by admin on November 12, 2009
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You may qualify for the Earned Income Tax Credit, or EITC, if you worked last year, but did not earn a lot of money.
EITC is a refundable tax credit meaning you could qualify for a tax refund even if you did not have federal income tax withheld.
To qualify for the credit, you must:
• Have a valid Social Security Number (if you are filing a joint return, your spouse also must have a valid Social Security Number)
• Have earned income from employment or from self-employment
• Have a filing status other than married, filing separately
• Be a U.S. citizen or resident alien all year, or a nonresident alien married to a U.S. citizen or resident alien and filing a joint return
• Not be a qualifying child of another person (if you are filing a joint return, your spouse also can not be a qualifying person)
• Not have investment income over a certain amount
• Not file Form 2555 or 2555-EZ (related to foreign earned income), and
• Have a qualifying child OR:
o be age 25 but under 65 at the end of the year
o live in the United States for more than half the year, and
o not qualify as a dependent of another person
If you qualify, the amount of your EITC will depend on whether you have children, the number of children you have, and the amount of your wages and income last year.
For more information or to see if you qualify, please call us at 770-956-1717 or fill out the form below.
by admin on November 11, 2009
If you discover an error after your return has been mailed, you may need to amend your return. The IRS may correct errors in math on a return and may accept returns with certain forms or schedules left out. In these instances, do not amend your return! However, do file an amended return if your filing status, your income, your deductions or credits were incorrect.
Use Form 1040X (PDF), Amended U.S. Individual Income Tax Return, to correct a previously filed Form 1040 (PDF), Form 1040A (PDF),Form 1040EZ (PDF), Form 1040EZ-T, Form 1040NR (PDF), or Form 1040NR-EZ (PDF). If you are filing to claim an additional refund, wait until you have received your original refund (you may cash that check). To avoid penalty and interest, if you owe additional tax for a current year amended return, file Form 1040X and pay the tax by April 15 of the current year. If the due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day. The Form 1040X Instructions list the addresses for the IRS service centers.
File a separate Form 1040X for each year you are amending. Mail each form in a separate envelope. Be sure to enter the year of the return you are amending at the top of Form 1040X. The form has three columns. Column A shows original or adjusted figures from the original return. Column C shows the corrected figures. The difference between Columns A and C is shown in Column B. There is an area on the back of the form to explain the specific changes being made and the reason for each change. Attach any forms or schedules that are affected by the change. Generally, to claim a refund, Form 1040X must be filed within 3 years from the date of your original return or within 2 years from the date you paid the tax, whichever is later. Returns filed before the due date (without regard to extensions) are considered filed on the due date.
• Attach copies of any forms or schedules that are being changed as a result of the amendment including any Form(s) W-2 received after the original return was filed.
• Tax forms can be obtained by calling 800–829–3676 or visiting www.irs.gov
• Normal processing time for Forms 1040X is 8 to 12 weeks from the IRS receipt date.
Please Note: Your state tax liability may be affected by a change made on your federal return. For information on how to properly prepare your amended federal and state tax returns, contact Greenwald & Company, P.C., CPAs at 770-956-1717 or fill out the form below.
