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DRAFT DOCUMENT Keep More of Your Money A Presentation for DHR Employees for the 2004 Tax Year With Free Tax Preparation and the Earned Income Tax Credit.

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Presentation on theme: "DRAFT DOCUMENT Keep More of Your Money A Presentation for DHR Employees for the 2004 Tax Year With Free Tax Preparation and the Earned Income Tax Credit."— Presentation transcript:

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2 DRAFT DOCUMENT Keep More of Your Money A Presentation for DHR Employees for the 2004 Tax Year With Free Tax Preparation and the Earned Income Tax Credit

3 DRAFT DOCUMENT Dont Give Your Money to... 1. Rapid refund shops Its not a refund, its a high-interest loan It can cost you thousands of dollars 2. Professional tax preparers Charge high service fees H&R Block, etc. You dont need them, because... A & Bs Rapid Refunds

4 DRAFT DOCUMENT 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...

5 DRAFT DOCUMENT 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

6 DRAFT DOCUMENT 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...

7 DRAFT DOCUMENT 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...

8 DRAFT DOCUMENT 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...

9 DRAFT DOCUMENT 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...

10 DRAFT DOCUMENT 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...

11 DRAFT DOCUMENT 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

12 DRAFT DOCUMENT 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

13 DRAFT DOCUMENT What Tax Forms Do I Need? NONE! VITA sites have them all. Just bring: Your W2s Any other income statements you have Childrens Social Security cards Amount you spent on child or dependent care plus providers Employer ID # or Social Security # Statement(s) showing public benefits or child support received (not taxableused only to show you provided at least 1/2 support for dependents)

14 DRAFT DOCUMENT 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 dont have children, youll need: Form 1040 or 1040EZ Get forms from www.irs.gov or call (800)TAX-FORM and…..

15 DRAFT DOCUMENT 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 https://wpp.aarp.org/vmis/sites/tax_aide_locator.jsp EITC Assistant (IRS-SPEC) - www.irs-eitc.info/SPEC www.irs-eitc.info/SPEC Georgia Free File Alliance - http://www2.state.ga.us/departments/dor/inctax/efile/freefile.shtml 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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