In United States EIC (Earned Income Credit) has been claimed by large number of people per year whose income falls within low to moderate range for getting tax benefits. But statistics reveal that many people who are genuinely eligible for EIC do not file their claim and miss the opportunity as they overlook or really are not aware of the potential benefits.
Evaluate eligibility criteria
The eligibility criterions for claiming EIC changes every year depending on the tax law of that particular year. So it is advisable to refer to the earned income credit table of that particular year before claiming tax refund benefits as the person who was not eligible last year might be eligible for current year as the financial and marital status might also vary each year.
Earned income credit table contains three columns namely dependents, maximum credit and adjusted gross income which can be easily understand by everyone who wants to ensure their credit as per income and qualifying child. By comparing the data an individual can conveniently figure out in which range he/she falls.
Help of technology
Once you are confident that you meet all the requirements you can calculate the credit amount using online calculator. Using reputed tax software will be immensely beneficial as the effective software are extremely user friendly and will provide accurate information after analyzing the data by asking a series of relevant questions and ensuring that you get the right credit as you deserve.
While filling the file the claimers have to be honest and accurate otherwise IRS can take tough action against the dishonest claimer. The IRS has the authority to cancel the EIC for many years and even can impose huge penalties. So do not deceive the tax law for the lucrative credit otherwise you have to face serious consequences. Be loyal and honest and enjoy the credit amount you are entitled to.