According to the IRS, more qualified taxpayers are claiming and receiving their earned income tax credit (EITC) than ever before, an estimated four out of five eligible taxpayers in 2010.
That’s good news, not only for millions of additional taxpayers who are getting the credit they’ve earned, but also for our economy, since these working individuals and families now have additional income to use in purchasing goods and services.
Hard economic times are still around and this EITC provides a financial boost to people who now can claim the benefits they earned. EITC can increase someone’s federal income tax refund from $2 to more than $5,666, depending on individual circumstances. But to get EITC, each person must know about the credit, then file and specifically claim it.
The IRS website provides information for anyone who wants to find out whether they qualify. Your Community Foundation has participated in past efforts to spread the word, and we encourage eveyone to take time on EITC Awareness Day, January 28, to find out more about how this benefit can help you or someone you know.