With today marking national EITC Awareness Day, the Internal Revenue Service wants to remind workers about the Earned Income Tax Credit and to correctly claim this important credit if they qualify.
The IRS and community partners nationwide holds EITC Awareness Day each year to alert the millions of workers who may be missing out on this valuable tax credit. Partners will be sharing information and holding events across the country today and in the days ahead.
“The Earned Income Tax Credit makes a big difference for working families across the country,” said IRS Commissioner Chuck Rettig. “We encourage people to carefully review the EITC instructions to see if they qualify for this important credit when they prepare their taxes. The IRS also appreciates the continued effort of our partners across the nation who share information and raise awareness about EITC for people who may qualify.”
Eligible families with three or more qualifying children could get a maximum credit of up to $6,431. EITC for people without children could mean up to $519 added to their tax refund.
The IRS recommends that all workers who earned around $54,000 or less learn about EITC eligibility and use the EITC Assistant to find out if they qualify. The tool will help them determine their filing status, if they have a qualifying child or children, if they qualify to receive the EITC and estimate the amount of the credit they could get. If an individual doesn’t qualify for EITC, the Assistant explains why. A summary of the results can be printed and kept with the worker’s tax papers.
In addition to the EITC, if you have children or other dependents, you may be eligible to claim the Child Tax Credit, the Additional Child Tax Credit, or the Credit for Other Dependents. See Publication 972, Child Tax Credit, and Publication 5307 for information to help individual taxpayers understand the Tax Cuts and Jobs Act.
Full details are available on the EITC just contact Account On Us.
Account On Us offers many services for individuals such as income tax preparation, estate tax preparation, gift tax preparation, IRS inquiries, audits and tax planning. If you have a personal tax or accounting need, please contact Osceola County’s most trusted accounting service, tax preparation and payroll service provider. Call us today at (407) 892-1066 or contact Account On Us today! We are here to help!