrid Vehicles