IRS reminds taxpayers to take advantage of the earned income credit

Taxes aren’t due until April, but many people are already headed to their tax attorneys or preparation experts to get their refunds. And the IRS is reminding taxpayers to advantage of the earned income credit.

The IRS wants to remind people making $49,078 or less a year that they are eligible for the credit which can save them money. Even though four out or five taxpayers are eligible for this tax credit they often don’t take advantage of is. Only one in five actually take the earned income credit.  This credit is for single and married filers with or without children.

Earned income tax credit legislation was passed in Congress on 1975 to offset social security payroll deductions and encourage people to work, according to the IRS website.

If you aren’t sure if you qualify for an earned income tax credit you can visit the IRS website to see if you qualify. If the credit is more than the actual amount of taxes owed you may receive a refund.

The IRS will also offer free advice. But if you prefer you can see your tax attorney to help you with your 2011 tax returns. Acting now can save some grief later when people scramble to finish their taxes by the deadline.

A tax attorney can help people like who have more complicated tax returns which may include business deductions or capital gains. They can take the pain out of tax time.