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Tuesday, February 22, 2011

Help for Families through the Earned Income Tax Credit

The IRS estimates that as many as 25 percent of eligible taxpayers do not claim and may not be aware of the Earned Income Tax Credit.
The Earned Income Tax Credit (EITC) is a refundable federal income tax credit for low- to moderate-income working individuals and families that Congress designed to encourage work as well as offset payroll and income taxes.

When the EITC is more than your income tax liability, the Internal Revenue Service will refund the balance.  To qualify, you must meet certain requirements and file a tax return, even if you did not earn enough money to be obligated to file a return.

The earned income tax credit (EITC) is for families making less than $48,362 in 2010 (for a married couple, filing jointly, with 3 children). 
The amounts vary with your situation so be sure to check this EITC page:  http://www.oklaw.org/link.cfm?3247

Those who qualify for the EITC can include many groups, such as individuals, married couples, those with disabilities, farmers, and grandparents raising grandchildren.

If you qualify for the earned income tax credit, you may also qualify for help in preparing and filing your taxes.  The IRS and the Oklahoma Tax Commission offer a free electronic filing system called FreeFile for those had an Adjusted Gross Income in 2010 of less than $58,000.
This important service helps families get their taxes done easily and accurately, and ensures they can claim tax credits to which they are entitled.


OKLaw has more information on filing your taxes at this link:
http://www.oklaw.org/link.cfm?3248
OKLaw has more information about the EITC at this link:

From the IRS, top 5 changes for 2010: 
http://www.oklaw.org/link.cfm?3250 
IRS FreeFile Information:  http://www.oklaw.org/link.cfm?2943

Oklahoma FreeFile Information:   http://www.oklaw.org/link.cfm?2944