Do You Know About This Tax Credit?

         When preparing to file their taxes, most hope to get a refund. If worst comes to worst, pay as little as possible. This is the challenge presented to most Taxpayers. There are, however, some tax credits available that many simply do not know about. The Internal Revenue Service (IRS) is actively trying to create awareness about the Earned Income Tax Credit (EITC). Why is that?

          This tax credit was designed to help individuals and families who live on modest incomes. The IRS is focusing efforts on making people aware of the EITC because many seem to overlook it. Some estimates claim that over 6 million who were eligible did not claim it. The EITC is known as a refundable credit. That means if a Taxpayer did not owe any taxes, they could file a tax return and claim this credit if they qualified, and their refund would include the EITC. This is unusual, and certainly makes it worth your time to check and see if you qualify. Please discuss this with your Qualified Tax Professional.

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