It's complicated, but the Earned Income Credit (EIC) is worth exploring if you or someone you know has modest earnings. These thresholds increased from $63,398 for those filing as Married Filing Jointly and $56,838 for other filing statuses for 2023. The credit reduces any federal income ...
Note: The reference to the standard deduction amount in this video applies only to taxes prepared for 2010. It is included here for reference only. Standard tax deduction give taxpayers the option of claiming a predictable lump-sum deduction instead of a
TheChild Tax Creditfor tax year 2024 and 2025 is $2,000 per child for qualifying children through age 16. A portion of this credit can be refundable as the Addition Child Tax Credit meaning that eligible families can get it in the form of a refund, even if they owe no federal income ...
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The standard tax deduction is a fixed amount that the tax system lets you deduct from your income, no questions asked.
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