by Kristen Doerer: For More Info, Go Here…
The earned income tax credit is meant to reduce the amount that low- to moderate-income Americans have to pay in taxes — and it can sometimes result in a refund. Figuring out whether you qualify can be confusing. This guide can help.
ProPublica has covered how budget cuts at the IRS have made it harder for the agency to ensure the billionaires of the world pay up, but the cuts haven’t affected everyone equally.
In short: Wealthy taxpayers haven’t faced as much scrutiny.
For people who claim the earned income tax credit, also referred to as EITC, earned income credit or EIC, the audit rate has gone down less steeply than it has for wealthier taxpayers. Now, a person claiming the credit has as much of a chance of being audited as someone making 20 times more money.
But that shouldn’t deter you from claiming it if you are eligible.
(Here’s why).
