Hurting Financially During the COVID-19 Crisis? 3 Tax Breaks That Can Help
Lowering your tax burden is a smart thing to do every year. But right now, it may be more important than ever. With the U.S. economy in a recession and millions of Americans grappling with income insecurity resulting from the COVID-19 crisis, it's important to capitalize on as many tax breaks as you can. If you've yet to file your 2019 taxes, here are a few important credits it pays to look into as you prepare that return.
The Earned Income Tax Credit, or EITC, can serve as a lifeline for lower-income households. To qualify, your tax-filing status cannot be married filing separately, and you can't have investment income from last year in excess of $3,600. From there, you can consult this table to see if you qualify for the credit:
Tax Filing Status
Source Fool.com
