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Tax Credit Consulting: Earned Income Gorham ME

The Earned Income Tax Credit was first enacted into law in 1975. The Earned Income Tax Credit (EITC), or as it is sometimes called The Earned Income Credit (EIC) was designed as a tool to encourage low income workers to continue to work rather than lose hope and depend entirely on welfare. When the credit exceeded the amount of taxes owed it could result in a considerable refund.

Michael John DellOlio (RFC®), JD, MBA
(207) 294-0401
16 Middle Street
Saco, ME
Company
Michael J. DellOlio & Associates, L.L.C.
Qualifications
Education: B.S.,MBA,J.D.,NASD Series 6,7,24,63,65; Maine Insurance License
Years of Experience: 24
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, BuySell, Compensation Plans

Data Provided by:
Liberty Tax Service
(207) 828-4829
694 Forest Ave
Portland, ME
 
Scott Associates
(207) 772-0441
12 Revere St
Portland, ME
 
Jackson Hewitt
(207) 899-1540
34 Atlantic Pl
Portland, ME
 
H&R Block
(207) 541-1981
629 FOREST AVE
PORTLAND, ME

Data Provided by:
H & R Block
(207) 773-0221
252 Saint John St
Portland, ME
 
Johnson Virginia M
(207) 772-2322
686 Brighton Ave
Portland, ME
 
H & R Block
(207) 775-1972
400 Maine Mall Rd
Portland, ME
 
Austin Associates PA CPA
(207) 892-6642
183 Us Route 1
Portland, ME
 
David Thomas & Assoc
(207) 871-0123
477 Congress St Ste 1005
Portland, ME
 
Data Provided by:

Tax Credit Consulting: Earned Income

Earned Income Tax Credit

The Earned Income Tax Credit is one of the major poverty fighting tools of the United States Government. It is designed to help low income families and encourage them to work rather than depend solely on welfare.

The Earned Income Tax Credit was first enacted into law in 1975. The Earned Income Tax Credit (EITC), or as it is sometimes called The Earned Income Credit (EIC) was designed as a tool to encourage low income workers to continue to work rather than lose hope and depend entirely on welfare. When the credit exceeded the amount of taxes owed it could result in a considerable refund. In 2004, over 21 million taxpayers received around 36 billion dollars in refunds because of the Earned Income Tax Credit.

In order to be eligible, the tax payer and his spouse, if filing jointly, and any children claimed as dependents must have a valid social security number. They also must file a tax return, of course, even if the amount of income earned does not obligate them to do so. Earned Income is defined as income that is actually earned through work. It does not include investment earnings or payments received for anything else except actual work.

The Earned Income Tax Credit also has no impact on the eligibility for certain other welfare benefits such as Supplemental Social Security, Food Stamps, or other types of assistance. The credit was responsible for raising the income levels of almost 5 million,  of the 21 million taxpayers who claimed it in 2004,  over the poverty level. Yet, it is estimated that millions of eligible low income tax payers do not claim it despite the efforts of the Government and tax preparations professionals to encourage its use.

The Earned Income Tax Credit receives much bipartisan support in Congress as an effective tool for poverty control. It is argued that a small raise in the percentages of the credits could have a much more positive impact on the plight of low income workers than a major rai...

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