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Keep More of Your Money. With Free Tax Preparation and the Earned Income Tax Credit. A Presentation for DHR Employees for the 2004 Tax Year. Don’t Give Your Money to ... 1. “Rapid refund” shops It’s not a refund, it’s a high-interest loan It can cost you thousands of dollars

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Keep More of Your Money

With Free Tax Preparation

and the Earned Income Tax Credit

DRAFT DOCUMENT

A Presentation for DHR Employees for the 2004 Tax Year


  • Don’t Give Your Money to ...

  • 1. “Rapid refund” shops

    • It’s not a refund, it’s a high-interest loan

    • It can cost you thousands of dollars

  • 2. Professional tax preparers

    • Charge high service fees

    • H&R Block, etc.

  • You don’t need them, because ...

A & B’sRapid Refunds

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  • VITA Sites and Some Online Sites...

    • 1. Do your taxes for free

    • 2. Are at schools, churches, libraries, etc. near you

    • 3. Do fast electronic filing at many sites

    • 4. Are staffed by volunteers trained by the IRS

    • 5. Specialize in working families’ taxes, including Earned Income Tax Credit ...

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  • Or ...

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    • 2. If you:

      • Are married

      • Have one child

      • Had a family income below $31,338 in 2004

    • You can get up to:

      • $2,604

    • Or ...

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    • 3. If you:

      • Are single

      • Have two or more children

      • Had a family income below $34,458 in 2004

      • You can get up to:

      • $4,300

    • Or ...

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    • 4. If you:

      • Are married

      • Have two or more children

      • Had a family income below $35,458 in 2004

      • You can get up to:

      • $4,300

    • Or ...

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    • 5. If you:

      • Are single

      • Have no children (or none who qualify)

      • Were aged 25 to 64 in 2004

      • Had a family income below $11,490 in 2004

      • You can get up to:

      • $390

    • Or ...

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    • 6. If you:

      • Are married

      • Have no children (or none who qualify)

      • Were (or your spouse was) aged 25 to 64 in 2004

      • Had a family income below $12,490 in 2004

      • You can get up to:

      • $390

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    • Other Benefits for Working Families

    • Child Tax Credit

    • Up to $1,000 for each child under 17 claimed as a dependent

    • If you earned more than $10,750, you may be eligible even if you owe little or no tax

    • Child and Dependent Care Credit

    • Helps you recover some expenses paid for child or other dependent care

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    • What Tax Forms Do I Need?

    • NONE! VITA sites have them all. Just bring:

      • Your W2s

      • Any other income statements you have

      • Children’s Social Security cards

      • Amount you spent on child or dependent care plus provider’s Employer ID # or Social Security #

      • Statement(s) showing public benefits or child support received (not taxable—used only to show you provided at least 1/2 support for dependents)

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    • What If I Do My Own Taxes?

      • If you have children, you will need:

      • Form 1040 or 1040A

      • Schedule EIC (Earned Income Tax Credit)

      • Form 8812 (Child Tax Credit)

      • If you don’t have children, you’ll need:

      • Form 1040 or 1040EZ

    • Get forms from www.irs.gov or call (800)TAX-FORM and…..

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    • What If I Want to File Online?

      • Visit one of these helpful free website resources:

    • Free Online Filing (IRS)-

    • http://www.irs.gov/efile/article/0,,id=118986,00.html

    • AARP Tax Aide Sites - https://wpp.aarp.org/vmis/sites/tax_aide_locator.jsp

    • EITC Assistant (IRS-SPEC) -www.irs-eitc.info/SPEC

    • Georgia Free File Alliance -http://www2.state.ga.us/departments/dor/inctax/efile/freefile.shtml

    • EIC Poster for Display in your office -

    • http://www.cbpp.org/eic2005/eic05-poster.pdf

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