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If you earn less than $39,000 a year, you may qualify for an Earned Income Tax Credit.What is EITC?The Earned Income Tax Credit (EITC) is a special tax benefit for low or moderate income workers. It reduces your tax burden and supplements your wages. Workers who qualify for the EITC and file a federal tax return can get back some or all of the federal income tax that was taken out of their pay during the year, and may also get cash back from the IRS.
Even workers whose earnings are too small to have paid income taxes can get the EITC. EITC reduces any additional taxes workers may owe, such as payroll taxes.
In addition to the EITC, working families may be able to receive the benefits of the federal Child Tax Credit, worth up to $1,000 per child starting in 2003, for families with dependent children under the age of 17.
To learn more about EITC and where to get these services, please go to:
www.greaterlaeitc.orgWho can get the EITC and how much was it worth for the 2007 tax year?To receive the federal EITC, eligible working families and individuals must file a federal income tax return and must fill out and attach Schedule EIC. Single or married people who worked full time or part time at some point during the year, and have a valid Social Security Number (Individual Taxpayer Identification Numbers or ITINs do not qualify) can qualify for the EITC, depending on their income:
• Workers who are filing single and have a family income of less than $37,783.
• Workers who filing married and have a family income of less than $39,783.
To learn more about EITC and where to get these services, please go to:
www.greaterlaeitc.org