Pheffer: Take Advantage of Earned Income Tax Credit
As the April 15 deadline to file taxes for 2004 approaches, Assemblywoman Audrey I. Pheffer is encouraging local working families to take advantage of the Earned Income Tax Credit.
“Many families are eligible for the Earned Income Tax Credit, but may not be aware of it,” Assemblywoman Pheffer said. “The EITC can offer significant tax savings – between $390 and $4,300 for eligible families – and shouldn’t be passed up.”
The Earned Income Tax Credit was instituted to offset Social Security taxes and reward work. Assemblywoman Pheffer also noted the Assembly championed the institution of a State EITC, and in 2002 secured its increase to 30 percent of the Federal credit.
The state credit can bring the total savings up to $5,590 for some eligible families.
An additional credit for New York City residents adds an additional $215, bringing the total maximum savings to $5,800.
All wage earners with a valid Social Security Number are eligible, with the following adjusted gross income limits: $11,490 ($12,490 if married filing jointly) if there is no qualifying child; $30,338 ($31,338 if married filing jointly) if there is one qualifying child; or $34,458 ($35,458 if married filing jointly) if there is more than one qualifying child.
“The EITC can go a long way toward helping working families build a better future for themselves and their children,” Assemblywoman Pheffer said. “I strongly encourage all eligible families to take advantage of this savings.”
To learn more about the Federal Earned Income Tax Credit and eligibility, visit the IRS Web site at http:// www.irs.gov. For more information on New York taxes and the state EITC, visit www. tax.state.ny.us.