The Colony, TX (January 16, 2019) – Millions of taxpayers could miss out on a tax break worth more than $6,400 this year. It’s called the Earned Income Tax Credit (EITC), and, according to the IRS, one of every five workers doesn’t know or doesn’t realize they’re eligible. Liberty Tax Service wants to make taxpayers aware of the EITC and its requirements.
EITC is a tax credit designed to help low- to moderate-income workers. Those who earned $54,884 or less in 2018 may qualify for the tax credit, which is refundable. That means, even if an eligible taxpayer owes no tax, he or she still can receive a tax refund. Eligible families with three or more qualifying children could get a maximum credit of up to $6,431. EITC for eligible taxpayers without children can mean up to $519 added to a tax refund.
Because work and family situations can change every year, many workers do not realize they are eligible for the tax credit. Workers are wise to check with their tax preparer to see if they qualify for the tax credit.
Taxpayers who claim EITC will have to wait until February 15 or later to receive their tax refund. Under law, the IRS cannot issue refunds with EITC before that date.