2) Take Advantage of the EIC
The Earned Income Credit is a lovely chunk of change for qualified tax payers who make less than $50,000 per year. EIC credits are adjusted annually to meet the demands of inflation, but the credit is based on marital status and whether or not you have children combined with your annual income. In past years, single tax payers without children will qualify if making less than $14,340 per year while those with children can make up to $51,567 per year, depending on the number of children, and still qualify. The maximum credit for single tax payers without children has reached approximately $487, and the maximum credit for single parents has reached $3,250 for one child with up to $6,044 for three children.