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News
from
Senator
Stachowski
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January 19, 2008 EITC
can help you keep more $$$ in your
pocket
Although tax time is still three mths away, State Senator Bill Stachowski today said it's not too soon for New York's working families to start thinking about ways to keep more of their hard earned cash in their pockets. To that end, the Senator urged his constituents to take advantage of the Earned Income Tax Credit (EITC). For those who qualify, the EITC is a special federal tax benefit that was created to assist low and moderate income workers. This tax credit has not only helped to reduce taxes for these families, but may even result in a tax refund. For example, married workers earning less than $35,241 with one qualifying child, or earning less than $39,783 with two or more qualifying children, may be eligible to receive this benefit. What's more, individuals between the ages of 25 and 64 with no children and earning less than $12,590 may also qualify ($14,590 for married workers). Senator Stachowski said that in addition to the federal EITC benefits, New York State offers its eligible residents a further tax credit equal to 30% of the federal EITC for tax year 2007. Eligible workers and families can reap significant tax savings by applying for both the federal and state tax credits. "The EITC program has proven to significantly ease the tax burden for individuals and families, and I urge my constituents who are eligible to take advantage of its tax saving power," Senator Stachowski said. -
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For
Information:
Dennis Kozuch 826-3344 senstachowski@yahoo.com |