The Internal Revenue Service (IRS) offers United States taxpayers many advantages depending on their individual situation. In the case of individual taxpayers or citizens who do not have children, we can also find advantages that can be very useful.
Even though the Tax Season is over, many Americans can still send their Tax Return to the IRS. This is because some of them have an extension of time. If you were thinking of requesting an extension of time it should be noted that it is no longer possible. The period for both the extension of time and for sending the Tax Return is over.
So now you should be aware that filing your Tax Return, without an extension of time, will cause the IRS to impose a penalty or a fine. However, in the case of having the extension of time you should not have any problem and you will be able to enjoy these financial helps in case you are a single taxpayer or without children.
These tax benefits are very useful, as they can make a big difference in your tax return. So do not miss the opportunity to get these advantages for IRS and tax returns, either for this year or next year.
IRS Tax Benefits for single taxpayer
Within these tax benefits there is a great variety. So we can use all of them and thus have a great advantage every time we send our Tax Return to the IRS. These are the two most common tax benefits:
Earned Income Tax Credit (EITC).
Millions of Americans who file their tax returns with the IRS can apply for the Earned Income Tax Creditas long as they have low to moderate income. The amount of this income may vary depending on whether we have children, dependents in the family or other criteria.
However, what we can assure you is that citizens who file their tax return alone or without children can also enjoy this tax help. So don’t forget to include it in your next IRS return.
Regardless of whether a citizen has already started working or not, education is always important. Millions of Americans work at the same time they study and the Education credits will help these Americans to be able to pay for their studies, at least in part.
Thanks to this credit we will be able to declare our education expenses to the IRS, which will reduce the amount of taxes owed. So make sure you are 100% informed about your specific case, since each individual has a totally particular situation.
How to apply for these Tax Credits?
When applying for a Tax Credit to get the IRS to refund part of the money we have paid in taxes, we have two main options. The first one is completely up to us and the other one is not, as it will require us to seek help.
Consider these two options and choose the one that suits you best:
Use the virtual assistant. Within the IRS website itself we find the EITC Assistant, which will help us to check if we can apply for this Tax Credit. By entering our personal information in a short time we will be able to know what is happening with this personal situation.
Seek professional help. There are times when we need a professional to help us. There are many professionals who can help us without charging a lot of money. The only thing we have to make sure is that they work with the IRS and are official professionals to avoid fraud.
Through the practice of applying for credits of this style we will save a great amount of money per year. If we have the possibility to use these Tax Credits we should not hesitate at any time, as they will be a real relief when sending the Tax Return to the IRS.