PARSIPPANY, N.J., Jan. 18, 2012 // PRNewswire // --With the 2012 tax season now underway, Jackson Hewitt Tax Service® is urging taxpayers to learn about an important tax credit and see if they qualify. The Earned Income Tax Credit (EITC) provides eligible individuals and families with low to moderate earned income with up to a $5,751 refundable credit for those who qualify. The maximum 2011 credit, which is based on income earned from wages, tips, salary and self-employment, represents a slight increase from the $5,666 maximum credit offered for the 2010 tax year.
For the 2011 tax year, the maximum credit amounts are as follows:
The EITC is a tax benefit available to millions of taxpayers, but it does have a variety of different eligibility requirements. Because of this, the credit is often overlooked, but according to Mark Steber, chief tax officer of Jackson Hewitt Tax Service Inc., taxpayers who may qualify would be well-served to spend the time learning about this important benefit. "The Earned Income Tax Credit can provide a tremendous tax break for millions of individuals and families, particularly in today's economy," said Steber. "It's also a complex credit, so consult a knowledgeable tax preparer to see if you qualify."
To claim the EITC, taxpayers must meet certain income thresholds. Eligible taxpayers must have total earned income and adjusted gross income less than the following amounts:
Steber also cites several additional noteworthy eligibility requirements:
Based in Parsippany, NJ, Jackson Hewitt Tax Service Inc. is an industry-leading provider of full service individual federal and state income tax preparation, with nearly 6,500 franchised and company-owned locations throughout the United States, including 2,800 located in Walmart stores nationwide. Jackson Hewitt Tax Service® also offers an online tax preparation product at www.jacksonhewittonline.com. For more information, or to locate your neighborhood Jackson Hewitt® office, visit www.jacksonhewitt.com or call 1-800-234-1040. Jackson Hewitt can also be found on Facebook and Twitter.
David G. Weselcouch
Jackson Hewitt Tax Service Inc.
CooperKatz & Company