courtesy of the Internal Revenue Service
Do you qualify for the Earned Income Tax Credit? Find out now.
The Earned Income Tax Credit (EITC) that is sometimes called the Earned Income Credit (EIC) is a refundable federal income tax credit for low-income working individuals and families. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of social security taxes and to provide an incentive to work. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.
Last year, more than 21 million taxpayers collected more than $36 billion in EITC payments. If you want to claim the EITC you should make sure you are eligible for the credit before sending in your tax return. Don't guess. Know if you are qualified!
Will you qualify for the EITC this year? Tired of guessing? Don't guess. Know. There's a lot to know about qualifying for EITC, but the most important thing to know is you can get help figuring it all out. The EITC Assistant is a convenient way for you to find out if you are likely to qualify for the EITC by answering questions online, about yourself, your children, your living situation, and your income. You will see the results of the eligibility check right away, on your computer screen. The EITC Assistant can be used by individuals, tax practitioners, employers, community and public service organizations, and IRS partners. The EITC Assistant is easy to follow and simple to navigate.If in doubt, check it out using the EITC Assistant at www.irs.gov/individuals/article/0,,id=130102,00.html
Share your thoughts about this article with the editor: Click Here
Debt from my past is preventing me from saving for my future! Tell us: Yes, debt is hindering my ability to save and I could use help dealing with it! or No, debt is not a problem but I am trying to get ahead financially!
More Money Tips & Tools
- 10 places to look for $500 in savings
- 9 savvy strategies to save for a rainy-day fund
- 5 big bills you can cut fast
- Money-saving secrets of the rich and frugal
- Is debt consolidation a good idea?
- Ways to save on medically related equipment not covered by insurance
- Retirement strategies for a non-working spouse
- This week's Readers' Tips