Skip to main content

Earned Income Tax Credit

What are Tax Credits?

There are two types of tax credits: nonrefundable credits and refundablecredits. ​

Nonrefundable credits and those that can reduce your tax liability (what you owe) to zero, but any leftover amount is not refunded to the taxpayer. ​

Refundable credits can reduce the tax bill to zero and any leftover amount would be refunded to the taxpayer. ​

​

California Earned Income Tax Credit​
(EITC)

Tax credit available for low to income working families and individuals. ​

Maximum Income Limit: $31,950 ​

Maximum Credit Amount: $3,644 (based on income and number of qualifying children)​​

Young Child TaxCredit (YCTC)

Federal Child Tax Credit​

  • Up to $2,000 per qualifying child, under the age of 17. ​
  • Child must have a valid SSN​
  • Child must be a US Citizen ​
  • Child must be claimed as a dependenton tax return ​

 

California Young Child Tax Credit​

  • Up to $1154 per eligible tax return​
  • Child must be under 6 years old​
  • Qualify with earned income of $31,950 orless ​
  • ITIN filers are also eligible​

Foster Youth Tax Credit (FYTC)

  • Tax credit providing up to $1154 per eligible individual or up to $2308 if both primary taxpayer and spouse qualify. ​
  • Must qualify for CalEITC to qualify for FYTC ​
  • Between ages 18-25 at the end ofthe tax year. ​
  • Were in foster care at the age of 13 or older and placed through California Foster Care System. ​
  • Must be able to satisfy foster care verification requirement. ​

ARE YOU SELF EMPLOYED?

The Self-Employed Tax Guide gives entrepreneurs information they need to  file their taxes and maximize their refunds using a free online software available through MyFreeTaxes. Visit www.myfreetaxes.com/selfemployed for more information.

Click here to learn about all of the credits our team will try to get for you.