Category Archives: 2014 Tax Information

Tax Advantages You Need to Keep In Mind

Small CCP teaching children

 

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Update on Earned Income Credit

Box of ReceiptsIncrease to Earned Income Credit

The earned income credit applies to working taxpayers that have income falling below certain thresholds.  The qualification threshold depends on the number of persons in each family.  The thresholds in 2014 to qualify for this credit include:

  • No Children:  earnings must be less than $14,590, or $20,020 if Married Filing Jointly.
  • One Child:  earnings must be less than $38,511, or $43,941 if Married Filing Jointly.
  • Two Children:  earnings must be less than $43,756, or $49,186 if Married Filing Jointly.
  • Three or More Children:  earnings must be less than $46,997, or $52,427 if Married Filing Jointly.

The tax credits themselves have also increased in 2014, with the maximum received as indicated below:

  • No Children:  $496
  • One Child:  $3,305
  • Two Children:  $5,460
  • Three or More Children:  $6,143

 

Source: http://www.money-zine.com/financial-planning/tax-shelter/income-tax-changes-2