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IRS announces Earned Income Tax Credit to save money on your tax return

Every year thousands of Americans can get a discount on their IRS tax return with the Earned Income Tax Credit

by Abraham Quirós Villalba
21/02/2023 08:00
in Money
IRS has announced a way to save some money on taxes

IRS has announced a way to save some money on taxes - Licensed AdobeStock

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In the United States, filing your tax return on time is essential to avoid paying late fees. The IRS announces well in advance what the tax season is. This year, the tax season for filing a tax return with the IRS began on January 23rd.

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In this way, any citizen who has to send his or her tax return can do it now and send it to the IRS. By doing this we can forget about delays and problems related to this situation. Even so, we may still need to check a few things before sending our tax return.

Among other things, we need to check whether or not our 2022 relief check is taxable. This is important, as it can make a big difference in the amount of money we have to pay in taxes. In addition to this, there is also the Earned Income Tax Credit (EITC) to consider, which can help us pay less tax as well.

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Who can apply for the Earned Income Tax Credit from the IRS?

The Earned Income Tax Credit is a help program that makes thousands of users in the United States get a higher tax refund during tax filing. Knowing the situation in which we can apply for this financial help is very easy.

The #IRS Earned Income Tax Credit has helped workers with low and moderate incomes get a tax break for decades, but it may be brand new to someone you know. Help spread the word about #EITC: https://t.co/AqeTmmH4gx pic.twitter.com/NkvySKVKK3

— IRSnews (@IRSnews) February 20, 2023

The IRS itself has announced that Americans who have a low source of income will be able to apply for the Earned Income Tax Credit. In order to find out if we can have access to this financial help we only have to enter the IRS website and access the Earned Income Tax Credit section. There we have access to a questionnaire to find out if we are in a position to get the EITC.

When does the 2023 tax season end?

This 2023 tax season, which pertains to 2022 taxes, will end in just two months. April 18, 2023 is the last day on which we will be able to send the tax return. In order to get the tax refund as soon as possible, we must file the tax return as soon as possible.

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To all this we must add that we must not forget that the IRS itself proposes a series of helps for millions of American citizens. If our income in 2022 was less than $73,000, we will have access to FreeFile. Through this program we will be able to obtain direct and immediate help to complete the tax return.

In any case, we can always ask for help from an advisor if we have income above that figure. We must not forget that the tax return is mandatory and that the IRS could fine us if we do not send it on time.

Tags: IRStaxtax refundtax returnTaxes
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