Payroll Tax NJ

14-25 Plaza Rd, suite 330 Fair Lawn, NJ 07410 732-284-4958 http://www.mclancpa.com Mon - Fri 7am - 7pm cash, all credit cards, check Taxpayers should consider claiming tax credits for which they might be eligible when completing their federal income tax returns, advises the IRS. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable – taxes could be reduced to the point that a taxpayer would receive a refund rather than owing any taxes. Earned Income Tax Credit This is a refundable credit for low-income working individuals and families. Income and family size determine the amount of the EITC. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.