Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-05-2013, 03:19 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
IRS launches "EITC Awareness Day" stating significant tax benefits to Low and Moderate-Income Workers.

"The Internal Revenue Service and partners nationwide launched the Earned Income Tax Credit Awareness Day outreach campaign today, aimed at helping millions of Americans who earned $50,270 or less take advantage of the Earned Income Tax Credit (EITC).

Local officials and community organizations across the country are sponsoring over 250 news conferences and other outreach events highlighting the benefits of this key work incentive for low-and moderate-income workers and working families.

The annual campaign is necessary because one-third of the eligible population changes each year as their financial, marital and parental statuses change. Although an estimated four out of five eligible workers and families get the credit, one in five still miss out on it, either because they don’t claim it when filing, or don’t file a tax return at all.

“A large part of the nation sees major changes every year with their tax situation,” said IRS Acting Commissioner Steven T. Miller. “This year, millions of workers could qualify for EITC for the first time, and the IRS urges them not to overlook this valuable credit.”

The EITC varies by income, family size and filing status. The average EITC amount last year was around $2,200. People can see if they qualify by visiting IRS.gov and answering a few questions using the EITC Assistant. In tax year 2011, over 27 million eligible workers and families received nearly $62 billion total in EITC.

Workers, self-employed people and farmers who earned $50,270 or less last year could receive larger refunds if they qualify for the EITC. That could mean up to $475 in EITC for people without children, and a maximum credit of up to $5,891 for those with three or more qualifying children. Unlike most deductions and credits, the EITC is refundable. In other words, those eligible may get a refund from the IRS even if they owe no tax.

The EITC provides a financial boost for millions of hard-working Americans. However, the IRS reminds taxpayers that even though most federal tax refunds are issued in less than 21 days, many factors can affect how long it may take for taxpayers to get their refunds. It is also possible that a tax return could require additional review and therefore take longer to process."

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
IRS offers a Savers Tax Credit that helps Low and Moderate-Income Workers Save for Retirement TaxGuru For 2012 0 12-31-2012 04:00 PM
If a taxpayer receives "workers compensation for 2011 tax year, will they receive a 1099 for these earnings?" TaxGuru Income 0 01-31-2012 12:43 PM
What is the primary benefit to stock traders for making a "Mark to Market Election"? TaxGuru Capital Gains 0 05-02-2011 04:55 PM
Workers Urged to Check Eligibly for EITC; IRS and Partners Mark 5th EITC Awareness Day Samatg For 2010 0 01-29-2011 01:29 AM
IRS and Partners Mark EITC Awareness Day; EITC Could Mean Bigger Refunds Samatg Tax News 0 01-30-2009 07:20 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning