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Earnedincomecredit

oboloo Glossary

Earnedincomecredit

Earned Income Credit (EIC): An income tax credit provided by the federal government to working individuals or couples who meet certain criteria. The EIC reduces how much a person owes in taxes after their income is calculated and can result in a significant refund if the criteria are met. This credit encourages people to work even when they may not be making an excessive amount of money, as it provides a financial reward for their efforts.

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