The IRS estimates that as many as 25 percent of eligible taxpayers do not claim and may not be aware of the Earned Income Tax Credit.
The Earned Income Tax Credit (EITC) is a refundable federal income tax credit for low- to moderate-income working individuals and families that Congress designed to encourage work as well as offset payroll and income taxes.
When the EITC is more than your income tax liability, the Internal Revenue Service will refund the balance. To qualify, you must meet certain requirements and file a tax return, even if you did not earn enough money to be obligated to file a return.
The earned income tax credit is for families making less than $57,000 a year in 2009 and can include many groups, such as those with disabilities, farmers, and grandparents raising grandchildren.
If you qualify for the earned income tax credit, you may also qualify for help in preparing and filing your taxes. The IRS and the Oklahoma Tax Commission offer a free electronic filing system called FreeFile for those who made less than $57,000 last year. This important service helps families get their taxes done easily and accurately, and ensures they can claim tax credits to which they are entitled.
OKLaw has more information about the EITC!
IRS FreeFile Information: http://www.oklaw.org/link.cfm?2943
Oklahoma FreeFile Information: http://www.oklaw.org/link.cfm?2944