Many taxpayers in the region could be missing out on a valuable credit that could put more money in their pockets come tax season.
The Earned Income Tax Credit (EITC) is a federal credit designed for low to moderate income taxpayers, but according to the IRS, one in five eligible taxpayers does not claim this credit.
A married couple with three children must have an adjusted gross income of $59,187 or less to qualify for the credit.
Taxpayers can determine their eligibility and calculate their EITC using the IRS Earned Income Tax Credit assistant.
However, taxpayers should note that the credit may be less this year than last year due to the government ending pandemic-related enhancements to the credit. Additionally, tax-filers must now be at least 25 years old to qualify, rather than 18 as in previous years.
As tax season approaches, it’s important for eligible taxpayers to explore their options and take advantage of credits like the EITC to get the most out of their returns.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].