Taxpayers who requested an extension of time to file their federal tax returns
have until Oct.16 to double-check their returns for tax benefits that people
often overlook. These taxpayers still have time to see if they can benefit from
these four credits.
The Earned Income Tax Credit – also known as EITC and EIC – benefits
people who work and who have low-to-moderate incomes. This credit reduces the
amount of tax owed and may result in a refund. To qualify for this credit, a
person must meet certain requirements. They must also file a tax return.
This is a credit of up to $1,000 per qualifying child. Taxpayers who claim
this credit – but who do not qualify for the full amount – may also be able to
take the additional child tax credit.
This credit helps low-to-moderate-income workers save for retirement. It is
also known as the Retirement Savings Contributions Credit.
A credit for tuition, enrollment fees, and class material for the first four
years of higher education. The amount of this credit is up to $2,500 per
eligible student per year.
Taxpayers should check IRS.gov/credits-deductions
to learn more about other credits they may be qualified to claim when they
file. Taxpayers who must file their 2016 taxes by October 16 should consider
filing electronically using IRS e-file
or the Free
File system.
Additional filing
information for taxpayers in disaster areas and combat zones:
Although Oct. 16 is the last day for most people to file, some still have
more time. This includes taxpayers in places recently hit by hurricanes that
are federally-declared disaster areas. It also includes members of the military
and others serving in a combat zone who have at least 180 days after they leave
the combat
zone to file returns and pay their taxes due.
More Information:
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