With the Tax Season around the corner it is time to think of the Tax Credits that you qualify for.

In Metro Atlanta or elsewhere in the US the tax season is quickly drawing near. This also means that it is time to go over the tax credits that you may be eligible to avail. Team NTRC is all set to assist you in identifying these credits for the Tax Filing season of 2020. So before the season begins, let us have a peek into the available Tax Credits that you could use.

Do you fall into the low or moderate income brackets? You may qualify for EITC or the Earned Income Tax Credit. Meeting the right set of requirements for EITC would mean that you pay less or no tax or even get a refund under the Earned Income Tax Credit. To avail EITC the IRS mandates that you and your dependents should all have valid Social Security Numbers. You should be earning an income and filing returns. You must also have qualifying children  that fulfill the criteria or have none but meet the additional requirements yourself.

Do you have qualifying children under the age of 17? You may get a Child Tax Credit of up to $2,000 per qualifying child. Child Tax Credit is refundable even if you do not owe any taxes. That means you can get a refund – capped at a maximum of $1400 per child – under this credit. There is also a $500 Tax Credit for the other dependents. This includes children aged 17 to 24 and are not earning an income. The Child Tax Credits mostly benefit the moderate to middle income classes as it tappers or phases out beyond a limit of $400,000 in the case of married couples and $200,000 for single head.

Are there others who are dependent on you? They may qualify for the Credit for Other Dependents. This tax credit can gain you a maximum of $500 for each qualifying dependent. The credit can be used for older children or relatives like parents, uncles, aunts or siblings. It can even apply to someone unrelated to you if you are providing for at least half of their expenses in the assessment year. Though this is not a refundable tax credit, it also does not require the dependent to have an SSN.

Are you unable to determine whether these Tax Credits apply to you and your people? Worry not! Reach out to us and schedule a free consultation with NTRC Tax and finance here. Our experts are more than ready to help you out.

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