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Advanced Earned Income Credit

What is Advanced Earned Income Credit?

The advanced earned income credit is a tax credit available to those workers who earn less than a certain level. To be eligible for receiving this credit facility, however, if workers not under a certain level for filling tax returns, will have to submit tax returns to avail such credits. Such advance credits decrease withheld income taxes and employee employer Social Security and Medicare taxes, lowering the gross tax liabilities of the tax exempted organizations.

Related: Earned Income Credit (EIC)