Want a tax break worth an average of $2,051? Then make sure you look into whether you qualify for the federal Earned Income Tax Credit and the Minnesota Working Family Credit.
The tax credits essentially help offset payroll deductions for Social Security and Medicare ? which take a much bigger chunk out of the paychecks of low- and moderate-wage workers than they do out of higher-wage workers.
Yes, it's extra paperwork but, depending on your family situation, the tax credits could be worth more than $5,500 combined.
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More than 240,000 Minnesota workers receive an average of $1,535 in the federal credit and $516 in the state credit, according to the state's most recent statistics.
The credits are so valuable that, for a married parent making $8 an hour, they can be the equivalent of getting a raise of $1.65 an hour.
However, about 20 percent of workers who are eligible for the credits fail to apply. The credits can cover eligible workers whether single or married, whether working full-time or part-time. Parents can be eligible if they have a child under the age of 24 who is a full-time student, or if they have a child who has a permanent or total disability.
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Though the income thresholds vary slightly, the rules are the same for both credits, so if you qualify for one, you qualify for both. You may qualify even if you don?t earn enough money to owe income taxes. You may qualify even if you are not required to file tax returns.
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However, the only way to get the extra money is to file federal and state tax forms.
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You may qualify for the federal Earned Income Tax Credit and Minnesota Working Family Credit if:
? You have no dependent children, are age 25 to 64, and your income from work in 2005 was less than $11,750 ($13,750 if married and filing a joint return). The equivalent state figures are $11,700 and $13,700.
? You have one dependent child and your income from work in 2005 was less than $31,030 ($33,030 if married and filing a joint return). The equivalent state maximums are $31,000 and $33,000.
? You have two or more dependent children and your income from work in 2005 was less than $35,263 ($37,263 if married and filing a joint return). The equivalent state maximums are $35,200 and $37,200.
For more information,download IRS Publication 596 from www.irs.gov/eitc or call 1-800-829-1040 for a free copy.
Other possible breaks. Other tax credits that workers should not overlook include:
? Child credit, retirement savings contribution credit, and Hope and Lifetime Learning credits for college tuition on federal taxes.
? Child- and dependent-care credits on federal and state taxes.
? K-12 education credit and property tax refund on state taxes.
Adapted from The Union Advocate, the official newspaper of the St. Paul Trades and Labor Assembly. E-mail The Advocate at: advocate@stpaulunions.org
Share
Want a tax break worth an average of $2,051? Then make sure you look into whether you qualify for the federal Earned Income Tax Credit and the Minnesota Working Family Credit.
The tax credits essentially help offset payroll deductions for Social Security and Medicare ? which take a much bigger chunk out of the paychecks of low- and moderate-wage workers than they do out of higher-wage workers.
Yes, it’s extra paperwork but, depending on your family situation, the tax credits could be worth more than $5,500 combined.
online pharmacy revia buy with best prices today in the USA
More than 240,000 Minnesota workers receive an average of $1,535 in the federal credit and $516 in the state credit, according to the state’s most recent statistics.
The credits are so valuable that, for a married parent making $8 an hour, they can be the equivalent of getting a raise of $1.65 an hour.
However, about 20 percent of workers who are eligible for the credits fail to apply. The credits can cover eligible workers whether single or married, whether working full-time or part-time. Parents can be eligible if they have a child under the age of 24 who is a full-time student, or if they have a child who has a permanent or total disability.
online pharmacy buy rogaine no prescription
Though the income thresholds vary slightly, the rules are the same for both credits, so if you qualify for one, you qualify for both. You may qualify even if you don?t earn enough money to owe income taxes. You may qualify even if you are not required to file tax returns.
buy revia online revia online generic
However, the only way to get the extra money is to file federal and state tax forms.
online pharmacy order wellbutrin no prescription with best prices today in the USA
You may qualify for the federal Earned Income Tax Credit and Minnesota Working Family Credit if:
? You have no dependent children, are age 25 to 64, and your income from work in 2005 was less than $11,750 ($13,750 if married and filing a joint return). The equivalent state figures are $11,700 and $13,700.
? You have one dependent child and your income from work in 2005 was less than $31,030 ($33,030 if married and filing a joint return). The equivalent state maximums are $31,000 and $33,000.
? You have two or more dependent children and your income from work in 2005 was less than $35,263 ($37,263 if married and filing a joint return). The equivalent state maximums are $35,200 and $37,200.
For more information,download IRS Publication 596 from www.irs.gov/eitc or call 1-800-829-1040 for a free copy.
Other possible breaks. Other tax credits that workers should not overlook include:
? Child credit, retirement savings contribution credit, and Hope and Lifetime Learning credits for college tuition on federal taxes.
? Child- and dependent-care credits on federal and state taxes.
? K-12 education credit and property tax refund on state taxes.
Adapted from The Union Advocate, the official newspaper of the St. Paul Trades and Labor Assembly. E-mail The Advocate at: advocate@stpaulunions.org