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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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slide1

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

slide2

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

DRAFT DOCUMENT

slide3

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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slide4

The Earned Income Tax Credit (EITC)

    • A tax refund or credit for working families
    • Lets you keep more of your paycheck at tax time and throughout the year

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How Much Is the Credit Worth?

  • 1. If you:
      • Are single
      • Have one child
      • Had a family income below $30,338 in 2004
      • You can get up to:
      • $2,604
  • 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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slide14

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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