Advanced EITC for Employees - Extra Money in Your Paycheck

If you expect that your 2007 total income will be less than $36,348 ($38,348 for married filing joint) and you have at least one qualifying child living with you, you may be able to receive part of the credit (AEITC) in advance, as extra money in your paycheck. It's the best of both worlds - a little money now, and more money later when you file your federal tax return! To qualify for AEITC, every person listed on your tax return must have valid for work Social Security numbers issued by the Social Security Administration.

To take the AEITC, fill out Form W-5 and submit it to your employer. Your employer will compute the addition to your take-home pay using the Employer's Tax Guide, (Circular E).

Want More Information? Call the Earned Income Tax Credit Hotline at 211, (800) 601-5552, or visit the IRS web site by clicking here!

Advanced EITC for Employers - Boost Employees' Take-Home Pay

Here's an easy way! The Advance Earned Income Tax Credit allows you to provide your workers earning less than $32,001 ($34,001 for married filing joint) with a portion of teh EITC benefits in their paychecks. Many Southern California workers are not receiving their EITC benefits - so, we're asking you to get this valuable information to your employees.

How could your employees use their extra money? As single, working mother* renting a one-bedroom apartment at $400 per month, could afford $530 in rent after AEITC. That could mean a nicer neighborhood for the kids - soccer lessons - or even a new car. Help your employees get this valuable tax benefit - worth up to $4,400 annually!

It's easy to figure! Whetehr you use a payroll service, or your own system, simply use the employee's completed Form W-5 and the tables shown in your Employer's Tax Guide, (Circular E).

Learn More About Tax Credits that can Mean Extra Money for Your Firm

You can receive thousands of dollars in tax credits when you hire qualified members of targeted low-income groups. Additionally, the Enterprise Zone enclosure lists other major tax and financial benefits for which you may be eligible.

For more information, call the EITC Hotline at 211 or (800) 601-5552.