The good news. President Trump Congress keeps telling you that taxpayers will be able to file on a postcard.
The bad news? Look at lines 3, 10, 11, and 12.
Your government is naïve. While this may be wish-fulfillment, it has no basis in practical reality.
It should be a required pre-requisite for all lawmakers to prepare their own income tax returns before they are permitted to write, vote on, or pass legislation. I loved that episode of the short-lived TV series Mr. Sterling, where Senator Bill Sterling (Josh Brolin) is grumbling, trying to prepare his own tax return. Better yet, they should spent two weeks volunteering, or observing, at a VITA site to see how their tax laws truly affect low-income people’s tax filings. Read More
The EITC is for people who work but have lower incomes. If you qualify, it could be worth up to $6,242 in 2015. So you could pay less federal tax or even get a refund. The credit is a refundable credit, so you can receive the benefits of the credit even if you do not owe any taxes. That’s money you can use to make a difference in your life.
Even though this credit can be worth thousands of dollars to a low-income family, the IRS estimates as many as 25 percent of people who qualify for the credit do not claim it simply because they don’t understand the criteria.
If you qualify for but failed to claim the credit on your return for 2012, 2013 and/or 2014, you can still claim it for those years by filing an amended return or an original return if you have Read More