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Revision as of 14:36, 23 October 2024
Families which might be considered to become poor or low income are given assistance with the earned income credit, or EIC. The EIC is really a tax credit that helps such families with low earnings to keep a better standard of living. An EIC can translate in tax refund of around $400 and $4,500. This review will let you know that you can figure out if you are eligible for the EIC.
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A personal exemption reduces your taxable income so you wind up paying lower taxes. You could be even luckier if the exemption brings you any lower tax bracket. For the year 2010 it is $3650 per person, same in principle as last year's amount. During 2008, sum of was $3,500. It is indexed yearly for augmentation.
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