The Internal Revenue Service reminds eligible individuals that they can get a $1,500 tax refund if they file their taxes this year.
According to the IRS, the Earned Income Tax Credit (EITC) provides a tax credit to low to moderate-income employees and families.
The IRS said on Monday that married taxpayers over the age of 64 who do not have qualifying children may still be eligible for up to $1,500 in EITC benefits.
“If your income is low to moderate, you may be eligible for the EITC.” If you have children, dependents, are disabled, or fulfill other conditions, the amount of your credit may alter,” the IRS stated on its website.
Tax Day is April 18th, which means tax returns must be filed by Monday.
Filling out Form 4868 is required for those who need to apply for an extension. It can be completed for free on the IRS website, but it must be completed by April 18 to avoid penalties.
An extension extends the deadline for filing taxes by six months typically.
Americans who do not file their tax returns by the due date are subject to a Failure to File Penalty, which requires them to pay a percentage of the taxes they did not pay on time.
For each month or part of a month that a tax return is late, the penalty is 5% of the outstanding taxes.
The penalty will not be more than 25% of the overdue taxes.
Penalties are subject to interest charges by the IRS.
Those who underreport their income or spending may have problems getting their refunds and tax benefits.
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If your EITC claim is denied, but you believe you should be eligible, there are various documents you can fill out to reapply.
On its website, the IRS also provides information on how to claim your EITC.