Friday, January 29, 2010

Teague encourages families to apply for tax credits

Congressman Harry Teague encouraged New Mexico’s working families to take advantage of the Earned Income Tax Credit (EITC).

“In these economic times, it is more important than ever that New Mexico’s eligible families take advantage of the Earned Income Tax Credit,” Teague said. “I fought to expand the EITC because we need to make sure that working families get their tax dollars back so they can continue to help turn the economy around. I encourage my constituents to take advantage of free tax preparation sites and resources, so they can make sure they receive the benefits they deserve this tax filing season.”

In an effort to help struggling families during the economic downturn, Teague sponsored an amendment to the American Recovery and Reinvestment Act that will temporarily increase and expand the eligibility of the EITC.

Each year, the credit helps approximately 24 million working families, including over 200,000 in New Mexico, make ends meet. However, an estimated five to seven million eligible taxpayers nationwide do not claim benefits they are entitled to through the EITC.

In 2009 more than 200,000 New Mexican families received the EITC with an average award of $2,054. In 2010 the EITC has been temporarily increased and expanded to include families with three or more children. In addition, the amount of EITC benefits current beneficiaries receive has been increased, making over 650,000 new families eligible nationwide.

Families making up to $48,000 may qualify for the credit, which may be worth more than $5,600.

Click here to visit the IRS EITC Central Website.

Click here to find out about free tax preparation services in New Mexico.

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