SMART TAX Event Saturday Jan 28, 2012

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Please join Council President Anthony Young, County Supervisor Ron Roberts, the San Diego City-County Reinvestment Task Force (RTF), Internal Revenue Service along with the San Diego EITC Coalition are teaming to present “Smart Taxes.” A one-day free income tax preparation event planned to increase awareness on claiming the often missed Earned Income Tax Credit, or EITC.

“Smart Taxes” takes place Saturday, Jan. 28th from 10:00 a.m. to 2 p.m. at the Joe and Vi Jacobs Center, 404 Euclid Ave, San Diego, 92114. Admission and parking are free.  For more information, contact RTF staff at (619) 578-7538 or RTF@sdhc.org or visit www.SanDiegoRTF.org

Many May Overlook Valuable Tax Credit – Millions of workers could overlook a special federal tax credit because they don’t know about it. As a result, they could miss out on up to $5,751 extra in their federal income tax refunds through the Earned Income Tax Credit, or EITC. Last year, on average, the credit boosted refunds for eligible workers by $2,100.  “This money can make a real difference to workers struggling in this recovering economy” said Council President Tony Young.  Anyone earning $49,078 or less from wages, self-employment or farming in 2011 should see if they qualify. Eligible workers must file federal income tax returns-even if they are not required to file-and specifically must claim the credit to get it.

Many people will qualify for the first time this year due to economic changes in their income or changes in their marital or parental statuses according to the IRS.  The agency estimates four out of five eligible workers currently claim their EITC.

“We want to raise that to five out of five, “Council President Young said. “They earned it. Now they need to file, claim it and get it.”

To help preparers, to accurately determine EITC eligibility and prepare returns, individuals should bring:

  • Photo proof of identification
  • Social Security cards for themselves, their spouse and all dependents or Social Security number verification letters issued by the Social Security Administration
  • Birth dates for all persons listed on the tax return
  • Wage and earning statement(s) Forms W-2, W-2G, and 1099-R, from all employers
  • Interest and dividend statements from banks (Forms 1099)
  • Copies of their prior year federal and state returns, if available
  • Bank routing and account numbers for direct deposit of their refunds
  • Other relevant information about income and expenses
  • Amounts paid for day care, if applicable, and the day care provider’s identifying number.

“EITC is a financial boost for working people in a recovering economy and allows more funds to flow within your community.  It’s money that can make lives a little easier,  Council President Young,” said.

To obtain information on the tax forms and schedules that will be prepared, please call (619) 578-7538 or email RTF@sdhc.org

Note: To electronically file returns and get the fastest refunds, both spouses must be present to sign joint returns.