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Raising awareness of Earned Income Tax Credit in El Paso

In an effort to ensure El Pasoans are aware of the Earned Income Tax Credit as tax season gets underway, please note this press release Congressman Reyes sent out today. There is also a link below to a brochure by the El Paso Coalition for Family Economic Progress that lists free tax preparation assistance sites in El Paso. These services are available across El Paso in both English and Spanish.

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Congressman Silvestre Reyes, D-El Paso, is proud to join with the El Paso Internal Revenue Service office and the El Paso Coalition for Family Economic Progress on "Earned Income Tax Awareness Day" to help increase awareness of the Earned Income Tax Credit (EITC) among potentially eligible El Paso taxpayers.

"The Earned Income Tax Credit is one of the largest tax credit programs available for working families," said Congressman Reyes. "There are estimates that many more taxpayers nationwide may be eligible, but aren’t aware of it and therefore don’t receive the credit they deserve. For eligible filers, this credit will help stretch their income and reduce their taxes.

"I applaud the work of the El Paso IRS and our community partners in helping get the word out about this federal tax credit and providing free tax preparation services for El Paso families," said Congressman Reyes.

According to the IRS, over 103,000 residents of El Paso County claimed $250 million in EITC funds in tax year 2006. The EITC is worth up to $4,716 per qualifying individual or family.

Created by Congress in 1975, the EITC is a refundable credit for working low-income families. The program helps offset Social Security taxes and provides an incentive for work. It is the federal government’s largest benefits program for working families. In the 1990s, Congress transformed the program into a major component of federal efforts to reduce poverty, and it is now the largest anti-poverty entitlement program.

EITC Eligibility
To qualify during the 2007 tax year, taxpayers must have had investment income of $2,900 or less and earned income and adjusted gross incomes (AGI) under:

• $37,783 ($39,783 married filing jointly) with two or more qualifying children;
  
• $33,241 ($35,241 married filing jointly) with one qualifying child; and
  
• $12,590 ($14,590 married filing jointly) with no qualifying children.

Click here for the EITC page on IRS website.

Para información en español a cerca del Crédito por Ingreso del Trabajo, siga esta página de Internet.

Full post as published by Silvestre Reyes Blog on January 31, 2008 (boomark / email).