If you are from Bay Area, it is important to have a clear understanding of the Bay Area tax credits. Then you will be able to make sure that you get them in a timely manner and you can receive all benefits linked with them.
The earned income tax credit percentage that you can find in Bay Area is 85% of the federal credit. This amount is applicable for all the people who earn up to $30,000. You can get more information about the eligibility for this tax credit from the EITC information page in California. Or else, you can get the assistance of the best tax attorney in Bay Area and get the information you need.
Back in the year 2018, California legislature went ahead and passed a budget for the financial year 2019. It provided an expansion to the EITC of the state to all the workers who are aged in between 18 to 24 years and who are above 65 years old. Before that, the younger workers in the state under 25 years were only eligible to obtain EITC of the state only if they had a child. This is now revised.
You can contact your tax lawyer in Bay Area and understand how to go ahead and claim your tax credit.
The child tax credit is still there as well. Along with that, you will be able to receive a tax credit of $337 per every dependent. This tax credit is phased out for the taxpayers who receive a high income. You can get additional information related to it by visiting the tax information page of California State.
The child and dependent care tax credits in Bay Area are often confusing. Therefore, we often see how people end up with lots of hassle and frustration when they go ahead with them. If you are earning up to $40,000 annually, you will be able to receive a tax credit of 50% of federal CDCTC. In case if the income is in between $40,000 and $70,000, the percentage will reduce up to 43%. Likewise, people who earn an annual income of between $70,000 and $100,000 will be able to receive 34% tax credit from the federal CDCTC.
When you take a look at the eligibility requirements, you will notice that your adjusted gross income should be less than $100,000. Otherwise, you will not be able to make yourself eligible for the tax credit. On the other hand, a person who is filing for tax credit in Bay Area should have an income that is higher than the total expenses that are paid on the child or the dependent. If you still have any questions on this, you can contact your tax lawyer in Bay Area. Then you can receive a clear explanation on how to move forward.
When you are dealing with all sorts of work related to tax credits in Bay Area, you are strongly encouraged to think about getting the assistance of a tax attorney. Even if you are dealing with corporate affairs, you can contact a corporate attorney Bay Area. Then you will be able to receive up to date and expert assistance. The tax lawyer in Bay Area that you select will be able to assist you with understanding whether you are eligible for tax credits or not. In addition to that, you will be guided throughout the entire process of filing for tax credits. This can deliver an impressive experience to you at the end of the day.
Go ahead and contact your lawyer now and get assistance needed.