The world of tax refunds is complicated. What’s the difference between a refundable tax credit and a tax deduction? Which credits am I eligible for?
The lack of knowledge surrounding the potential tax refunds on the table means that so many people are missing out on thousands of dollars every year.
So, what are you going to do about it?
Why You Could Be Missing Out on Big Bucks
The most common mistake is believing that because you don’t pay anything in Federal taxes you aren’t eligible to claim any sort of tax refund.
This couldn’t be further from the truth. Tax credits, like the Earned Income Tax Credit (EITC), are eligible to anyone regardless of how little tax they pay.
The best part is this tax credit is fully refundable, so even if you pay nothing in tax you could still get a refund from the IRS. That’s right, Uncle Sam will pay you.
Don’t discount your eligibility without checking it out first.
Which Credits Am I Eligible For?
There are so many tax credits you may be eligible for. Many of them revolve around your income, the number of children you have, and your living circumstances. Take a look at the earned income table chart to see what you qualify for.
That’s why online tax preparation platforms can take the information you provide and determine exactly which credits you may be eligible to claim.
They will even provide the right forms on your behalf and fill them in using the information you’ve already entered into the system.
Take Advantage of a Free Tax Refund Calculator Today
You can use the free TurboTax calculator to get an idea of how much you could get back from your tax refund this year. It’s simple to use and you don’t need to have any experience in tax preparation to get accurate results.
All you must do is answer a few basic questions about your income and living circumstances. From that, you’ll get an idea of the credits you’re eligible for and a rough estimate of how much you could get back this year.
You’ll have a great idea of the amount of money you could be entitled to.