There are just a few weeks left until tax preparation season kicks off, and today the Internal Revenue Service had some bad news for families that receive the earned income tax credit or the additional child tax credit: they will not receive their tax refunds until the end of February. [More]
Someone’s got some explaining to do: the Internal Revenue Service sent out about $11.6 billion in payments it shouldn’t have, through the Earned Income Tax Credit program last year, according to a report by the inspector general. This isn’t going over well with its parents at the White House because that is way more than its allowance.
You could qualify for a maximum tax credit of $4,800 if you made less than $42,000 in 2008. Even if your salary was around $61,000 but you lost your job last year, you could still qualify. It’s called the “Earned Income Tax Credit” and you can find out if you can claim it by taking the IRS’ online EITC quiz. Your tax preparer, be they human or software, can you help determine if you’re worthy (One big one: you must be over 25 but under 65 at the end of the year).