Feb 2, 2012 - By Valerie Schoneberger, LanderEditor:
In 2010, the Earned Income Tax Credit (EITC) poured more than $7.3 million into the local economy. In Fremont County, the average credit was just under $2,000.
The EITC is a financial boost for working people in a recovering economy. Anyone with earnings under $49,078 should see if they qualify at www.irs.gov/eitc, or by visiting a volunteer tax assistance site or local IRS Taxpayer Assistance Center.
EITC is one of the nation's largest anti-poverty programs, annually lifting 6.6 million people out of poverty. Half of these are children.
Created in 1975, the EITC provides an incentive for work to low-wage workers. The refundable tax credit provides much needed cash to low-income Fremont county residents. This year, starting in February, many families will look forward to receiving between $3,094 and $5,751 as Earned Income Tax Credit. Most will the supplemental earnings to pay off debt, buy a more reliable car or needed furniture.
EITC is for workers whose income does not exceed the following limits: $43,998 ($49,078 married filing jointly) with three or more qualifying children, $40,964 ($46,044 married filing jointly) with two qualifying children, $36,052 ($41,132 married filing jointly) with one qualifying child, and $13,660 ($18,740 married filing jointly) with no qualifying children.
EITC can make life a little easier. The maximum credit is: $5,751 with three or more qualifying children, $5,112 with two qualifying children, $3,094 with one qualifying child, and $464 with no qualifying children.
There are several volunteer tax assistance sites in Fremont county that can prepare simple tax returns for eligible workers for free. We are still looking for volunteers. If you want to help your community and learn to prepare simple tax returns for your neighbors, contact firstname.lastname@example.org or 332-3517 for more information. Dates and locations for free income tax preparation will be announced in the next several weeks.
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