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Easy Tax Credits and Simple Deductions for Those Preparing for Income Tax Filing

Many of us who pay taxes in the United States each year would like the process to go by as quickly as possible so that we can get back to our daily lives and doing the things that we love. If you want to know a few quick tips for those engaged in income tax filing that can help you save on your taxes and end up with a bigger refund check or electronic deposit, then you should certainly check out the EITC which is short for Earned Income Tax Credit. Those who are filing using the 1040EZ tax form often qualify for this particular credit, but if you qualify then it does not matter which tax form you utilize because the credit is there for anyone who meets the eligibility requirements. Those who are working at lower wage levels can use this tax credit, whether or not they have children living with them during the tax year. When you choose to take advantage of the EITC, it is deducted from the total amount of tax that you owe. Those who qualify and have more than one child can expect to get back a maximum of $4,716 so long as their income and AGI (Adjusted Gross Income) are either less than $39,783 for those filing jointly while married or $37,783 for a single parent.

Another very important way of reducing one's taxes is to examine the benefits of taking what the Internal Revenue Service calls the Standard Deduction. If you only choose a single deduction this year for your income tax filing then the Standard Deduction is definitely one you should strongly consider. This easy deduction is different depending upon the status that you are filing for your taxes under. If you are filing Single then $5,450 will be what you can deduct, but if you are filing jointly as a married couple then the deduction doubles to $10,900 just as one would think. For a widow or widower, $10,900 is the amount of the standard deduction while those who are married and filing singly learn that $5,450 is the standard deduction for that particular tax status. Anyone who files as Head of Household gets $8,000 in this deduction. As you can see, it is certainly a very quick and easy deduction that, when paired with the Earned Income Tax Credit can certainly help reduce the amount you owe in taxes and even help you get a much larger check back as a refund.