With some tax returns are already on the way for processing, the Internal Revenue Service (IRS) is reminding taxpayers not to forget about the Earned Income Tax Credit (EITC).
We've made it through the first week of the tax filing season! With some tax returns are already on the way for processing, the Internal Revenue Service taxpayers not to forget about the Earned Income Tax Credit . January 31 has been designated"EITC Awareness Day" - the 14th year of the awareness campaign that alerts millions of workers to this significant tax credit.
There's a lot of confusion surrounding the EITC. To help clear it up, here are eight myths about the EITC:Please don't share memes that say that people who do not work get EITC-related tax refunds at the expense of those who do work. That's not true. To qualify for a refundable tax credit like an EITC , you have to work. It's literally in the name: Tax Credit. Earned income typically includes wages, salary, tips, and net earnings from self-employment.
The child must be under age 19—age 18 or younger—at the end of the tax year OR the child must be younger than you or your spouse and under age 24 and a full-time student OR the child was any age and permanently and totally disabled;
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