If you are one of many Americans who earn a low to moderate income, you may be eligible for a tax credit that can increase your tax refund. This credit is known as the Earned Income Tax Credit, or more simply the EITC.
The credit is variable and depends on several factors, including your income and family size. Families with at least one qualifying child may receive up to several thousand dollars towards their refund. Even some single taxpayers without children may be eligible.
Make sure you use care in preparing your return (or choose a tax professional you trust), because errors on your return could delay your refund, or even cause your tax credit to be denied.
Since this credit can potentially add thousands of dollars to your refund, the IRS takes fraudulent or false claims seriously. So make sure your income is accurately reported and that any children you claim are properly qualified.
Be aware that the IRS is required by law to delay all refunds claiming the EITC until mid-February at the earliest. Those who choose direct deposit should start seeing their refunds arrive around February 27, assuming there are no issues with the return.