EITC stands for the Earned Income Tax Credit and it is one of the most powerful tools the government has for bringing families out of poverty. The EITC can bring a federal income tax refund from $2 to $5,666 if the individual circumstances are right. The IRS estimates that one in five families that qualify for this large credit fail to claim it. Here are some things to remember:
- The EITC reduced the amount of tax owed and may result in a refund (remember the last blog post here--this is a refundable credit)
- The Benefit Bank asks questions and calculates whether clients are eligible to ensure that ALL potentially eligible clients are presented with the choice to take the credit or not
- Learn more here!
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