HEADS UP! It's almost tax preparation time
and the workforce system along with other strategic partners
will again be promoting the EITC. The Earned Income Tax Credit
(EITC) sometimes called the Earned Income Credit (EIC), is
a refundable federal income tax credit for low-income working
individuals and families. Congress originally approved the
tax credit legislation in 1975 in part to offset the burden
of social security taxes and to provide an incentive to work.
When the EITC exceeds the amount of taxes owed, it results
in a tax refund to those who claim and qualify for the credit.
The IRS is broadening its outreach to EITC claimants in an
effort to maximize participation and minimize errors on tax
returns including:
§ Working with thousands of community-based organizations
nationwide (see http://www.irs.gov/individuals/article/0,,id=119374,00.html)
to reach low-income workers who may be unaware of the EITC
availability;
§ Helping set-up approximately 14,000 volunteer centers
(see http://www.irs.gov/individuals/article/0,,id=107626,00.html)
that offer free tax preparation for low-income and elderly
individuals. Times and locations of these volunteer centers
are publicized locally;
§ Coordinating with mayors’ offices nationwide
to help identify low-wage earners who may qualify for EITC;
§ Providing additional EITC tools to tax practitioners
(see http://www.irs.gov/app/scripts/exit.jsp?dest=http%
3A%2F%2Fwww.eitcfortaxpreparers.com%2F)
who must perform due diligence when preparing tax returns;
§ Providing additional EITC tools (see http://www.irs.gov/individuals/article/0,,id=121337,00.html)
to organizations nationwide are partnering with IRS to make
a difference in their communities.
For more info go to: http://www.irs.gov/individuals/article/0,,id=96456,00.html.
The Workforce Weekly Updates will continue to provide more
info on this effort along with ideas on how you can get involved,
and details on Florida local partnerships, including free
tax return preparation assistance offered as some Workforce
One-Stops and other government/FBCO sites. The Weekly Updates
are posted on the WFI website at www.workforceflorida.com
