The Earned Income Tax Credit, Just File It, And Maximizing Tax Returns In 2009
|What is the Earned Income Tax Credit (EITC) and who can claim it?
||EITC is a TAX CREDIT that helps offset Social Security taxes and provides incentives for workers to remain employed. It was created in 1975 as a benefit to working families earning low wages and today is typically claimed by 60% of all filers. Approximately 25% of filers do not realize they qualify for the credit, and do not claim it.
Many filers will qualify for the EITC for the first time this year because their income declined, their marital status changed or they added children to their families.
Anyone earning less than $48,000 from wages, self-employment or farming in 2009 may qualify. Qualifying families with three or more children could claim a credit of $5,657, families with two children could claim $5,028, families with one child could claim $3,043, and families with no children could claim $457.
For more information about the EITC, and to see who qualifies, go to the EITC information page on the IRS website.
|JUST FILE IT! - FREE tax preparation resource
||Just File It! is a way to save money on tax preparation. It is a FREE tax preparation resource made available for low-income individuals and families to access federal and state credits and refunds, including the Earned Income Tax Credit. For access, click on the Just File It! link on the Monroe County Credit Union’s website or directly here.
Every branch of the Monroe County Library System provides free internet terminals to access the Just File It! site. Librarians can provide assistance accessing the site as well as help with maneuvering through the site and printing. Librarians are not allowed to give tax advice.
Be sure to bring the following documents:
- Wage and earning statement(s) Forms W-2, W-2G, 1099-R, from all employers (including dividend & interest earned, pension statements)
- Children’s names, social security numbers, and birthdates
- Rental information including name and address of landlord and monthly rental amount
- Property tax summary (summer & winter 2009)
- Medical insurance premiums and payments made on medical insurance
- FIA annual statement
- A copy of last year’s federal and state returns, if available
- Bank routing numbers and account numbers for direct deposit
- Other relevant information about income and expenses
- Total paid for day care, and day care provider's identifying number
- Amount spent on home heating from 11/1/08 – 10/30/09
The Monroe County Opportunity Program (MCOP) is offering FREE tax preparation services for qualifying people. Call 734-241-2775 for more information or to schedule an appointment.
Senior citizens will find help filing certain tax returns from Monroe County’s Senior Legal Services. For more information or to schedule an appointment call 734-241-7644.
|Additional Tax Credits and Programs:
||According to the IRS, a First Time Homebuyer in 2009 qualifies for up to $8,000 in credits on 2009 tax returns. If the buyer resides at the house for a three year period, the money does not have to be paid back. Check out the website for further qualifications.
|Watch the IRS Tax Tips webpage for issues relevant to filing taxes. Tips range from errors to avoid when filing to locating free tax help.
Michigan’s energy tax credit program has further credits available to certain taxpayers who:
- Purchased energy-efficient appliances
- Made home improvements
- Paid the Energy Cost Recovery Surcharge on their electric bills
For answers to tax-related questions, attend one of the library’s Tax Tips programs with Pat Pitcher from H & R Block. Pat will offer expert advice at the following branches:
- Tuesday, January 19 @ 6:00 p.m.—Summerfield-Petersburg Branch
- Wednesday, January 20 @ 1:30 p.m.—South Rockwood Branch
- Monday, January 25 @ 6:00 p.m.—Ida Branch
- Tuesday, January 26 @ 6:00 p.m.—Dorsch Memorial Branch
- Wednesday, January 27 @ 7:00 p.m.—Ellis Reference & Info Center
- Saturday, January 30 @ 10:00 a.m.—Bedford Branch
- Monday, February 1 @ 6:30 p.m.—Erie Branch
- Tuesday, February 2 @ 6:30 p.m.—Carleton Branch
- Tuesday, March 9 @ 6:30 p.m.—Rasey Memorial Branch
Learn more about taxes so you can be informed! Check out a book from the Monroe County Library System.
The complete guide to working for yourself : everything the self-employed need to know about taxes, recordkeeping, and other laws
Easy ways to lower your taxes : simple strategies every taxpayer should know
Laffer, Arthur B.
The end of prosperity : how higher taxes will doom the economy--if we let it happen
The FairTax book : saying goodbye to the income tax and the IRS
Flat tax revolution : using a postcard to abolish the IRS [foreword by Newt Gingrich].
The greedy hand : how taxes drive honest Americans crazy and what to do about it
Carter, Gary W.
J.K. Lasser's from eBay to Mary Kay : taxes made easy for your home-based business : control your taxes for maximum profit
J.K. Lasser's your income tax, 2010
Rolcik, Karen Ann
The living trust kit : save taxes, avoid probate, and ensure financial security for your loved ones
Lower taxes in 7 easy steps
Johnston, David C.
Perfectly legal : the covert campaign to rig our tax system to benefit the super rich--and cheat everybody else
Tax planning advisor : a year-round approach to lowering your taxes this year, next year, and beyond.
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American Recovery and Reinvestment Act of 2009
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Earth Hour 2008
Economic Info: How Recessions Work
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Free Cell Phone Assistance for Low-Income Consumers
Fuel Economy Guide
Gas Price Watch
Gift Buying Awareness
Influenza A (H1N1) Outbreak (Swine Flu)
Lifesavers for a Sinking Economy
Michigan Minimum Wage Goes Up
Summer Travel 2009
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Understanding Your Telephone Bill
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