Did you know you may qualify to benefit from the Earned Income Tax Credit (EITC)?
Soooo... what is this credit?
The Earned Income Tax Credit is a tax credit that has actually helped millions of taxpayers in the past... by getting them more money back.
I mean, who doesn't want more money in their pocket, right??
If you are a grandparent who works and are also raising your grandchildren, you can benefit from this credit.
Because the EITC is a refundable credit, you are able to pay less federal tax, pay no tax, or even get a tax refund if you qualify.
To qualify, you must be:
-A grandparent who has a qualifying child and also works, even if you are 65 years+ old.
-Your grandchild needs to meet the EITC qualifications
-If your other family members also qualify for the EITC, special rules or restrictions may apply.
-You need to file a tax return and claim this credit even if you don't owe any tax
People living in rural areas:
If you live in a small town or an area that is considered "rural", you may qualify for the EITC.
To qualify, here is what you need to know:
-Because this credit is refundable, you could pay less federal tax, no tax, or even get a refund if you qualify
-You must file a tax return even if you don't owe any tax
-If you are not married, are working, do not have a qualifying child, and earn less than $15,570 you may qualify for a smaller amount of the credit
If you meet these basic rules you may qualify -
-You must receive income as an employee, or from owning or operating your own business, which also includes home-based businesses.
We hope that this helps you determine if you qualify! Of course you can always visit www.irs.gov to find out more information or ask one of us #GoldenGirls.