Have you thought about all the tax benefits you can receive this year? You may be among the one in four eligible taxpayers who, according to the IRS, fails to claim the Earned Income Tax Credit.
The Earned Income Tax Credit, or EITC, helps low and moderate-income workers and working families. More than 22 million taxpayers received more than $43 billion in EITC on their federal income tax returns last year.
While the EITC is a popular credit, it is often confusing for many taxpayers. There are earnings limits for eligibility and rules for claiming dependents. Ordinarily, you must have earned income as an employee, independent contractor, farmer, or business owner. Some disability retirees are also eligible.
Produced for Jackson Hewitt Tax Service Inc.
