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Tax breaks aren't just for the rich 9:47 a.m., March 22, 2006--The Earned Income Tax Credit (EITC) is a refundable federal income tax credit for low- and moderate-income workers, primarily for those raising children. Employees who may qualify, however, are often unaware of this special tax credit. When the EITC exceeds the amount of taxes owed, it results in a refund (up to $4,400) for those who claim and qualify for the credit. Workers with an earned income of up to $37,000 are eligible, depending upon family size and income. In order to receive the EITC, eligible taxpayers must file a 2005 tax return and complete a special EITC form. Delaware has taken things one step further by creating a state EITC. This new tax credit results in a savings of up to $475 for those who qualify for the federal program. A coalition called the Delaware EITC Campaign is reaching out to employees and employers in an effort to increase awareness of the EITC and its benefits. As a result of this campaign, one of the free services made available to employees who qualify for the EITC is help with tax preparation. Taxpayers whose household income is $40,000 or less can have their tax forms prepared and filed electronically at convenient statewide locations through April 15 by an IRS-trained volunteer. To learn more about the Earned Income Tax Credit Campaign, call the Nehemiah Gateway Community Development Corporation at (302) 655-0803. |
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