The Earned Income Tax Credit is a financial boost for workers earning $49,078 or less in 2011. Four of five eligible taxpayers filed for and received their EITC last year. The IRS wants you to get what you earned also, if you are eligible.
EIC or EITC is a refundable tax credit, meaning you can get money back even if you owe no federal income tax or had no tax withheld. And, if you owe tax, it can offset the amount you must pay. Below is a preview of the new 2010 earning limits and maximum amounts.
An expanded Earned Income Tax Credit (EITC) means larger families will qualify for a larger credit, offering greater relief for people who struggled through difficult financial times last year, the Internal Revenue Service said today.
The IRS, the Department of Treasury and other non-government partners are kicking off EITC (Earned Income Credit) Awareness to promote the refundable tax credit for low-wage workers with children. There is special day held once a year to promote this important tax initiative to help families earning below a certain income limit and are eligible… Read More »