What Is the Earned Income Credit? The earned income credit (EIC) is a tax credit available to low to moderate-income taxpayers. The credit can be worth up to
$6,557 for 2019 and up to
$6,660 for 2020. A tax credit is better than a tax deduction in that the credit is a direct reduction in the amount of tax owed.
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Earned Income Tax Credit (EITC) Relief
The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe \u2013 and maybe increase your refund.
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The EIC requires you to reduce your self-employment income by 1/2 of your self-employment tax bill. ... If your adjusted gross income is greater than your earned income your Earned Income Credit is calculated with your adjusted gross income and compared to the amount you would have received with your earned income.
