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It's an acronym we hear every year at tax time: EITC, or Earned Income Tax Credit. But what it means, if you qualify, is a lot of money in your pocket. Last year, more than 25 million people received over $58 billion in federal EITC refunds. In New York State, the average EITC refund was $2,700.

"This is a huge amount of money. For many people it's the biggest check they're going to get all year,' said Consumer Affairs Commissioner Jonathan Mintz.

It's also a check that can make all the difference for many low-income families. That's certainly been the case for Yanira Rodriguez, a working mother who is also working toward a degree.

"That helped me to take care of my kids," Rodriguez said. "That helped me to pay for books and school supplies and also it helped me with my family. We are low income family and the extra credit is very helpful."

Experts say factoring in this refund -- which can be as much as $5,666 -- could essentially boost a taxpayer's hourly wage by as much as two dollars an hour. But unfortunately not everyone who is eligible takes advantage of the program. In fact, 20 percent of those who can claim the credit, don't.

"That means that one out of every five tax payers who are eligible for earned income tax credit did not apply," said Peggy Bogadi of the Internal Revenue Service.

City, state and federal officials are urging all taxpayers to find out if they are eligible. In order to qualify you must have worked and earned income in 2010, have a valid social security number and meet the income threshold which ranges from a single person with no children making less than $13,500 to a married couple with three children making around $48,000. Also, in order to claim the credit, you must file your taxes, which can be done for free at VITA sites around the country.

Finally, while the program is first and foremost aimed at taxpayers, its reach doesn't end there. Last year, $3.5 billion in EITC refund money made its way into the hands of New Yorkers who, in turn, were able to buy groceries, clothing and other essentials.

"It's also money that gets spent in their neighborhood, to businesses. It's money that grows our economy so it's a real win-win," Mintz said.

To find out if you qualify for the earned income tax credit or to find a VITA site near you to get free tax preparation services, visit IRS.gov.