Overlooking the Earned Income Tax Credit
The earned income tax credit can help lower the tax burden on low-income families. “It’s a really good benefit for single working parents,” Grissinger said. It also can help married couples who only earn one income.
To qualify, you must earn below a certain amount — which varies depending on your filing status and the number of dependents you have. The maximum income limit for the 2016 filing year is $53,505 for a married couple filing jointly with three or more dependents, and the maximum credit is $6,269. You can take advantage of IRS Free File software to help you calculate and claim the credit.