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Volunteer to Give Federal Income Tax Return Help to Disadvantaged Taxpayers

You can help low-income people in your local community get their full refund when they file taxes for 2011. Find out how!

As the season to file 2011 taxes inches ever closer, most people are preoccupied with getting their own financial house in order. But even in the tax world, Thanksgiving can be a great time of year to give back.

For instance, did you know that although it is often portrayed as the big bad wolf of personal finance the IRS in fact gets millions of disadvantaged people free income tax help every year through its Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs?

IRS volunteers assist low-to-moderate income taxpayers, senior citizens, people with disabilities, and non-English speakers who all make less than $50,000 and often suffer significant financial hardship.

As the vast majority of these disadvantaged citizens are due a refund, helping them file can get them money that could have a significant positive impact on their lives. In short, it’s a worthy cause. Continue reading “Volunteer to Give Federal Income Tax Return Help to Disadvantaged Taxpayers”

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The 2011 Earned Income Tax Credit: What is it?

Before you file 2011 taxes, make sure you’re familiar with all the credits that could save you money.

Basically, the Earned Income Credit is a tax credit designed to put money in the pockets of moderate to low income individuals. It can reduce the amount of tax you owe and even give you a refund.

One of the ways you could potentially save money on your taxes is through the Earned Income Credit (EIC).

You may be eligible to take the 2011 Earned Income Credit if

  • You earn less than $43,998 ($49,078 if married) and have 3 or more children
  • You earn less than $40,964 ($46,044 if married) and have 2 children
  • You earn less than $36,052 ($41,132 if married) and have 1 child
  • You earn less than $13,660 ($18,740 if married) and have no children Continue reading “The 2011 Earned Income Tax Credit: What is it?”
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2012 Tax Brackets

The IRS gives us a sneak peak of new federal income tax brackets for the year 2012

Fall is an exciting time of year for the tax obsessed because we get our first glimpse at the 2012 tax brackets! That’s right – it’s not even time to file our 2011 taxes and already we get a sneak peak of what lies beyond.

Last year the unveiling of the federal income tax brackets was a bit more exciting because of the raging Congressional battle over the extension of the Bush tax cuts. As late as December, it was still unclear what the brackets and rates would look like for 2011.

This year, on the other hand, it’s been pretty standard, even if the expiration of the cuts in 2012 promises some tax fireworks next year. Continue reading “2012 Tax Brackets”