Saturday, May 18, 2013
IRS shares money-saving tip
POSTED: 08:32 a.m. HST, Feb 07, 2013
LAST UPDATED: 08:33 a.m. HST, Feb 07, 2013
With the start of the tax filing season, the Internal Revenue Service is reminding working families to check to see if they can claim the Earned Income Tax Credit.
Roughly one in five people eligible for the credit miss out each year. In Hawaii last year, more than 100,000 families claimed the credit, saving an average of $2,100 each.
The credit varies by income, family size and filing status. A married couple filing jointly with two qualifying children may earn up to $47,162 and be eligible for the credit.
“About a third of the people eligible for EITC changes every year, probably because they get a job or lose one, have a child or change their marital status,” said David Tucker II, IRS spokesman.
To determine whether you qualify for the credit, visit IRS.gov/eitc and answer questions through EITC Assistant. Even workers who are not normally required to file tax returns must do so to claim the credit.
Free help in filing taxes is available through “FreeFile” at IRS.gov or at Volunteer Income Tax Assistance sites.
Check for Earned Income Tax Credit eligibility
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