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Keep More of Your Money

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

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  1. 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

  2. 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

  3. 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 ... DRAFT DOCUMENT

  4. 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 DRAFT DOCUMENT

  5. 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 ... DRAFT DOCUMENT

  6. 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 ... DRAFT DOCUMENT

  7. 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 ... DRAFT DOCUMENT

  8. 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 ... DRAFT DOCUMENT

  9. 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 ... DRAFT DOCUMENT

  10. 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 DRAFT DOCUMENT

  11. 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 DRAFT DOCUMENT

  12. 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) DRAFT DOCUMENT

  13. 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….. DRAFT DOCUMENT

  14. 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 DRAFT DOCUMENT

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