What Is Earned Income Tax Credit (EITC)?Geared primarily towards low-to-middle income, working individuals and families, the Earned Income Tax Credit (EITC) is a federal benefit able to provide relief to those who meet specific criteria, by reducing the amount of tax owed and by increasing the amount of tax monies refunded, as determined after filing. Both single and married people can benefit from EITC, regardless of whether or not they have children or other dependents.
Best Tax Credits And Deductions Everyone Should Know AboutDon't miss out on some valuable tax credits and deductions. Here are a few of the most commonly missed credits, which could end up saving you a bundle.
Quinn: Not Enough People Taking Advantage Of Tax BreaksGovernor Quinn stopped by Truman College where volunteers with the Center for Economic Progress are helping low-income tax payers to file their returns.
Opinion: Romney Denigrates 47% Not Paying Taxes As He Uses Loopholes Trying To Do The SameMitt Romney, if you want to talk about mooches and freeloaders that take advantage of the system then grow a spine and show America your tax returns. Let's see what you really pay as a percentage. Let's see what deductions you take. Let's see how addicted to federal benefits you are.
Opinion: Romney's 47% Don't Pay Taxes Remark Shows He's Exactly Who We Thought He WasThe recently released tape of Romney speaking to donors at a closed door fundraiser has exposed Mitt Romney to, in fact, be the person Democrats have portrayed him to be: a rich, out of touch, arrogant man that has no respect or connection to the American middle class and absolutely no interest in making the American middle class stronger.
New Illinois Law Raises Earned-Income Tax Credit Legislation aimed at helping poor Illinois families keep more of what they earn was signed into law Tuesday, a month after Gov. Pat Quinn signed companion legislation granting tax breaks and incentives aimed at keeping two big employers in the state.
Illinois House Rejects Tax Breaks For CME, CBOE, SearsIllinois lawmakers went home Tuesday night after hitting an impasse over a $250 million package of tax relief designed to keep several high-profile companies from leaving the state.