Earned Income Tax Credit EITC Relief. The goal of tax planning is to reduce your taxable income to minimize what you owe the IRS and streamline the filing process.
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. IRS 2020 Earned Income Tax Credit EIC Table. A form first introduced in 2018 when the IRS began redesigning the old Form 1040 in response to the Tax Cuts and Jobs Act TCJA. This temporary relief would allow tax payers to qualify or get a potentially larger refund in their 2020 and 2021 tax filings.
You have three ways of doing this. If your earned income was higher in 2019 than in 2020 or 2021 you can use the 2019 amount to figure your EITC for 2020 and 2021.
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