30 THE QUEENS COURIER • QUEENS BUSINESS • JANUARY 10, 2019 FOR BREAKING NEWS VISIT WWW.QNS.COM
queens business
Elder Law Minute TM
“You May Qualify For Earned Income Tax Credits (EITC)”
BY RONALD FATOULLAH, ESQ.
Th e Earned Income Tax Credit
(EITC) is a tax credit for lower
and lower-middle income taxpayers
that rewards earned income,
particularly for those with children.
It was fi rst enacted under
the Ford administration in 1975
and was designed with the dual
purpose of encouraging the earning
of income and reducing poverty.
Its popularity and impact
has grown since it was fi rst created
and it is now one of the largest
social welfare programs in the
United States today.
Th e Earned Income Tax Credit
is a refundable tax credit, which
means that it not only can be
subtracted from taxes owed but
can be refunded to the taxpayer
if taxes are not owed. Th e EITC
can be worth as much as $6,431
for the 2018 tax year and $6,557
for the 2019 tax year. However,
the credit amount varies depending
on tax fi ling status, number
of qualifying children, and
income earned. It is phased in
and then phased out at certain
ELDER LAW
income thresholds.
Th ere are a number of qualifi cations
that a taxpayer must meet in
order to be eligible for the Earned
Income Tax Credit. An individual
must fi rst have taxable “earned
income.” Th is includes wages,
salaries, tips, and other taxable
employee pay; union strike benefi
ts; long-term disability benefi
ts received prior to minimum
retirement age; net earnings from
self-employment if an individual
owns or operates a business or
a farm; earnings as a minister or
member of a religious order (special
rules apply); and earnings as
a contractor who would fi le as a
statutory employee on their W2.
While it is possible to qualify for
the Earned Income Credit without
children, the amount of the
credit increases with each qualifi
ed child. Qualifi ed children
must meet each of the eligibility
tests. Taxpayers may claim a child
with a disability or a relative with
a disability of any age to get the
credit if the person meets all other
EITC requirements. For 2019, the
EITC maximum credit amounts
are $6,557 with three or more
qualifying children; $5,828 with
two qualifying children; $3,526
with one qualifying child and
$529 with no qualifying children.
According to the IRS, many
eligible people miss out on the
EITC because they fall below
the income threshold requiring
them to fi le taxes, even though
they can still fi le taxes and possibly
get the credit. Others incorrectly
believe that receiving the
EITC can jeopardize their eligibility
for other government benefi
ts. Refunds received via the
EITC are exempt income and
not considered income for the
purposes of means-tested government
benefi t programs such
as Medicaid, SSI, Supplemental
Nutritional Assistance Program
benefi ts, Section 8 housing, or
other programs with maximum
income limits.
If you think you may qualify
for the EITC, visit www.irs.gov/
newsroom/irs-special-rules-helpmany
with-disabilities-qualifyfor
earned-income-tax-credit. In
addition, the IRS provides free
tax fi ling assistance services for
certain people making less than
$54,000, including people with
disabilities and limited English
speakers. For the elderly, the IRS
has a similar program.
Ronald A. Fatoullah, Esq. is
the founder of Ronald Fatoullah
& Associates, a law fi rm that
concentrates in elder law, estate
planning, Medicaid planning,
guardianships, estate administration,
trusts, wills, and real estate.
Th e law fi rm can be reached at
718-261-1700, 516-466-4422, or
toll free at 1-877-ELDER-LAW or
1-877-ESTATES. Mr. Fatoullah
is also a partner with Advice
Period, a wealth management
fi rm that provides a continuum of
fi nancial and investment advice
for individuals and businesses,
and he can be reached at 424-
256-7273.
RONALD FATOULLAH
ESQ, CELA*
employment matters
SMART Goals for 2019
Dear Readers:
Now is the perfect time to refl ect
upon what you achieved last year
and plan what you would like to
accomplish in 2019. Whether you
want to exercise more diligently, or
grow your business, or fi nish that
book, it is important to write down
your goals.
To ensure that you accomplish
your goals, it is best if they are
SMART. Ask yourself the following
questions as you think about your
goals for 2019:
• Specifi c (Is your goal
clear and focused?)
• Measurable (Is there a
way to track your progress?)
• Attainable (Is your goal
realistic?)
• Relevant (Is the goal
worth the eff ort to you?)
• Time-Bound (What is
your deadline?)
One of the fi rst steps
to successfully attaining
your goals is to write
them down! If you would
like to start 2019 on the
right foot with meaningful,
achievable goals send
an email to info@aimresourcegroup.
com with
your SMART goal and
I will send you an Action
Planning Worksheet that
you can use to track and
measure your goals.
Wishing you a bright and successful
2019!
Mindy
Mindy Stern, SPHR, SHRMSCP,
ACC is a trusted HR advisor,
leadership coach, author,
speaker and president of AIM
Resource Group Inc. Visit the
website at www.aimresourcegroup.
com or send an email to
info@aimresourcegroup.com to
get RESULTS!
EMPLOYMENT
MATTERS
MINDY STERN
SPHR, SHRM-SCP,
/www.aimresource-group.com
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