Earned Income Tax Credit

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Earned Income Tax Credit

Also called the EITC. A dollar-for-dollar reduction in the tax liability for lower and middle income persons in the United States. The credit is applied against taxes owed on wages, salaries, tips and other forms of earned income. Investment income is excluded and one may not have more than a certain amount of investment income to be eligible for the credit. Households with children may receive larger credits. The EITC is refundable, meaning if the credit causes one's tax liability to go below zero, one receives the difference from the IRS.
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References in periodicals archive ?
The federal EITC program is one of the nation's more effective tools for lifting low-income workers and their families above the poverty line.
Anthony Shiner, Chief Innovation Officer at EITC will be the keynote speaker at Evolve next month.
With free tax assistance and EITC refunds, many customers have been able to become first-time homeowners, establish savings accounts, repair credit, pursue education and accomplish other goals that help build generational wealth and financial stability.
Osman Sultan, CEO, EITC said: "Our workforce has become increasingly diverse over the last decade with employees from different generations, genders, nationalities and cultures working together towards the same goals.
EitC chief executive officer Richard Kenyon said: "I am very pleased that our Payroll Giving scheme has been such a success in its first full season of operation.
"The appointment of Larnholt is vital to EITC's core business capabilities as we continue to invest in futuristic technologies to leverage our digital transformation.
Mohamed Al Hussaini, chair of EITC, said: "On behalf of the board of directors, I would like to thank Amer Kazim for the substantial contribution he has made to the company.
Mohamed Al Hussaini, chairman, EITC, said: "On behalf of the Board of Directors, I would like to thank Amer Kazim for the substantial contribution he has made to the company.
Three years ago, in the midst of the worst of the state's budget crisis, the Legislature made the EITC non-refundable.
To improve awareness and use of the EITC, the IRS leads an annual EITC Awareness Day, held this year on Friday, Jan.
On November 11, Virgin Mobile, the second brand operating under EITC, launched its own eSIM offering.
Anthony Shiner, Chief Digital Lifestyle and Innovation Officer, EITC, said: "Our partnerships are key catalysts in making EITC a world-class organisation and facilitating growth plans in the UAE.