Amscot Financial Urges Eligible Taxpayers to Take Advantage of Earned Income Tax Credit

The Internal Revenue Service estimates that 20 to 25 percent of qualifying workers miss out on thousands of dollars every year because they fail to claim their EITC. The IRS estimates that 1.75 million Florida taxpayers are eligible to receive up to $3.68 billion in EITC payments in the upcoming tax season.

Jan 06, 2010, 14:34 ET from Amscot Financial

TAMPA, Fla., Jan. 6 /PRNewswire/ -- Amscot Financial, a leading provider of convenient, consumer-oriented financial services, urges taxpayers to get all they have coming to them: The Earned Income Tax Credit (EITC) can mean thousands of extra dollars for qualifying workers who file returns in the upcoming tax season.

For example, a married couple with three children and an annual income of less than $48,279 may be eligible for an EITC of up to $5,657. The actual amount that taxpayers may receive varies according to income and family size. Eligible taxpayers can get their EITC only if they file federal income tax returns - even if they are not otherwise required to file - and specifically claim the credit.

According to the Internal Revenue Service, an estimated 20 percent to 25 percent of all qualifying workers nationwide fail to claim their full benefits under the EITC. In Florida, the IRS estimates that 1.75 million Floridians are eligible to receive up to $3.68 billion in EITC payments in the upcoming tax season, which begins in January.

The IRS acknowledges that determining eligibility for EITC is complicated. Taxpayers must make more than 20 different determinations and many may need assistance in making those calculations.

Amscot Financial tax preparers are available at all Amscot locations to assist taxpayers with a free consultation to determine if they qualify and e-file their tax returns to claim the Earned Income Tax Credit. No appointments are necessary for this service.

"Thousands and thousands of people will qualify for EITC for the first time this year because their incomes declined as a result of the economy," said Stephen May, tax support leader for Amscot Financial. "These are people who have never claimed the EITC before and may not even know now that they are eligible."

To help taxpayers accurately determine their EITC eligibility and prepare their returns, they should bring to their tax preparer:

  • Photo identification.
  • Valid Social Security cards for the taxpayer, spouse and dependents.
  • Birth dates for primary, secondary and dependents on the tax return.
  • Current year's tax package, if received from the IRS.
  • Wage and earning statement(s) Form W-2, W-2G, 1099-R, from all employers.
  • Interest and dividend statements from banks (Forms 1099).
  • A copy of last year's federal and state returns, if available.
  • Bank routing numbers and account numbers for direct deposit.
  • Other relevant information about income and expenses.
  • Total paid for day care.
  • Day care provider's identifying number.

About Amscot Financial, The Money Superstore(TM)

Headquartered in Tampa, Fla., Amscot Financial is The Money Superstore(TM), providing income tax preparation and electronic filing services, refund anticipation loans, prepaid debit cards, check cashing services, cash advance services, bill payment services, money transfer services and money orders. Amscot also offers the Amscot Card, a pre-paid debit card that allows owners to make purchases from any location that accepts MasterCard(TM). Amscot Financial currently operates 174 Money Superstores throughout Florida and employs more than 2,000 people. Amscot Financial has been recognized by the Tampa Bay Business Journal as one of Tampa Bay's Best Places to Work for four consecutive years. For additional information, please visit the company's Web site at www.amscotfinancial.com.

SOURCE Amscot Financial



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