Monday, January 29, 2007

Earned Income Tax Credit

Detroit's Mayor Kwame M. Kilpatrick has teamed up with Accounting Aid Society to help educate Detroiters about applying for Earned Income Tax Credits. That tax credit could result in an additional refund of as much as $4,500 for those who qualify.

The Earned Income Tax Credit is a refundable federal income tax credit for low income working individuals and families. Detroit residents interested in learning if they qualify for the Earned Income Tax Credit and other credits like home heating and property tax, as well as city, state and federal tax returns can contact the Accounting Aid Society at 313-647-9620 or log onto www.accountingaidsociety.org. They have 16 locations throughout the city.

Accounting Aid Society services are free of charge for qualified Detroit residents.

You can also find more infomation about the Earned Income Tax Credit on the IRS's web site. In addition to the Earned Income Tax Credit, low to moderate income Detroiters would also be wise to take a close look at the Retirement Savings Contribution Tax Credit, which provides an additional reward when saving for your retirement.

In additional to the Accounting Aid Society, there are private businesses in the Warrendale area that will help Detroiters take full advantage of all of these tax credits for fee. They can also file your taxes electronically and get you a loan against your tax refund so you get your cash faster. H&R Block and Jackson Hewitt each have offices in our neighborhood that will do that.
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