Many people forget about claiming the Earned Income Tax Credit (EITC) if they qualify. In fact, one out of every five qualified workers fail to claim the credit. This credit does more than reduce the amount of taxes you owe. Depending on your situation, you could be eligible for a refund, and there’s a chance it may even be more than you actually paid in taxes. You don’t want to miss your chance to claim this important credit, as it could save you thousands of dollars!

The EITC Explained

The EITC reduces, or in some cases, even eliminates the tax you paid if you’re a low-to-moderate income earner. Reports indicate that 26 million eligible taxpayers saved $63 billion by claiming the EITC during last year’s tax season. That totals an average of $2,470 in savings per tax return. Imagine what you can do with that extra cash.

Be sure to check if you are eligible for the EITC, and claim your credit for 2017 when you file your tax return. If you realize you qualified for the credit but didn’t claim it for the previous tax years (up to three years) you’re encouraged to tell the IRS as you may be entitled to receive the money back still. Don’t forget about the EITC!