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Don't Overlook Important Tax Credit January 28, 2009 (Knight Ridder/Tribune Business News) In the current economy, every penny counts -- and so does a tax credit worth up to $5,657. Many people qualify for the Earned Income Tax Credit for the first time this year because income limits have been raised or family income has declined, marital status changed or more children have been added to families, according to a news release from the Building Economic Success Together (BEST) Initiative. Families with three or more children get an extra boost with a larger credit this year, the release continued. The IRS estimates that one in four eligible taxpayers could miss out on this credit because they overlook it. Groups likely to overlook the credit are: the self-employed, working grandparents raising grandchildren, workers between the ages of 25 and 65 who don't have children and earn less than $13,440 or $18,400 married filing jointly. Eligible residents can only get the tax credit if they file federal income tax returns, even if they are not otherwise required to file. Anyone with income under $48,000 from wages, self-employment or farming in 2009 should see if they qualify. Area residents can get free help computing their EITC and preparing their tax returns by scheduling an appointment with a local Volunteer Income Tax Assistance (VITA) site. The BEST Initiative offers VITA sites in Danville and Caswell and Pittsylvania counties. To schedule an appointment, call (434) 793-5627 for Danville and Pittsylvania County or (336) 694-7447 for Caswell County. |
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