Friday, January 30, 2009

Earned income credit

The Internal Revenue Service and community partners nationwide today kicked off EITC Awareness Day to promote a tax credit that could be a critical financial lifeline to many Americans this year.

The agency also announced many of its Taxpayer Assistance Centers will be open on some Saturdays in February to help taxpayers who are eligible for the Earned Income Tax Credit. Last year, nearly 24 million taxpayers received approximately $48 billion from EITC. The average EITC amount was $2,000.

Difficult economic times may mean more people are eligible for EITC because of reductions in their income last year. The amount of the EITC, the government’s largest tax benefit program for working families and individuals, is determined by earned income and family size.

WHAT ABOUT US POOR TAXPAYERS WHO FUND THESE HANDOUTS? The EITC gives 'refunds' to people who do not even pay tax.

No comments: