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Earned Income Tax Credit (EITC)
(PHOTO: AARP)
Supporting Low- and Moderate-Income Workers and Families
According to the article of The Daily Courier, during the COVID-19 pandemic more people could claim the EITC but those extra benefits ended in 2022. Only people aged 25 to 65 can claim it. How much you get depends on your situation like if you have kids or not. On January 26th, the IRS wants people to know about the Earned Income Tax Credit (EITC). It’s a tax benefit that helps low- and moderate-income workers and families save money. Many who could get this benefit don’t know about it. To get the EITC, you can use a tool from the IRS called the EITC Assistant.
READ ALSO: Nearly 55,000 Oregon Children To Benefit From New Tax Credits
Furthermore, claiming the Earned Income Tax Credit (EITC) can significantly benefit eligible individuals and families by providing them with a refundable tax credit. Utilizing resources such as the IRS’s EITC Assistant and filing the necessary forms like Form 1040 can streamline the process of claiming this credit. For those who qualify there are free programs available to assist with tax preparation, easing the financial burden associated with filing taxes. It’s worth noting that if you file online and opt for direct deposit you can expect to receive your refund typically after January 29th. By taking advantage of these resources and opportunities individuals can maximize their tax benefits and financial well-being.
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