Did you or your employees have income of $53,505 or less in 2016? If so, you or those employees could for the first time qualify for the Earned Income Tax Credit (EITC).
"The EITC is a major tax credit to fight poverty that helps millions of people every year," said John Koskinen, IRS Commissioner. "Although four out of five eligible workers and their families benefit from the EITC, millions of people lose it, either because they do not know it or because they do not know they could qualify. We urge people to find out if they qualify. "
Workers, self-employed people, and farmers whose incomes were $ 53,505 or less last year could receive a larger refund if they qualify for the EITC. Eligible families with three or more qualified children may receive a maximum credit of up to $ 6,269. For those without children the EITC could mean up to $506 added to the refund. Unlike most deductions and credits, the EITC is refundable, which means those who are eligible could receive an IRS refund even if they do not owe taxes.