Business Tax Recovery Logo


Tax Credit Consulting: Earned Income Gillette WY

The Earned Income Tax Credit was first enacted into law in 1975. The Earned Income Tax Credit (EITC), or as it is sometimes called The Earned Income Credit (EIC) was designed as a tool to encourage low income workers to continue to work rather than lose hope and depend entirely on welfare. When the credit exceeded the amount of taxes owed it could result in a considerable refund.

Liberty Tax Service
(866) 871-1040
1001 S Douglas Hwy # 240
Gillette, WY

Data Provided by:
Liberty Tax Service
(866) 871-1040
324 E Washington Ave
Riverton, WY

Data Provided by:
H&R Block
(307) 362-6101
1461 DEWAR dr
ROCK SPRINGS, WY

Data Provided by:
Liberty Tax Service
(866) 871-1040
2205 E Pershing Blvd
Cheyenne, WY

Data Provided by:
H&R Block
(307) 684-5125
510 W LOTT ST STE A
BUFFALO, WY

Data Provided by:
H&R Block
(307) 532-5413
2109 MAIN ST
TORRINGTON, WY

Data Provided by:
Payless Tax & Business Solutions
(307) 655-5543
307 E 3rd Street
Sheridan, WY
Prices and/or Promotions
20% off Your First Tax Return

Liberty Tax Service
(866) 871-1040
944 E 2nd St
Casper, WY

Data Provided by:
Liberty Tax Service
(866) 871-1040
1001 S Douglas Hwy # 240
Gillette, WY

Data Provided by:
H&R Block
(307) 635-3657
800 S GREELEY hwy STE E
CHEYENNE, WY

Data Provided by:
Data Provided by:

Tax Credit Consulting: Earned Income

Earned Income Tax Credit

The Earned Income Tax Credit is one of the major poverty fighting tools of the United States Government. It is designed to help low income families and encourage them to work rather than depend solely on welfare.

The Earned Income Tax Credit was first enacted into law in 1975. The Earned Income Tax Credit (EITC), or as it is sometimes called The Earned Income Credit (EIC) was designed as a tool to encourage low income workers to continue to work rather than lose hope and depend entirely on welfare. When the credit exceeded the amount of taxes owed it could result in a considerable refund. In 2004, over 21 million taxpayers received around 36 billion dollars in refunds because of the Earned Income Tax Credit.

In order to be eligible, the tax payer and his spouse, if filing jointly, and any children claimed as dependents must have a valid social security number. They also must file a tax return, of course, even if the amount of income earned does not obligate them to do so. Earned Income is defined as income that is actually earned through work. It does not include investment earnings or payments received for anything else except actual work.

The Earned Income Tax Credit also has no impact on the eligibility for certain other welfare benefits such as Supplemental Social Security, Food Stamps, or other types of assistance. The credit was responsible for raising the income levels of almost 5 million,  of the 21 million taxpayers who claimed it in 2004,  over the poverty level. Yet, it is estimated that millions of eligible low income tax payers do not claim it despite the efforts of the Government and tax preparations professionals to encourage its use.

The Earned Income Tax Credit receives much bipartisan support in Congress as an effective tool for poverty control. It is argued that a small raise in the percentages of the credits could have a much more positive impact on the plight of low income workers than a major rai...

Click here to read the rest of this article from BusinessTaxRecovery.com