Earned Income Tax Credit

The earned income tax credit is a credit that you might easily overlook on your tax return.  It is a federal income tax credit for low to moderate income working individuals and families.  Back in 1975, Congress approved this credit to offset the burden of social security taxes and provide an incentive to work.

In order to take the tax credit, you need to qualify.  The qualifications may vary somewhat from year to year.  So, it is a good idea to ask your tax adviser if you meet the requirements.  Some people may not want to bother because they don’t owe any tax or are not required to file.  You have to file a tax return to receive the earned income credit.  If the credit exceeds the amount of taxes you owe, it will result in a tax refund.  It may pay for you to ask your tax adviser if you could benefit from this credit.

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Todd Courser 810-245-0813