Jackson Hewitt® Reminds Clients of the Earned Income Tax Credit on EITC Awareness Day
One in five people miss out on the important tax credit - worth up to $6,557 for a family of five
JERSEY CITY, N.J., Jan. 31, 2020 /PRNewswire/ -- A recent Jackson Hewitt Tax Service® survey, conducted by Dynata, shows that 44% of respondents who make less than $40,000 are not even aware of one of the biggest tax credits available to hard-working taxpayers, the Earned Income Tax Credit (EITC), and 37% of total respondents were unsure if they were eligible to claim it.
To better educate those who are eligible to claim the EITC, Jackson Hewitt is participating in the 14th annual EITC Awareness Day on January 31. At Jackson Hewitt locations nationwide, local Tax Pros will advise their clients on the credit to ensure they get the biggest tax refund available to them.
"The earned income limits for the EITC are adjusted every year, so even if taxpayers didn't qualify for the EITC in the past, they may be able to claim it this year, especially if they had children, changed jobs, or went through another significant life change," said Alan D. Ferber, Chief Executive Officer at Jackson Hewitt. "The EITC is also one of the largest tax credits available and unfortunately one of the most overlooked credits, according to the IRS, despite the fact that 25 million workers received about $63 billion in EITC refunds in 2019."
For taxpayers with three or more qualifying children, the EITC could be worth up to $6,557 this tax year. If taxpayers worked last year and earned less than $55,952, they could be eligible for the credit.
The EITC is based on several factors and is a refundable federal tax credit for eligible individuals and families who have earned income from employers, small businesses, side jobs, and self-employment. Taxable earned income includes wages, salaries, tips, and net earnings from self-employment. The credit is used first to reduce any remaining tax liability to zero and because the credit is refundable, money left over is part of the tax refund.
Tax returns are one of the most significant financial transactions that Americans have each year, and Jackson Hewitt Tax Pros are ready to help hard-working taxpayers find every credit and deduction available to them. Visit www.jacksonhewitt.com/officelocator to find the nearest office location. Due to tax laws in place to reduce fraudulent claims for refunds, taxpayers who claim the EITC won't receive their refund until mid-February.
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. is an innovator in the tax industry, with a mission to provide its hard-working clients access to simple, low-cost solutions to manage their taxes and tax refunds. Jackson Hewitt is devoted to helping clients get ahead and stands behind its work with its Maximum Refund and Lifetime Accuracy guarantees. Clients can choose to file at one of Jackson Hewitt's nearly 6,000 franchised and company-owned locations, including 3,000 in Walmart stores and online. Jackson Hewitt makes it easy and convenient for clients to file their taxes. For more information about products, services, and offers, or to locate a Jackson Hewitt office, visit www.jacksonhewitt.com or call 1 (800) 234-1040.
Methodology:
The Jackson Hewitt survey was conducted online by Dynata on January 17, 2020 among 1,000 American adults aged 18 and older. Respondents to the survey were selected from those who volunteered to participate in online surveys. One thousand complete surveys were collected using the sample framework based on U.S. Census data for age, ethnicity, gender, region, and income.
SOURCE Jackson Hewitt Tax Service Inc.
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