Taxes aren’t due until April, but many people are already
headed to their tax attorneys or preparation experts to get their refunds. And the IRS is
reminding taxpayers to advantage of the earned income credit.
The IRS wants to remind people making $49,078 or less a year
that they are eligible for the credit which can save them money. Even though
four out or five taxpayers are eligible for this tax credit they often don’t
take advantage of is. Only one in five actually take the earned income
credit. This credit is for single and
married filers with or without children.
Earned income tax credit legislation was passed in Congress
on 1975 to offset social security payroll deductions and encourage people to
work, according to the IRS website.
If you aren’t sure if you qualify for an earned income tax
credit you can visit the IRS website to see if you qualify. If the credit is
more than the actual amount of taxes owed you may receive a refund.
The IRS will also offer free advice. But if you prefer you
can see your tax attorney to help
you with your 2011 tax returns. Acting now can save some grief later when
people scramble to finish their taxes by the deadline.
A tax attorney can
help people like who have more complicated tax returns which may include
business deductions or capital gains. They can take the pain out of tax time.