Fiscal Tax Blog

If you have children living under your roof, you are eligible for a hefty tax credit. A new tax law passed in 2008 enhances the already existing additional child tax credit to include more of your earned income. The credit was previously refundable to the extent of 15% of the taxpayers earned income in excess of approximately $12,050 (reflecting inflation adjustments from the original floor of $10,000). Under the new law, the earned income floor falls to $8,500. That means that anything you earn over and above $8,500 is eligible for the 15% refundable tax credit.

Can't take advantage of this tax break?

Check out our list of 40 Tax Breaks that you could use to get your largest tax refund ever in 2009.

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