IRS urging families to apply for earned income tax credit
Wed, 25 Jan 2012 03:22:38 GMT —
Some say the only sure things in life are death and taxes.
Texas IRS Spokesperson Irma Trevio said everyone must pay their share of taxes to Uncle Sam, but adds that this year the IRS is hoping to give more working families a refund by promoting the Earned Income Tax Credit.
Trevio said it TMs available for households that earned $49,000 or less in 2011 and who meet seven requirements.
"The earned income tax credit is a credit given to hard working families," Trevio said. "We are trying to promote this because there are a lot of families who might qualify, but might not know about the credit."
Some of the requirements that must be met before a household can claim the EITC include everyone in the household must have a valid social security number; married couples can not file individually; no foreign earned income and no investments of more than $3,000.
When families are deemed eligible, there could be thousands in refunds.
"For every family who has children under the age of 18 or 24 - as long as the children are attending full time college - they could qualify|for as much as $5,751."
Trevio said the more people there are with more money in their pockets, the better the outlook for the economy.
"The country is going through an economical crisis and we think the EITC is a good injection to the economy," Trevio said.
Single people can also apply for the tax credit, and not every household will qualify for the maximum amount.