In these difficult economic times, it is vitally important that families stay informed on opportunities to save money. The Earned Income Tax Credit (EITC) is one way that eligible families can claim some extra cash, and I encourage Western New Yorkers to take a look at this often overlooked and undervalued program.
The EITC can save families a significant amount of money and in these tough financial times, every bit of money counts. Last year, New Yorkers received an average EITC refund of $2,700. Unfortunately, one out of every five taxpayers fails to apply for the credit.
We donít want this to happen. Hardworking Western New York families should check to see whether they qualify for this tax credit before the April 15 deadline to file 2010 taxes.
To be eligible for the federal and the New York State EITC, you must:
- Have worked full or part time at some point during the calendar year;
- Be a single or married person raising qualifying children at home;
- Have income below $35,535 ($40,545 if married) with one qualifying child;
- Have income below $40,363 ($45,373 if married) with two qualifying children;
- Have income below $43,352 ($48,362 if married) with three or more qualifying children; or
- Be a worker between the ages of 25 and 65 and earn less than $13,460 ($18,470 if married) with no qualifying children.
We need to do all that we can to help struggling families, and the EITC can provide that extra financial boost.
To learn more about the federal Earned Income Tax Credit and eligibility, visit the IRS website at www.irs.gov. For information on New York taxes and the state EITC, visit www.tax.state.ny.us, or call my office at 716-686-0080.