Working Americans with annual earnings under $38,300 may be eligible for a rebate of up to $4,500 if they qualify for the Earned Income Tax Credit (EITC). The EITC provides tax rebates worth hundreds or even thousands of dollars, depending on the size of the household and the amount of taxes paid in the previous year. Every year, $6-12 billion dollars in tax refunds go unclaimed. One out of every 5 taxpayers who qualifies for the EITC fails to file taxes and claim the credit, essentially giving money that belongs to them back to the government.
The EITC provides a tax refund for working Americans by returning some of the money they have paid in federal or state income taxes. The EITC is a tax credit rather than a tax deduction, so it does not simply reduce the amount of taxes owed; it actually puts money into the hands of eligible taxpayers through direct deposit or a rebate check.
The Earned Income Tax Credit can play a significant role in improving an individual or family's standard of living, especially when it is used for long-term wealth building strategies like investing in education or paying down debt.
You may be eligible for the EITC if:
To verify that you are eligible to claim the EITC visit the IRS website at: www.irs.gov
You can also take advantage of free tax preparation assistance offered to low and moderate-income taxpayers through the IRS Volunteer Income Tax Assistance (VITA) program. Call 1-800-829-1040 to see if there is a VITA site near you.
NAACP National Headquarters
4805 Mt. Hope Drive
Baltimore MD 21215
Toll Free:
(877) NAACP-98
Local:
(410) 580-5777
© 2008 NAACP
All Rights Reserved