CA$H Maine

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Income Tax Return Photo

What is the Retirement Savings Contributions Credit (Saver’s Credit)

Posted October 31, 2016

Depending on your adjusted gross income reported on your Form 1040 series return, the amount of the credit is 50%, 20% or 10% of: contributions you make to a traditional or Roth IRA, elective salary deferral contributions to a 401(k), 403(b), governmental 457(b), SARSEP, or SIMPLE plan, voluntary after-tax employee contributions made to a qualified… Read more

Income Tax Return Photo

What is the Earned Income Tax Credit (EITC)?

Posted October 31, 2016

The Earned Income Tax Credit, EITC or EIC, is a benefit for working people with low to moderate income. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file. EITC reduces the amount of tax you owe and may… Read more