The Making Work Pay Credit is still working for YOU
The tax filing season may be over, but the opportunity to benefit from the American Recovery and Reinvestment Act of 2009 isn’t. This includes the Making Work Pay Tax Credit
, which is still around for the 2010 tax year.
The Making Work Pay Credit provides a refund of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. The credit is based on earned income and is taken on your 2010 tax return when you file your taxes in 2011.
Most people will benefit from larger paychecks in 2010 as a result of the changes made to the federal income tax withholding tables to implement this credit.
If you believe your current withholding is not appropriate for your personal situation, you can perform a quick check using the IRS withholding calculator
. Then, if necessary, you can give your employer a revised Form W-4
, Employee's Withholding Allowance Certificate.
Remember, it's not too late to reap the rewards of the ARRA of 2009. To learn more, visit IRS.gov