taxes

Earned Income Tax Credit

earned income tax credit

The IRS offers a variety of credits that lower an individual's tax liability, which sometimes means more money back. One such credit is the Earned Income Tax Credit, also referred to as the Earned Income Credit. Here's a bit about who might be eligible and how to file.

The Fiscal Cliff and Nonprofits

No one knows for sure how the Fiscal Cliff will play out or how it will affect nonprofits. However, proposed reductions to government grants and charitable tax benefits could be a troubling mix for charitable organizations.

These resources explore what the Fiscal Cliff could mean for nonprofits and how nonprofits are pushing back and preparing:

 

Understanding the Fiscal Cliff

fiscal cliff political cartoon

What is the fiscal cliff?
Investopedia defines Fiscal Cliff as "a combination of expiring tax cuts and across-the-board government spending cuts scheduled to become effective Dec. 31, 2012." It is thought that by not extending certain tax cuts and by having an automatic decrease in government spending the country will be sent back into recession due to decreased household incomes and a potential for increased unemployment.

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