Who: Congressman Tim Bishop, Mayor Paul Pontieri, RWDSU Local 1102, Bethpage Federal Credit Union, IRS-Stakeholder Partnerships & Health & Welfare Council of Long Island (HWCLI)
What: Press conference to ensure Long Islanders receive their hard earned money
When: Friday, January 27, 2010 at 10 A.M.
Where: Bethpage Federal Credit Union, 272 East Main Street, Patchogue, NY 11772
Many workers on Long Island are in jeopardy of overlooking an important tax credit this tax season, because they don't know about it. As a result, they could miss out on up to $7476 in their income tax return. The IRS anticipates an increase in workers who will qualify for the Earned Income Tax Credit (EITC) for the first time because their earnings dropped, their marital status changed or they had children during 2011. Yet, every year, close to 27% of Long Islanders leave their money in Washington because they don’t file!
Refundable tax credits, like the EITC, provide a financial boost for a recovering economy. Research continuously shows for every $1 of EITC refund that comes into the local economy, it creates $2 in additional economic activity. For our local businesses, the EITC can increase their workers’ income by as much as 45%.
IRS estimates four out of five eligible workers get their EITC. To raise that number to five of five, we encourage Long Island businesses to help spread the word to their employees to file a federal income tax return even if their income is below the filing requirement—specifically to claim the EITC.
Anyone earning under $49,078 in wages, self-employment or farming last year, should see if they qualify. They earned it. Now they just need to file and claim it.
More information about this important tax credit is online at https://www.mybenefits.ny.gov/. The site can help determine eligibility for the EITC as well as a variety of other programs.
To help keep 100% of their income and claim their EITC, workers can file their taxes for free at participating tax sites throughout Long Island---sites like Bethpage Federal Credit Union. Last year, free tax preparation sites helped Long Islanders save an estimated $3.5 million in fees alone—we want to do more.” Residents can locate a free tax preparation site by calling the Health & Welfare Council of Long Island at 516-483-1110 or clicking here.