The earned income tax credit can be a great benefit for workers who don't make much money. This tax break returns to qualified individuals a portion of the taxes they paid. It even can produce a tax refund for eligible filers who had no tax liability.
HERE is a great article that provides a basic guideline and pitfalls to look out for if you claim it.
On a side note to EIC. As I have mentioned before, I provide bankruptcy services in my practice. The reason I mention this is that the U.S. Supreme court has ruled that EIC is not an excempt asset and can be claimed by a bankruptcy trustee as property of the bankruptcy estate and used to pay creditors. I have a major problem with this. In my view this should be considered wages and exempt. The individuals that receive EIC for the most part are the poor and very low income. But, I have never won that argument.
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