This year, an average tax credit of $800 will be received by 1 out of every 3 young adults.

The American Rescue Plan's expansion of the earned income tax credit will provide a tax season boost to childless young workers.

The Biden administration has expanded the credit for the 2021 tax year, making more workers eligible to receive larger amounts through the benefit.

The study from the Institute on Taxation and Economic Policy shows that the expansion of the credit will result in an average boost of $820 for the 37% of workers aged 19 to 24 who are now eligible to receive it. If an individual has no other tax liability, this money will be added to their refund for the year.

According to Aidan Davis, a senior state policy analyst at the Institute on Taxation and Economic Policy and the author of the study, for many people in that age group, receiving that amount of money can be highly significant.

Entrepreneurs who quit jobs to start their own businesses are optimistic, but still face challenges ahead.

The enhanced credit

Last year, the American Rescue Plan increased the earned income tax credit's full benefit from $538 to $1,502 and enabled workers aged 19 to 24 and 65 and older without dependent children to claim the credit.

Now, workers with children are no longer the only ones eligible for the credit, as it also includes those with low incomes and noncustodial parents.

The income caps for claiming the full credit have been increased to $21,430 for single filers and $27,380 for married filing jointly.

The proposed change would enable approximately 5 million young workers to obtain federal credit and receive an additional $4 billion in benefits in 2022, benefiting a total of 17 million Americans, according to a study from the Center on Budget and Policy Priorities.

The study by the Institute on Taxation and Economic Policy found that those with the lowest incomes would be most targeted, resulting in a rise in incomes for nearly 1 million Hispanic adults and 600,000 Black adults.

Davis stated that the program is specifically tailored to low-income individuals and has a significant impact on a diverse range of filers. The newly eligible group, which is predominantly made up of new workers, is just beginning to establish themselves in the workforce. An extra $800 in tax refund can aid this group in pursuing higher education or covering essential expenses.

This group is also affected by inflation, just like everyone else," said Davis. "This credit could assist these individuals in paying their bills.

Filing taxes is important this year

The enhanced credit is limited to the 2021 tax year.

The Build Back Better legislation, which includes an expansion of the earned income tax credit, has been stalled in the Senate due to a lack of full support.

Filing tax returns is mandatory for all Americans this year, as they may be eligible to claim enhanced credits such as the earned income tax credit or the child tax credit.

To receive the 8-week course on financial freedom, Money 101, click here. For the Spanish version, click here.

Acorns+CNBC offers expert advice on shifting your retirement savings strategy from the "old convention" to a more effective approach.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.