EARNED INCOME TAX CREDIT (EITC)
The EITC is a credit most tax filers miss out on. Did you know one in five people miss out on this important credit worth up to $6,660 for a family of five?
The EITC or the Earned Income Tax Credit was designed to help taxpayers make ends meet. The EITC reduces the amount of taxes you owe, and it’s a refundable tax credit that can be refunded to you when the amount of EITC is greater than your taxes. This can mean a larger refund for you.
The EITC is a refundable federal tax credit for eligible individuals and families who have
earned income from employers, small businesses, side jobs, and self-employment. Taxable
earned income includes wages, salaries, tips, and net earnings from self-employment. The credit
is used first to reduce any remaining tax liability to zero and because the credit is refundable,
money left over is part of the tax refund.
Did you know one in five people miss out on this important credit worth up to $6,660 for a family of five?
