IRS Tax Problems - Viable and Sustainable Back Tax Settlement, File Missing Tax Returns, Fast

July 17, 2012 - PRLog -- The following subsidy, Earned Income Credit is a taxpayer money savior on the Federal Tax Return that should not be omitted. Today we will cover the requirements to qualify.

All taxpayers must meet the following six rules to qualify for the earned income credit.

1. Have a valid social security number.
2. Filing status cannot be married filing separately.
3. Must be a U.S. citizen or resident alien for the entire year.
4. Cannot claim the earned income credit if filing Form 2555, Foreign Earned Income.
5. Investment income must be $3,150 or less.
6. Must have earned income.

Additional rules if the taxpayer has a qualifying child.

1. Child must meet the relationship, age, and residency test.
2. Qualifying child cannot be the qualifying child of another person with a higher AGI.
3. Taxpayer cannot be a qualifying child of another person.

Additional rules for taxpayers with no qualifying child.

1. Must be at least age 25 but under age 65.
2. Taxpayer cannot be the dependent of another person.
3. Taxpayer cannot be a qualifying child of another person.
4. Must have lived in the U.S. for more than half of the year.

Figuring and claiming the earned income credit.

Total earned income and modified AGI must be less than:

$13,660 ($18,740 married filing jointly) with no qualifying children
$36,052 ($41,132 married filing jointly) with one qualifying child
$40,964 ($46,044 married filing jointly) with two qualifying children
$43,998 ($49,078 married filing jointly) with three or more qualifying children

Enlist a competent tax professional to correctly identify all the benefits available to you. Don't leave money on the table for the Federal or State Government to take. Protect your hard earned money, the refunds may not be as accurate as you think they are.

Also, the taxpayer timeline allowed claiming a refund is 3 years or 2 years after any tax has been paid whichever is longer.

For more in-depth information visit us at http://dwktaxgroup.com/ or call us, speak to a managing partner today at 1 - 8 6 6 - 2 2 6 - 6 1 0 2. Shear trusted results to get you into the most equitable position allowed by law. DWK Tax group treats the tax debt as if it were our own.