Summer is slipping away and another school year is starting. As kids head back to the classroom, parents are ticking items off the school supply list. If they want to boost their back-to-school budgets, parents and guardians should make sure they aren\u2019t missing out on their 2021 refunds and tax credits.
\nMany people don\u2019t get their tax refund because they didn\u2019t file a federal tax return. Some people choose not to file a tax return because they didn’t earn enough money to be required to file. Generally, they won’t receive a failure to file penalty if they are owed a refund \u2013 but they won\u2019t receive their refund either.
\nA refund isn\u2019t the only money people might be missing out on when they don\u2019t file. If they\u2019re eligible for tax credits, like the child tax credit and the earned income tax credit, they\u2019re leaving that money on the table as well.
\nThe child tax credit
\nThe child tax credit helps families with qualifying children get a tax break. People may be able to claim the credit even if they don’t normally file a tax return.
\nTaxpayers qualify for the full amount of the 2021 child tax credit for each qualifying child if they meet all eligibility factors and their annual income isn\u2019t more than:
\n\u2022 $150,000 if they\u2019re married and filing a joint return, or if they\u2019re filing as a qualifying widow or widower.
\n\u2022 $112,500 if they\u2019re filing as a head of household.
\n\u2022 $75,000 if they\u2019re a single filer or are married and filing a separate return.
\nParents and guardians with higher incomes may be eligible to claim a partial credit. The Interactive Tax Assistant can help people check if they qualify.
\nThe earned income tax credit
\nThe earned income tax credit helps low- to moderate-income workers and families get a tax break. If someone qualifies, they can use the credit to reduce the taxes they owe \u2013 and maybe increase their refund.
\nLow- to moderate-income workers with qualifying children may be eligible to claim the earned income tax credit if certain qualifying rules apply to them. People may qualify for the EITC even if they can\u2019t claim children on their tax return. Visit IRS.gov to learn how to claim the EITC without a qualifying child.
\nPeople who qualify for the EITC, may also qualify for other tax credits, including:
\n\u2022 Child tax credit and the credit for other dependents
\n\u2022 Child and dependent care credit
\n\u2022 Education credits
\n\u2022 Recovery rebate credit<\/p>\n","protected":false},"excerpt":{"rendered":"
Summer is slipping away and another school year is starting. As kids head back to the classroom, parents are ticking items off the school supply list. If they want to boost their back-to-school budgets, parents and guardians should make sure they aren\u2019t missing out on their 2021 refunds and tax credits. Many people don\u2019t get […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[7,6,5],"tags":[196,172,197,194,48,198,195],"class_list":["post-3317","post","type-post","status-publish","format-standard","hentry","category-irs","category-sex-workers","category-taxes","tag-earned-income","tag-eitc","tag-low-income","tag-parents-can-boost-their-back-to-school-budget-by-claiming-tax-credits-and-refunds","tag-refund","tag-school","tag-tax-credits"],"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/sexworkertaxes.com\/index.php\/wp-json\/wp\/v2\/posts\/3317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sexworkertaxes.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sexworkertaxes.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sexworkertaxes.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sexworkertaxes.com\/index.php\/wp-json\/wp\/v2\/comments?post=3317"}],"version-history":[{"count":1,"href":"https:\/\/sexworkertaxes.com\/index.php\/wp-json\/wp\/v2\/posts\/3317\/revisions"}],"predecessor-version":[{"id":3318,"href":"https:\/\/sexworkertaxes.com\/index.php\/wp-json\/wp\/v2\/posts\/3317\/revisions\/3318"}],"wp:attachment":[{"href":"https:\/\/sexworkertaxes.com\/index.php\/wp-json\/wp\/v2\/media?parent=3317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sexworkertaxes.com\/index.php\/wp-json\/wp\/v2\/categories?post=3317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sexworkertaxes.com\/index.php\/wp-json\/wp\/v2\/tags?post=3317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}