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Washtenaw County Asset Building Coalition,
the
Earned Income Tax Credit &
the
Volunteer Income Tax Assistance Program
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We are Proud to Volunteer Time and Talent
to this Community Service. |
Washtenaw County Asset Building Coalition
The ABC helps individuals achieve financial stability.
The ABC helps to create this by focusing on
free,
Volunteer Income Tax Assistance
(VITA) tax preparation, financial literacy
education and basic parenting education. We
work to create awareness about the EITC and
engage volunteers to help prepare taxes for
free. The ABC has recruited volunteers from:
4 area colleges and graduate schools; city
and county government; churches; and, other
community groups to serve at VITA sites and
help clients claim eligible tax credits. We
work with
Michigan State University
Extension services to sponsor
parenting and financial
literacy courses on topics such as predatory
lending practices, pay day loans, and
predatory tax preparation services that
further hinder an individual’s ability to
save and build assets.
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How
to Claim the Earned
Income Tax Credit
Complete the
Schedule EIC in the Federal 1040 or 1040A.
IT'S FREE:
Take advantage of one of the
free tax preparation sites. |
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What
is the EITC?
The Earned
Income Tax Credit (EITC)
is a tax benefit for low to moderate-income
working individuals and families. Workers who
qualify for the EITC and file an income tax
return can receive a refund, even if they had no
income tax liability for the given year. Each year, low-income
families substantially increase their annual
income by utilizing the EITC. The IRS
estimates that 20-25% of qualifying
taxpayers fail to claim the EITC. Many who
claim EITCs apply for Refund Anticipation Loans
and end up pocketing less than half of the money
they earned. These loans, combined with
the preparation fees cause clients to realize interests
rates as high as 74%. The ABC and VITA
program helps these clients save that money.
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Who
is Eligible for the EITC?
Families with one child who earn less than
$33,995 in
2008 (or less than $36,995 for married workers)
are eligible for a credit of up to $2,950.
Families with two or more children who earn less
than $38,646 in 2008 (or less than $41,646 for
married workers) are eligible for a credit of up
to $4,716. Workers without a qualifying child
who earn less than $12,880 in 2008 (or less than
$15,880 for married workers) are eligible for a
credit of up to $428. |
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Advocatus
Law Firm, PLC * 9477 North Territorial Road,
Suite 120 * Dexter * MI * 48130 * Phone:
(734) 424-9681 * Fax:
(734) 424-9679
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