As noted before, the EITC is one of the most complicated tax credits in the entire tax code, with a whole host of qualifying criteria. If you’d like to use a calculator to determine the amount of credit you might be eligible for, there are a few EITC calculator options: IRS EITC ass...
Some taxpayers mistakenly use the terms tax credit and tax deduction the same way. While they both result in a lower tax bill, they do it differently. A tax credit is a dollar-for-dollar reduction of your income tax liability. A tax deduction decreases your taxable income by an amount equ...