|
Watch Congressman Forbes speak on the House Floor about the Economic
Stimulus package by clicking the video below.
The House voted on the final Economic Stimulus
package today, without Congressman Forbes' support. To read more of
Congressman Forbes' thoughts on the economic stimulus bill, read his
column,
The Commonsense Approach.
Earned Income Tax Credit
In today’s economy, millions of
Americans are searching for ways to make the most out of their money.
The Earned Income Tax Credit (EITC) provides refundable income to
eligible low-income working individuals and families. To qualify for the
EITC, taxpayers must meet certain requirements and file a tax return,
even if they did not earn enough money to be required to file a tax
return. The following resources from the IRS will help you in
determining if you are eligible for the EITC and how much credit you may
receive.
Am I eligible for the EITC?
The IRS
EITC Assistant will help you find out. The online tool will
determine your eligibility, your filing status, and your qualifying
children, and it can also estimate your credit amount. The EITC
Assistant takes about 15 minutes to complete. Be sure to have your W-2
handy.
How much is my credit?
If you already know that you are eligible for the credit for this tax
year,
this tool will estimate your credit amount. You will need to know
the amount and types of income you received for the 2008 tax year and
any adjustments to that income. You should use actual amounts if you
have them available. The program will assist you by prompting you for
the amounts needed.
Does my child qualify?
One of the most common errors in filing for the EITC is claiming a child
who is not qualifying. Such an error can delay or deny your ability to
benefit from the credit. Use
this tool to determine whether your child is qualifying.
Are there any changes I need to be
aware of this year?
There are important changes you should be aware of for the EITC in 2008.
Read this information to stay up to date.
What
common mistakes do people make when filing for the EITC?
There are
number of common EITC errors that could delay or deny your ability to
benefit from the credit. Some of these common errors are:
●
Claiming a child who is not a qualifying child
●
Using the wrong Social Security numbers
●
Filing with the incorrect marriage status
●
Reporting inaccurate income information
Many of
these errors can be prevented by simply double checking your forms
before you send them off to the IRS.
For additional EITC information based
on your specific needs, visit one of the following IRS sites:
●
Individuals
●
Employers
●
Tax Professionals
To access an EITC Eligibility Checklist
for Year 2008,
click here.
For access to the necessary EITC
publications, forms, brochures, and other resources,
click here. |
