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Health & Fitness

Earned Income Tax Credit Could Increase Your Refund This Tax Season

With the 2012 tax season upon us, it's important to double check if you're eligible to receive thousands of dollars back in your refund through the Earned Income Tax Credit.

With the 2012 tax season upon us, it’s important for hardworking families of Eastern Long Island to know they could get thousands of dollars back in their refunds through the Earned Income Tax Credit (EITC).

Enacted in 1994, the Assembly Majority championed the state’s first EITC. It was created to offset Social Security taxes, helping to reduce the tax burden and putting money back in the pockets of lower-income families. Since its implementation, the rate has been raised six times, and is now valued at 30 percent of the federal credit.

Unfortunately, many families who qualify for this tax credit don’t take advantage of the opportunity because they aren’t aware the credit exists or how beneficial it can be. But the money a family gets back can be substantial. In fact, state and federal EITC refunds can result in a refund of up to $7,476, making it possibly the largest single check taxpayers receive all year.

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East End families should get every penny they deserve this tax season. That’s why I’m encouraging all eligible families to claim the EITC before the April 17 deadline.

To qualify for the New York State and federal EITC, you must have worked full or part time at some point during the calendar year; be a single or married person raising qualifying children at home;  have income below $36,052 ($41,132 if married) with one child; have income below $40,964 ($46,044 if married) with two children; have income below $43,998 ($49,078 if married) with three or more children; or be a worker between the ages of 25 and 65, earning less than $13,660 ($18,740 if married) with no children.

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Time and again, we see how quickly day-to-day expenses and unexpected bills can add up, throwing a family’s monthly budget off track. The Earned Income Tax Credit can provide cash-strapped families with much-needed support to help cover living expenses, whether it is to help pay bills, buy clothing and food or start a savings fund for their family’s future.

Our local economy also benefits from the EITC because higher refund checks to East End families mean more money is available to spend at our small businesses and can help boost our local economy.

I urge qualifying families to take advantage of this opportunity; the result could be a considerable tax refund. If you’d like to learn more about the federal Earned Income Tax Credit and eligibility, visit the IRS website at www.irs.gov. For information or questions on New York State taxes and the state EITC, visit www.tax.ny.gov. As always, feel free to call me regarding this or any other important community issue at 631.537.2583.

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