The amount you receive depends on your adjusted gross income and dependent status.
Zero (children) Maximum (Single, HOH, QSS) $16,480 Maximum (MFJ) $22,610
(Maximum amount of EITC) No qualifying children $560
one (child) Maximum (Single, HOH, QSS) $43,492 Maximum (MFJ) $49,622
(Maximum amount of EITC) 1 qualifying child $3,733
two (children) Maximum (Single, HOH, QSS) $49,399 Maximum (MFJ) $55,529
(Maximum amount of EITC) 2 qualifying children $6,164
Three or more (children) Maximum (Single, HOH, QSS) $53,057 Maximum (MFJ) $59,187
(Maximum amount of EITC) 3 or more qualifying children $6,935

* The taxpayer must be between 25 and 65 years of age and for couples filing a joint return only one taxpayer must meet the age requirements.

* Have a Social Security number that is valid for employment.
* Have “earned income” from wages, combat pay, or self-employment, etc.
* Investment income must also be $10,300 or less for the year (indexed for inflation).
*Not be claimed as a dependent by another taxpayer.
* Be a U.S. citizen or legal resident all year (a nonresident alien married to a U.S citizen or resident alien filing jointly can still qualify under some narrow circumstances.

*The qualifying child for Child Tax Credit is the age test: The child must have been younger than 17 on December 31 of that year.
*Relationship test: the child must be the taxpayer’s son, daughter, stepchild, foster child, etc.
*Support test: the must does not provide half of its own support.
*Dependency test: the child has to claim on the taxpayer tax return.
*Joint return text: The child cannot file a joint return unless they are receiving a refund.
* Citizenship test: The child must be a U.S citizen or U.S resident alien with a valid Social Security Number. AN ITIN or ATIN is not acceptable.
* Residency Test: In most cases, the child must have lived with the taxpayer for more than half of the year.

*Earned income credit such as wages, salaries, tips, professional fees. Or self-employment. Earned income is generally subject to Social Security and Medicare taxes (also called FICA taxes)
* Unearned income includes interest, dividends, retirement income, taxable alimony, disability benefits. Investment income and other unearned income are generally not subject to FICA taxes.
The amount of taxable income is used to determine the taxpayer's gross income tax liability before applicable credits.

At Bowman's Tax Service, we offer a comprehensive range of tax preparation services for individuals and businesses in Chicago. Our services include personal tax return preparation, business tax return preparation, tax planning and consulting, IRS problem resolution, bookkeeping, and accounting services.

Yes, our tax professionals at Bowman's Tax Service are highly experienced and knowledgeable. With years of experience in the field, they stay up-to-date with the latest tax laws and regulations to ensure accurate and compliant tax preparations for our clients.

Absolutely. Our team includes tax professionals who specialize in resolving IRS problems and assisting with back taxes. We can represent you before the IRS, negotiate on your behalf, and help find the best resolution for your specific situation.

To get started with Bowman's Tax Service, simply reach out to us via phone, email, or through our website. One of our friendly staff members will schedule a consultation to discuss your tax needs and guide you through the process. We'll provide clear instructions on document submission and work closely with you to ensure a smooth and efficient tax preparation experience.

The specific documents required may vary depending on your individual or business circumstances. Generally, you should gather your W-2s, 1099s, receipts for deductions, records of income and expenses, and any other relevant financial documentation. During your consultation, our tax professionals will provide you with a comprehensive list of documents needed for your specific situation.

Absolutely. Our tax professionals are well-versed in identifying eligible deductions and credits to minimize your tax liability or increase your potential refund. We'll review your financial situation and explore all available options to help you optimize your tax position within the boundaries of applicable tax laws.

At Bowman's Tax Service, we take the security and confidentiality of our clients' information very seriously. We have robust security measures in place to protect your personal and financial data. Our systems adhere to industry best practices and comply with relevant data protection regulations.

The cost of our tax preparation services at Bowman's Tax Service can vary depending on the complexity of your tax situation, the type of return being filed, and any additional services required. During your consultation, we will provide you with a transparent and personalized quote based on your specific needs.

Monday, April 15, 2024