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Tax time is here and Americans are beginning to think about how they can be efficient and cost effective with this process. Unemployment is currently at a relative high level and was even higher during the 2010 tax year. Many Americans went in and out of gainful employment during this time and their earned income for the year was less than anticipated. As many Americans experienced a similar situation this past year, more Americans may be able to qualify for earned income tax credit tax breaks when completing their 2010 taxes this year. The earned income tax credit, or ETIC, is an income tax break for American workers that have not made beyond a certain threshold of income for the 2010 tax year. Unemployment benefits do not count towards this tax credit. This credit is refundable, so if it turns out that you are clear of owing any taxes, you will get a refund issued. Also, if you have dependent children, the amount of the tax credit could be greater. According to the legal code, if you have three or more dependent children and earned less than $43,352, one would qualify for the earned income tax credit. If you have two dependent children and earned less than $40,363, one would qualify for the earned income tax credit. If you have one dependent child, and earned less than $35,535, one would be eligible for the earned income tax credit. Finally, if you are an individual with no dependent children and earned less than $13,460 during the 2010 tax year, you would be eligible for the earned income tax credit. Be sure to determine if your given situation might qualify for this tax credit this year. Author: Genny Germano
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