Cedar Rapids, Iowa – January 28, 2016 – TaxAct®, the leading provider of affordable digital and download tax preparation solutions, reminds consumers with simple federal returns (1040 EZ/A) that they can use TaxAct Online Free Edition to file for the Earned Income Tax Credit (EITC) without paying any tax preparation or filing fees. Worth up to $6,242 for a family with three or more children and $503 for an individual without children, this credit is often missed by qualifying filers. In recognition of the 10th annual EITC Awareness Day tomorrow, Jan. 29, 2016, TaxAct encourages workers with earnings of $54,000 or less to check their eligibility for this valuable credit.
Last year, 27.5 million consumers received an average $2,400 in EITC, totaling about $66.7 billion1. Yet, one in five2 qualified tax filers overlook this credit, potentially leaving thousands of dollars on the table.
"We want tax filers to know they may qualify for the EITC this year even if they didn't last year," explained TaxAct President JoAnn Kintzel. "Changes in a filer's marital, parental or financial status in 2015 may affect their eligibility this tax season. EITC provides a financial lift that can really help hard-working Americans, and it's important that we raise awareness for it."
To claim the EITC, one of the requirements is that earned income and adjusted gross income for 2015 must each be less than:
Investment income must be $3,400 or less.
File for the EITC with TaxAct Online Free
In order to get the EITC consumers must file a tax return, even if they are not legally required to do so, and specifically claim the credit. TaxAct helps workers determine their eligibility for the EITC by automatically calculating the credit based on the information in their return. TaxAct can also assist filers in identifying opportunities for a similar credit from their state government, provided they file taxes in either the District of Columbia or one of the 25 states that offer an EITC. In addition, TaxAct helps filers maximize their deductions and credits beyond the EITC so they get their maximum refund, guaranteed.
All TaxAct products enable filers to take advantage of the EITC. TaxAct Online Free Edition, however, provides a completely free way to claim the EITC and file simple federal (1040 EZ/A) and state returns. Filers using TaxAct Online Free Edition have access to TaxTutor Guidance, which provides expert tax tips and strategies as they move through their returns, including money-saving deductions, simple explanations and pitfalls to avoid. Filers using the solution also get comprehensive tax and technical help.
Kintzel said, "It's difficult enough for hard-working Americans to make ends meet. We don't want them to have to pay high costs to file their taxes on top of it. With TaxAct Online Free Edition, they can rest assured they won't miss out on helpful deductions and credits, such as the EITC, and they can get their best tax outcome without paying a dime in tax preparation fees."
TaxAct provides the best deal in tax so individuals, business owners and tax professionals can save money on tax preparation. A leading provider of affordable digital and download tax software, the company's mission is to empower people to navigate the complexities of tax and finance with ease and accuracy at a fair price. TaxAct has long-offered a Price Lock Guarantee on its products, ensuring its customers pay the price listed for their selected product at the time they started their return, no matter when they file. TaxAct was one of the top three visited online tax preparation destinations last tax season3 and has assisted with approximately 60 million e-filed federal returns since 2000. To learn more about TaxAct, a business of Blucora, Inc. (NASDAQ: BCOR), visit www.TaxAct.com or connect with us on Facebook, LinkedIn and Twitter.
TaxAct Public Relations
3 According to collective week end reports for taxact.com released by Compete Inc.