Imagine leaving thousands of dollars on the table every year without even realizing it. That's exactly what's happening to 20% of taxpayers, according to the IRS. They're missing out on the Earned Income Tax Credit (EITC), a powerful tax break designed to put more money back in the pockets of low-to-moderate income families. But here's where it gets interesting: many people have no idea they qualify. For instance, a single parent with three or more kids earning up to $61,555—or a married couple in the same situation making up to $68,675—could be eligible for this credit. And this is the part most people miss: the EITC can boost your refund by up to $8,000! 'When we tell people they’re getting it, they’re shocked,' says Jon Gustafson from Venn Tax and Bookkeeping in Blaine. 'They didn’t realize they qualified.' But it doesn’t stop there. In Minnesota, there’s an additional perk: the Working Family Credit, which mirrors the EITC and provides even more support for lower-income families with young children. 'Anything you can do to get some extra money, it’s definitely going to help out,' Gustafson adds. On average, the EITC alone added nearly $3,000 to refunds in 2024. But here’s the controversial part: Why isn’t this credit more widely known? Is it a failure of communication, or are there deeper systemic issues at play? We’d love to hear your thoughts in the comments. After all, when it comes to your hard-earned money, every dollar counts—especially the ones you didn’t know you had.
