Even those who owe no taxes can still qualify and claim prominent tax credits, such as the Child Tax Credit and the Earned Income Tax Credit.
TRAVERSE CITY, MI, US, August 23, 2023/EINPresswire.com/ — The Internal Revenue Service (IRS) has highlighted an essential provision that stands to benefit countless families and individuals in 2023 and 2024.
Even those who owe no taxes can still qualify and claim prominent tax credits, such as the Child Tax Credit and the Earned Income Tax Credit, bolstering financial support during crucial times.
This initiative by the IRS underscores its commitment to aid low to moderate-income families and ensure that tax benefits reach those in need.
Key points of this tax provision include:
Child Tax Credit (CTC): Families can benefit from the Child Tax Credit, a sum provided for each qualifying child.
This credit is both refundable and non-refundable, meaning eligible families can receive a refund, even if they owe no tax.
Earned Income Tax Credit (EITC): For low to moderate-income working individuals and families, the EITC offers a significant refundable credit. The amount varies based on income, filing status, and the number of dependent children.
Other Tax Credits: The IRS encourages families and individuals to explore other potential credits. Many of these credits can result in a refund, ensuring that taxpayers receive money back even when no tax is owed.
Ease of Claiming: Simplified processes have been introduced, ensuring families can effortlessly claim these credits when filing their taxes without extensive paperwork or hassle.
Educational Campaigns: The IRS is initiating campaigns to spread awareness about these credits, aiming to ensure maximum outreach and benefit.
For families and individuals navigating their tax responsibilities in 2023 and 2024, this provision provides a beacon of financial relief.
To learn more about these available credits visit https://filemytaxesonline.org/