[announce] Earned Income Tax Credit Can Put Money in Your Pocket

[Eric Bridges]

I'm sharing some information on a $48 Billion program run by the IRS that is
available to millions of people who earn low-to-moderate incomes. The Earned

Income Tax Credit also called EITC or more simply EIC is a credit that has
been making the lives of working people a little easier for 35 years. Yet it

remains little known, possibly because people move into and out of
eligibility as their income, marital statuses and parental statuses change.
Please take

a look at the article pasted below to learn more. 

 

Eric 

 

 

Earned Income Tax Credit Can Put Money in Your Pocket

 

You could be cheating yourself at tax time, even if you are not required to
file a tax return. The IRS estimates one in four eligible taxpayers will
overlook the Earned Income Tax Credit - or EITC - worth up to $5,600 or more
this year.

 

EITC is a refundable tax credit, meaning you can get money back even if you
owe no federal income tax or had no tax withheld. And, if you owe tax, it
can offset the amount you must pay.

 

The credit has been making the lives of working people a little easier for
35 years. Yet it remains little known, possibly because people move into and
out of eligibility as their income, marital statuses and parental statuses
change.

 

Unlike other tax credits, EITC is based on a combination of factors such as
the source and amount of your income, or combined income if married, whether
you have qualifying children and how many. Although children are not
required for eligibility, they increase the amount of your credit. Through
new legislation, families with three or more children can get even more
money.

 

The credit is complex, but worth exploring. It's even more valuable if your
state has a corresponding tax credit. If you had less than $48,000 in income
from wages, self-employment or farming in 2009, see if you qualify. Find
more information at www.irs.gov/eitc. Use IRS's online EITC Assistant to
determine your eligibility and the amount of your credit, or use the
worksheet in your tax instruction package.

 

No-cost help is available in many communities. Volunteer income tax
assistance sites or IRS Taxpayer Assistance Centers will compute your EITC
and prepare your return at no charge. To locate a volunteer site, call your
community's 211 or 311 number for local services or call the IRS at
1-800-906-9887. Locate an IRS Taxpayer Assistance Center in the blue pages
of your telephone directory

 

Remember: if you are eligible, you must file a federal income tax return,
even if you are not otherwise required to file, and you must specifically
claim the credit to get it.

 

Per the IRS, rural and non-traditional families -- such as grandparents
raising grandchildren -- childless workers, and Spanish-speaking taxpayers
are among those who most frequently overlook the credit.

 

 

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