Did you know that in the bustling world of tax filings, nearly 20% of eligible taxpayers overlook a significant opportunity to enhance their returns? The Earned Income Tax Credit (EITC), a boon for low- to moderate-income workers, went unclaimed by a substantial number of filers, and we at Stanton Financial Management are here to ensure you're not part of that statistic.
In the year 2022 alone, the IRS reported that about 23 million taxpayers received a total of $57 billion through the EITC, with the average credit reaching $2,541. Despite these numbers, an astounding number of qualified individuals did not claim this beneficial credit.
As we embark on the 2023 tax year, the EITC has become even more generous, offering up to $7,430 for families with three or more children. This marks a considerable increase from the previous year's maximum of $6,935. And for eligible workers without children, the credit can still put up to $600 back into your pockets.
Understanding the EITC can be daunting due to its complex eligibility requirements. The thresholds for the 2023 tax year include having an income below $56,838—or $63,398 for those married and filing jointly—and investment income under $11,000. But don't let these numbers deter you; the EITC is a refundable credit, meaning it can lead to a refund even if you don't owe any taxes.
The IRS has tools to check your eligibility, and while they encourage the use of Free File and other tax preparation resources, nothing replaces the personalized guidance of a dedicated tax professional.
However, there's an important note of caution: incorrect claims can lead to audits. The National Taxpayer Advocate points out that the EITC has a high rate of improper payments, which has historically led to a disproportionate number of audits among claimants. This underscores the importance of accurate filing.
At Stanton Financial Management, our expert team is well-versed in navigating the complexities of the EITC. We're committed to helping Philadelphia's small business owners and individuals accurately claim what they're entitled to—maximizing your return without risking an audit.
Don't Miss Out on Your Tax Credit
Are you ready to claim your rightful credit without the worry of navigating tax laws alone? It's time to partner with Stanton Financial Management. We're not just tax professionals; we're your allies in a financial landscape that can often seem overwhelming.
Take Action Now!
Secure your peace of mind and potentially boost your tax refund by scheduling a meeting with Stanton Financial Management today. Let's ensure that you're not missing out on the EITC or any other credits and deductions you deserve. Contact us to unravel the complexities of your tax filings and unlock all possible savings.
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