EITC returns can get flagged if the IRS' records show the taxpayer doesn't qualify for all or some of the credit, such as claiming a child who isn't actually eligible (which can happen if they're over 19 and not a full-time student). About 8 in 10 audited returns that claimed the ...
If you're an early filer who claimed the earned income tax credit or the additional child tax credit, the IRS could not legally issue your tax refund before mid-February. If you chose direct deposit as your refund method and your return was error-free, the IRS estimates you should have ...
Form 1099-MISC captures a wide range of payment types, such as rental income, royalties, nonemployee compensation, and other miscellaneous income. This form is typically used by businesses and self-employed individuals to report payments made to independent contractors, freelancers, and other non-emp...
Earned income tax credit (EITC)is for low income taxpayers, especially those with children. It can be several thousand dollars if you are earning near the poverty line and have 2 or three kids. The IRS audits 0.9% of returns that claim the EITC. It is unfortunate but true that those the...