KNOXVILE (WATE) – Due to the government shutdown in October, the first day the IRS will begin processing individual tax returns is January 31, which is later than normal.
While the government is behind, it doesn’t mean you have to be.
Sylvia from Kingston asks, “Where do I go to find out information about the earned income tax credit?”
The IRS says the majority of people can expect a tax refund for the tax year of 2013.
About 60 percent of Americans received a refund in 2012 from the government while 40 percent sent a check to Uncle Sam.
For 2013 returns, it is estimated the split will be more like 55/45, that’s down about 5 percent.
One of the best ways to increase your return this year is to take advantage of tax deductions.
If you quality, the earned income tax is one deduction of which that singles with no children can take advantage. Those who are at least 25 and have a child may also qualify.
The IRS has created a great resource on its website called the EITC Assistant. The assistant can help you find out if you quality for the credit.
In 2012, reporting the wrong Social Security number and the wrong income were two of the biggest errors that caused people to lose out on the earned income tax credit.
The majority of people don’t take tax deductions. Seventy percent of filers use the standard tax deduction forms, 1040EZ or 1040A.
Lots of people assume they won’t qualify, but the IRS website is a great resource to find out if you are eligible for a deduction.