Browse > Home / Blogroll, Community, Roosevelt Island, Upper East Side / Money in Your Pocket: The Earned Income Tax Credit

Money in Your Pocket: The Earned Income Tax Credit

January 28, 2009


January 30th has been proclaimed Earned Income Tax Credit Awareness Day by the U.S. Treasury Department. The EITC is a refundable credit for working people who do not earn large incomes that helps many families struggling to make ends meet. Unfortunately, millions of Americans are not aware of this credit and fail to claim it on their taxes. The EITC is available only for your federal income taxes, but New York State and the City of New York also offer similar credits for local returns. The IRS has a factsheet on their website for more information.

In the midst of this recession, every extra dollar makes a big difference. Those who make the lowest incomes are not required to file their taxes – so often they don’t and miss out on the credit. And this year, more than ever, it’s important to get the word out because increasing unemployment means that there are many families who may have never before qualified and might not know that they are eligible.

Taxpayers generally qualify if they have earnings of or below $38,646 ($41,646 if married filing jointly) for families with two or more children; $33,995 ($36,995 if married filing jointly) for families with one child; and $12,880 ($15,880 if married filing jointly) if there are no children.

Free help is available to determine eligibility, to file your taxes, and claim the credit. There are IRS-certified volunteer tax assistance locations throughout New York City. I have prepared a flyer (it is in the Publications section of my website) that details where New York City residents can go for this free assistance. You can also call 311 to get the nearest address of a free tax preparation site where you live.

Post to Twitter

Written by Micah · Filed Under Blogroll, Community, Roosevelt Island, Upper East Side 

Comments

Got something to say?