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TAX ALERT!
The American Recovery and Reinvestment Act of 2009—What It Means For You
- If you are a working person, you may receive a tax deduction for TY 2009 and 2010. This means:
- $400 tax break for individuals earning less than $75,000/yr
- $800 tax break for couples earning less than $150,000/yr
The benefit of this tax deduction will begin to be seen in paychecks starting June, 2009 and will be an average take-home increase of $13/paycheck
- If you are a first-time home buyer in 2009, you may receive up to $8,000 in tax credits that you do not have to repay. This does not apply to:
- singles earning more than $75,000
- couples earning more than $150,000
- If your family income isn’t enough for you to owe taxes, you can receive a $1,000 child tax credit.
- you have to file a return to receive it
- a rebate will be sent by the IRS
- If you are receiving unemployment, you will not have to pay taxes on the first $2,400 in unemployment benefits.
DON’T PAY TO HAVE YOUR TAXES FILED!
DON’T PAY TO BORROW MONEY THAT ALREADY BELONGS TO YOU!
- 18 Free Tax Preparation sites in Erie County will file your income tax return for free if your 2008 household income is under $42,000. This will save you over $100 in preparation fees.
- These free tax sites will also help you claim the Earned Income Tax Credit if you qualify for it.
- We file all tax returns electronically. And with direct deposit, your refund will be in your bank account within 7-14 days.
- Even though a Refund Anticipation Loans (RALs) will help you get your refund a few days sooner than direct deposit at a free tax site, they are very expensive. You may pay as much as 10% of your Earned Income Tax Credit (EITC) refund taking out this loan—that’s on top of whatever fees you pay to have your taxes filed by a paid preparer.
If you are like most Americans, you want your money and you want it “now.” But if you are like most Americans, you also work very hard for every dollar you make. Hang on to it! Don’t pay to have your taxes filed and don’t be tricked into paying to receive your refund a few days early….Not when there are alternatives.
Call toll free 1-888-829-5680 for an appointment…and $ave!
Erie FREE Taxes
Erie FREE Taxes is a program established to help eligible low to moderate income wage earners claim the federal Earned Income Tax Credit, a cash refund, by providing them with free tax preparation and filing services at volunteer tax sites.
Earned Income Tax Credit (EITC) Program
Created by the federal government in 1975, the EITC Program is the most effective poverty reduction program in the country.
Earned Income Tax Credit
The EITC is a special federal tax benefit for working people who earn low to moderate incomes. It is a refundable credit that reduces or eliminates income taxes they owe. If the amount of tax credit the worker qualifies for is more than taxes owed, the worker will receive the difference as a cash refund.
Why some taxpayers do not claim the EITC
- Not aware of the credit.
- Do not believe that they are eligible.
- Are unfamiliar on how to file a tax return to claim the credit.
- Afraid they will jeopardize other benefits if they claim a credit.
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