Workers can qualify for the Earned Income Tax Credit, or EITC, by gaining taxable earnings from an employer, business or farm and ranking in the correct income bracket based on specific household demographics, according to the Internal Revenue Service. While a childless person between the ages of 25 and 65 is eligible for the EITC, having qualifying children directly increases the credit total.Know More
The federal EITC was designed to promote financial stability for low- to moderate-income individuals by offsetting taxes, according to the Center on Budget and Policy Priorities. The organization estimates that the credit helped approximately 6.5 million people move above the poverty line in 2012.
To claim the EITC, the taxpayer must have a valid Social Security number and cannot be a married person filling independently, the IRS states. The person must also be a U.S. citizen, a legal resident or a non-resident alien filing jointly with a qualifying spouse. Dependents can't file for the credit, and filing Form 2555 or Form 2555 EZ for foreign income disqualifies taxpayers from receiving the EITC.
In the 2013 tax year, a childless person with an income at or below $14,340 could earn up to $487 from the EITC, according to the IRS. A person with three or more children could have a maximum income of $46,227, resulting in a credit of $6,044. The maximum qualifying income is increased at all levels for couples filing joint returns.Learn more about Taxes
Plug-in hybrid motor vehicles with a battery capacity of at least 5 kilowatt hours that owners bought in 2010 or after are eligible for tax credits, according to the Internal Revenue Service (IRS). Eligible vehicles must have a gross vehicle weight of less than 14,000 pounds and be bought new by the original owner, for use or lease, primarily in the United States. Additionally, they must be built by conventional manufacturers and not converted from standard vehicles to function on electrical energy, according to the U.S. Department of Energy.Full Answer >
Find the Employer Identification Number, or EIN, for a business by looking at the original notice from the Internal Revenue Service when the EIN was issued or by referencing a previous year's business tax return. If the business opened a bank account, the bank can provide the EIN.Full Answer >
An Employer Identification Numbers, or EIN, is assigned by the Internal Revenue Service in order to identify a business entity. It is also called a Federal Tax Identification Number and is used on tax forms.Full Answer >
To find the federal tax identification number, commonly known as an Employer ID number or EIN, check existing documentation, call the bank that handles your business accounts, or contact the Internal Revenue Service directly.Full Answer >