Tax tip: rural residents can benefit from Earned Income Tax Credit - Entrepreneur Generations

The Internal Revenue Service has issued a reminder to rural residents about the Earned Income Tax Credit as people start doing their 2017 taxes. Many in rural areas don't claim the EITC because they don't know about it, don't realize they qualify for it, or worry about the cost of paying for a tax preparation service.

But many small-town and rural residents may qualify for the EITC because the average household in such areas is below the national average. Here's a short list of things to know:

• Because it’s a refundable tax credit, those who qualify and claim the credit could pay less federal tax, pay no tax or even get a tax refund.
• An eligible taxpayer must have earned income from employment or owning a business or farm and meet basic rules.
• To get the credit, taxpayers must file a tax return, even if they don’t owe any tax or aren’t required to file.
• Single workers without a qualifying child who earn less than $15,010 may qualify for a smaller amount of the credit.
• There are special rules for individuals receiving disability benefits and for members of the military.
• The IRS recommends using the EITC Assistant on IRS.gov to determine eligibility and estimate the amount of credit.

Click here for more information on the EITC. 

from The Rural Blog http://ift.tt/2rEXKW4 Tax tip: rural residents can benefit from Earned Income Tax Credit - Entrepreneur Generations

Posted by Entrepreneur Generations

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