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Earned Income Tax Credit (EITC)

Definition

A tax credit for low to moderate-income workers that can reduce the amount of tax owed and sometimes result in a refund.

What to consider

  • Review the eligibility criteria to ensure you claim the full benefit.
  • Keep organized records of your earnings and dependents.
  • Monitor any changes in tax law that could affect your credit.

Real world scenarios

  • After filing her tax return, Maria received an Earned Income Tax Credit (EITC) refund, which helped ease her financial burden during tough times.

Related terms

W-2
Standard Deduction
Tax Filing Deadline
Tax Credit
Tax Withholding

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