News | Article from Big Bear Valley News

Learn about the Earned Income Tax Credits

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(January 29, 2008) - You work hard in the Big Bear Valley, right? So why not keep more of your own money? The Earned Income Tax Credit (EITC) is a special tax benefit for low-income, working people that reduces the amount of money owed and may result in a tax refund. EITC Awareness Day, on January 31, is an event organized by the Internal Revenue Service (IRS) and its stakeholders to educate the public about the EITC. The date coincides with the deadline for employers to provide employees with their Form W2. Also, during the month of February, more than 60 percent of all EITC claims are filed.

Congress originally approved the tax credit legislation in 1975 in part to offset the burden of social security taxes and to provide an incentive to work. To quality for the EITC, a person must be a U.S. Citizen or California resident and meet other specific requirements based on marital status, number of children, age and household income. Taxpayers must file a federal return - even if their income is so low that they normally would not file a tax return.

Need help filing your return?

The Volunteer Income Tax Assistance (VITA) program offers free tax preparation and filing for low-income taxpayers. Inland Empire United Way (IEUW) is working with Cal State San Bernardino, Cal Poly Pomona and other organizations to offer VITA program sites in Pomona, Fontana, Rancho Cucamonga and Mentone. Union Bank of California has provided partial funding for these programs.

“These VITA sites are helping low-income families receive the money that belongs to them," said Allan Collins from IEUW. "The dollars will help lift hard-working families out of poverty and fuel the economy. More detailed information on VITA locations, times and materials to bring to the site is available by dialing 2-1-1 or (888) 435-7565."

Find more on Earned Income Tax Credit at www.irs.gov/eitc.

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