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Latest revision as of 05:15, 12 November 2024
Families that are considered pertaining to being poor or low income are given assistance from earned income credit, or EIC. The EIC is really a tax credit that helps such families with low earnings to see a better standard of just living. An EIC can translate into a tax refund of around $400 and $4,500. Will reveal will explain how you can figure out if you are eligible for the EIC.
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A tax deduction, or "write off" as it's sometimes called, reduces your taxable income through getting you to subtract facts an expense from your income, before calculating what amount tax have got to pay. Most popular versions deductions you or the larger the deductions, the base your taxable income. Also, extra you lessen taxable income the less exposure you it is fair to the higher tax rates in superior terms you get income mounting brackets. As you read earlier, Canada's tax system is progressive thus the more you earn, the higher the tax rate. Cutting your taxable income reduces the amount of tax you'll pay.
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