Every penny counts in today’s economy, yet many working people are overlooking an important tax credit that could put up to $5,600 or more in their pockets. The Earned Income Tax Credit, or EITC, can be the needed financial boost for working people hit by hard economic times.
Many people will qualify for EITC for the first time this year because their income declined, their marital status changed or they added children to their families. Families with three or more children get an extra boost with a larger credit this year.
But, IRS estimates that up to one in four eligible taxpayers could miss out because they don't check it out. Eligible taxpayers can get their EITC only if they file federal income tax returns – even if they are not otherwise required to file – and specifically claim the credit.
Anyone with income under $48,000 from wages, self-employment or farming in 2009, should see if they qualify. Area residents can find more information on the IRS website, keyword: EITC. IRS’s online EITC Assistant can help determine their eligibility and compute the amount of their credit.
Taxpayers also can get no-cost help computing their EITC and preparing their returns. Residents can locate a volunteer assistance site by calling (enter which number your community uses for local services -- 211 or 311) or calling the IRS at 1-800-906-9887. Free help is also available at the IRS Taxpayer Assistance Center located at (enter the location and days/hour of assistance of your local IRS office)
