Every United States citizen knows by now that the IRS tax season has begun. This means that they have to send everything related to taxes before the time runs out. So there is no time to waste, as doing the tax return is a must and the sooner everything is sent in the better. The IRS checks and accepts Tax Returns when they arrive at the offices. Therefore, if we take longer to send our taxes the IRS will take longer to check them.
In the end, this will translate into the IRS taking much longer to send our Tax Refund. And that is why we must do everything related to the sending of the taxes and the tax return as soon as possible. As for the help related to this, we have the Earned Income Tax Credit (EITC), which is a kind of tax refund to help citizens who need it.
But not all Americans can receive the help of up to 7,000 dollars from the EITC, and this Tax Refund has as an obligation to meet a series of requirements. So you should pay attention if you are thinking that through your tax return you will be able to get a tax refund of up to 7,000 dollars for the EITC. Do you meet the requirements?
Who can receive up to $7,000 from the EITC in the Tax Refund?
In order to claim one of the payments of up to $7,000 from the EITC on our Tax Refund we must meet the following requirements:
- File a tax return of less than $59,187 of income in 2022.
- Have invested less than $10,300 in the 2022 attorney year.
- Have a fully operational and legal Social Security number.
- Be a United States citizen or resident alien for the entire 2022 year.
- Not have filed a Form 2555 (relating to foreign income).
If we meet all of these requirements and submit our Tax Return on time, the IRS may send us a Tax Refund of up to $7,000 related to the EITC.
How late can I send the IRS my Tax Return?
The tax campaign started last January 23rd. This tax campaign is the one related to income and expenses for the year 2022. The campaign will last 3 months on a regular basis, although for some States the tax campaign will have an extension. The last day of the regular campaign is April 18, 2023.
However, for those taxpayers who request an extension to send the Tax Return, the IRS can grant until October of the same year 2023. But do not count on this, as the IRS does not always grant this extension to taxpayers.
Being able to have an extension of time to send the tax return to the IRS does not mean that it is a good idea to make use of it. In this sense, the sooner we send the taxes the sooner we will be able to solve all the problems related to them. This type of process should not be left to the end.