News / Article

‘Taxpayers are leaving millions of dollars off their returns.’ Why Americans repeatedly overlook this lucrative tax credit

Source: https://marketwatch.com/story/millions-of-taxpayers-are-leaving-millions-of-dollars-off-their-tax-returns-why-americans-repeatedly-overlook-this-lucrative-tax-credit-2020-01-22 - Jan 24, 2020

The Earned Income Tax Credit is designed to act as a cash infusion to low-income families. In fact, some experts have called it “one of the largest and most studied antipoverty programs in the United States.”

And yet, far too many taxpayers aren’t aware of the credit, according to a survey released this week. Some 44% possibly eligible for the credit — by making less than $40,000 a year — were not aware of it, according to a new survey from the tax preparation company Jackson Hewitt. More than half of the same group either said they did not qualify (20%) or didn’t know if they qualified (33%), according to the survey.

click source to read article

Category: General Business