Applying for the Earned Income Tax Credit (EITC), a tax credit for low- and moderate-income working individuals and families, can help to reduce the amount of taxes owed or increase the refund received. The EITC is a valuable resource that can help eligible taxpayers save money and improve their financial well-being.
To apply for the EITC, taxpayers must meet certain eligibility requirements, including income limits and filing status. The EITC is phased in based on income, meaning that the amount of the credit gradually increases as income rises to a certain point. The maximum EITC amount varies each year and is adjusted for inflation.
