Liberty Tax examines tax advantages for families - Ahwatukee Foothills News: Business

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Liberty Tax examines tax advantages for families

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Posted: Saturday, March 5, 2011 1:00 pm

Families with children may reap some additional tax benefits when filing their 2010 returns, according to Liberty Tax Service. The temporary increase in the Earned Income Tax Credit (EITC) for 2009 will continue through 2012. Prior to 2009, the credit percentage for the EITC for a taxpayer with two or more qualifying children was 40 percent of the first $12,570 of earned income. The new law increases the percentage to 45 percent of the first $12,570 of earned income for taxpayers with three or more qualifying children. The EITC phase-out range has also been adjusted upward by $1,880 for joint filers to eliminate any marriage penalty.

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