The IRS has issued a reminder that millions of Americans are eligible for a tax credit that last year averaged more than $2,000, but 20 percent of those entitled to the money don’t claim it.
“This is an extremely important tax credit that helps millions of hard-working people every year,” IRS Acting Commissioner Doug O’Donnell said in a Jan. 27 statement. “But each year, many people miss out on the credit because they don’t know about it or don’t realize they’re eligible.”
The Earned Income Tax Credit (EITC) was first approved by Congress in 1975, in part to offset the burden of Social Security taxes and to provide an employment incentive….