{"id":5839,"date":"2023-09-28T12:37:26","date_gmt":"2023-09-28T17:37:26","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=5839"},"modified":"2023-09-28T17:56:00","modified_gmt":"2023-09-28T22:56:00","slug":"5-beneficial-tax-credits","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/5-beneficial-tax-credits\/","title":{"rendered":"5 Beneficial Tax Credits You Might Qualify For"},"content":{"rendered":"\n
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Tax credits<\/a> reduce what you owe Uncle Sam and can put some hard-earned cash back in your wallet. There are two types of credits: refundable and nonrefundable. While both will decrease your debt, only refundable credits can get you a refund even if you don’t owe any taxes.<\/p>\n\n\n\n

If you use ezTaxReturn<\/a> to prepare and e-file your taxes, you’ll receive step-by-step guidance to take advantage of credits for which you\u2019re eligible. Regardless, it\u2019s good to know what\u2019s available. So, here is a quick review of five potentially beneficial tax credits.<\/p>\n\n\n\n

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1. Earned Income Credit<\/strong><\/h2>\n\n\n\n

The EIC is a refundable credit for workers below a certain earnings level. Income limits and credit amounts vary based on earnings, filing status and eligible children. You can still qualify for a reduced credit even if you do not have kids.<\/p>\n\n\n\n

To qualify for the Earned Income Credit for tax year 2022, your earned income and adjusted gross income (AGI) must each be less than:<\/p>\n\n\n\n

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Qualifying Dependents Claimed<\/td>Single, Head of Household, or Widowed<\/td>Married Filing Jointly<\/td><\/tr>
Zero<\/td>$16,480<\/td>$22,610<\/td><\/tr>
One<\/td>$43,492<\/td>$49,622<\/td><\/tr>
Two<\/td>$49,399<\/td>$55,529<\/td><\/tr>
Three or more<\/td>$53,057<\/td>$59,187<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

There is also an investment income limit of $10,300.<\/p>\n\n\n\n

The maximum amount of the credit is:<\/p>\n\n\n\n