Music hello YouTube starters! This is Tea with Silver Sneaking 101, where we always believe in staying stacked and packed. Stacked with silver, gold, food, MO, and packed with the means necessary to defend our stack. - A question I get quite often is about a situation where someone, a client, a friend, or someone related, doesn't make a lot of money, has a couple of children, and gets back a huge tax refund. The question centers around how they do it. - This video does not explore all the ways that a tax refund can be big, but rather focuses on the situation I just outlined. It's a question that comes up several times a year. - Today, I made my estimated tax deposits as a self-employed person. I honestly believe we would have real tax reform in this country if taxes were not hidden in payroll checks, and everybody had to sit down and write out what they think they are going to owe. It hurts and puts you in a bad mood four days a year. - Let's talk about this situation. It's called the Earned Income Credit. There are other credits and so forth that can increase a refund for the situation I just outlined. Someone with low income and children, but the Earned Income Credit is the primary driver. - Before we talk about Earned Income Credit, let's talk about deductions versus credits. A deduction comes off one's taxable income. If one is in the fifteen percent tax bracket and receives a $100 deduction, it's the equivalent of putting $15 in his or her pocket. - A credit is a dollar-for-dollar reduction in tax. So if someone receives a $100 credit, it is equivalent to putting $100 in their pocket. - There are two types...
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