Earned income tax credit is one of those credits schemes that can benefit people who are on a low or a moderate income. If you are not too sure whether you are eligible for the 2016 EITC all you need to do is go online and check what the eligibility is.Earned income tax credit is one of the best schemes that are available for the low income groups. Under the scheme you get a refund of the tax that you paid through the year depending on what your current financial situation is. One of the things that you should know about the earned income tax credit is the eligibility criteria for you and your family members especially the qualifying children. Qualifying children are nothing but dependents on you and your financial stability is important for giving them a good life.In order for you to list your child as a qualifying child you need to know the eligibility criteria for them. The qualifying child does not need to be related to both the parents. They can be related to either parent through blood, law or marriage. You can list your step child, your step sister, your step brother, your grandchild and even your adopted child as a qualifying child on your earned income tax credit application form. Once you know the criteria accurately your application will be processed quicker because of minimal errors. This will help your application get approved quicker and the money will be in your account quicker than other applications. Applying for earned income tax credit is a one of the best things that you can do for you and your family. There have been a number of families that have benefited from this amazing initiative.
Posted in Finance.