12 Legal Ways to Reduce Your Tax Burden

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Check if you can get an Earned Income Tax Credit

You could still get a refund from the government, even if you don’t pay federal income taxes. You can do it by claiming an Earned Income Tax Credit. This refundable credit is worth up to $6,660 for the tax year 2020, so it’s not something you want to miss.

The Earned Income Tax Credit, a.k.a. EITC, is based on a formula that takes into consideration your family size and income. For single taxpayers, the income limits for claiming this credit range from $15,820 for those with no kids to $56,844 for those who are married, file jointly, and have three or more kids.

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