The IRS will be accepting tax returns from individual and company taxpayers relating to the fiscal year 2022 from January 23 to April 18.
In the case that taxpayers are unable to file their returns on time and in the proper format, they can request an extension from the IRS, which will give them until October 15 to complete the process; nevertheless, the associated taxes must be paid by the due date (April 18).
Earned Income Tax Credit Requirements
You may be eligible to apply for any of the tax credits granted by the tax collecting agency, including the Earned Income Tax Credit (EITC) for low-income individuals and families while submitting your taxes.
EITC claimants can receive up to $6,935, almost $7,000. However, the precise amount will depend on the circumstances of each applying family or person, such as the applicant’s number of children and annual income.
The following conditions must be met to qualify for the Earned Income Tax Credit in the United States:
- Have worked and earned income less than $59,187
- Have investment income less than $10,300 in the tax year 2022
- Have a valid Social Security number by the due date of your 2021 return
- Be a US citizen or resident alien for the entire year
- Cannot file a Form 2555 (Foreign Earned Income)
Beginning at the end of February, EITC reimbursements will be granted. The precise date will depend on when the person submitted their return.
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How EITC Works?
The EITC provides families with low and moderate incomes with a subsidy. The amount that each worker is eligible for depends on a number of factors, including their earned income, their adjusted gross income, their filing status, and the number of qualifying children they have.
Workers with qualified children typically earn larger EITC tax credits than those without children.
Individuals without qualifying children are eligible for a maximum credit of $560 in 2022. For the tax year 2022, the maximum benefit is $6,935 for working families with at least three qualifying children. Note: the due date for tax returns for the year 2022 is April 18, 2023.
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