FlyFin Launches New Earned Income Tax Credit Calculator
FlyFin presents a free calculator that helps taxpayers quickly determine if they are eligible for earned income tax credit and how much credit they can receive.
SAN JOSE, California, USA, Sept. 1, 2022 /EINPresswire.com/ — FlyFin, an AI-powered AI-powered tax preparation and tax return service, today announced now a valuable new free tool for taxpayers to find out if they are eligible for the Federal Earned Income Tax Credit (EITC). FlyFin’s new Earned Income Credit Calculator helps taxpayers quickly determine if they are eligible for the credit and the amount of credit they can receive. The credit reduces taxes dollar for dollar, potentially making it even more valuable than tax deductions. Notably, the tax credit is refundable, meaning that if it exceeds the taxes a taxpayer owes, the taxfiler will receive the difference as a refund. In tax year 2020, more than 25 million eligible filers received nearly $60 billion in federal EITC. Yet, due to a lack of awareness, around 20% of eligible workers still do not apply for the EITC.
The EITC is a refundable tax credit based on the amount of a person’s earned income, marital status and the number of dependent children in the family. Families with no children can receive a credit of up to $1,502, while families with three or more children can receive a credit of up to $6,728. A single filer with no dependents earning less than $21,430 could receive up to $1,502. And a married couple filing jointly with two children could receive up to $6,728 if they earned less than $53,865.
To meet current earned income tax credit eligibility, taxpayers must:
-Be 19 years of age or older, and
– Reside in the United States for more than half of the tax year.
The EITC has proven to be a very effective tool in reducing poverty and encouraging work. According to the 2019 report, “Center on Budget and Policy Priorities, Policy Basics: The Earned Income Tax Credit”, the EITC lifted approximately 9 million people out of poverty, 5 million of whom more than half were children .
“This new calculator extends FlyFin’s support beyond our immediate customer base of freelancers, freelancers, gig workers and creatives,” said Jaideep Singh, co-founder and CEO of FlyFin. “It’s wonderful to know that our new Earned Income Credit Calculator will be able to help an even wider group of taxpayers who can benefit from advice on protecting and maximizing their income. This latest FlyFin tool expands the comprehensive tax preparation resource center that we have steadily built over the past year.”
FlyFin is an AI-powered platform that provides freelancers, contractors, independent contractors, gig workers, freelancers and workers in the maker economy with a convenient tax filing solution , easy to use and affordable. FlyFin helps individuals maximize tax deductions and self-employed income tax refunds. With a “Human + Machine” approach, FlyFin leverages AI paired with highly experienced tax CPAs to deliver automation that eliminates 95% of the work needed for 1,099 self-employed people to prepare their taxes. FlyFin is a private, venture-backed company based in San Jose, California.
Turn on X
write to us here