On January 27, 2017, the Internal Revenue Service (IRS) promoted the Earned Income Tax Credit (EITC). This was the 11th annual EITC Awareness day. This event is promoted nationwide to remind low and moderate income families that they may be missing out on a significant tax credit.
You may be eligible for the earned income credit if you earned less than $53,505 last year. Eligible families with three or more children that are considered qualified by the IRS may receive a maximum credit of $6,269. In addition, people with no children still could receive a credit of $506 added to their tax refund. In tax year 2015, over 27 million families received $67 million in earned income tax credits.
To see if you and your family qualify for the Earned Income Tax Credit, contact A to Z Accounting today.