Tag Archive for IRS

IRS

IRS stands for the Internal Revenue Service. This is a branch of the treasury department. The bureau first collected taxes in 1862 in order to raise money for funding the American civil war. It has the mandate to ensure that every American citizen pays taxes. Currently, the IRS collects over 2.4 trillion dollars in form of taxes.

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EITC

The Earned Income Tax Credit (EITC) is a refundable tax credit offered by the US government to individuals and couples, especially those with children, who are on low, or medium, levels of income. A dual purpose tax credit, the tax credit is designed to offset federal income and payroll taxes, and also provide an incentive for those on a low income to continue working. Since its introduction, a number of states have set up EITC schemes, and these supplement the government tax credit.

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