For those of you who have been waiting to file your 2012 tax returns – Wednesday is your day. Following a brief delay, the Internal Revenue Service will begin accepting electronic and paper returns beginning on Jan. 30.
And while your at it, don’t forget to check to see if you are eligible for the Earned Income Tax Credit. Even if you are not required to file, you might consider sending in a return nonetheless in order to claim the credit and receive a refund.
The IRS estimates 20 percent of those people eligible for the credit fail to make a claim. Last year, 56,680 Pierce County residents claimed the EITC, for a mean amount of $2,123 and a total impact in the county of $120 million.
In Thurston County, 17,105 tax returns claimed EITC, for a mean of $1,856, generating $33 million.
Someone filing a return will be eligible if last year’s income did not exceed $45,060, with a family of three or more children, down to an income of $13,980, with no qualifying children.
The maximum credit is $5,891 at the highest rank, down to $475 at the lowest.
For more information visit irs.gov.