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Dr. Bob is Robert Hsiung, MD,
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Posted by garnet71 on March 7, 2009, at 12:22:15
If you're in the U.S. and have not yet done your Fed taxes, make sure you take advantage of the Earned Income Credit (EIC) if you are eligible. If you're single/no dependents and low income, you can realize a negative tax rate and get a few hundred back. If you have kids, the credit can get you up to about $5000. If you've already done your taxes and did not take advantage of this credit, you can amend your 1040/refile and claim the credit; it's not that difficult.
I've been doing taxes for friends and family for years, and its amazing how many people don't know anything about this credit or other credits and deductions.
It's very disappointing how complicated tax filing is made to be. TurboTax makes it a lot easier, but still, I noticed some low-income people who can't pay accountants do not get all the credits and deductions they are eligible for.
Posted by fayeroe on March 7, 2009, at 15:19:01
In reply to U.S. Federal Taxes - Earned Income Credit, posted by garnet71 on March 7, 2009, at 12:22:15
It would be impossible for me to hire someone to prepare mine. I'm going to try to do it myself and I'll remember that tax credit!
Posted by desolationrower on April 25, 2009, at 1:37:59
In reply to Re: U.S. Federal Taxes - Earned Income Credit » garnet71, posted by fayeroe on March 7, 2009, at 15:19:01
also worth keeping in mind is health care can be deducted if it is a large enough %, it didn't matter for me but for many people on the board i'd imagine health care is a large part of the budget and worth keeping in mind
-d/r
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