New tax rules for the poor

New tax rules for 2007 will bring about a good year for the poorest of tax-filers in Maryland. Tax-filers can now earn up to $37,000 and still be entitled to the Earned Income Tax Credit that will put more money in their pockets this year than it did last year, but there are rules and qualifications necessary to claim the credit. It is a benefit that many tax-filers take advantage of, say federal and state income tax experts. The credit allows a worker who has no withholding or very little withholding to get more money back. That money can really come in very handy and people should look into it, she said. There are allowances to have some or all of the credit returned, because not like a deduction (which decreases the amount of tax due on income), a credit counts as View the rest of this article