According to Texas Comptroller Susan Combs a slow economy means more Texas families may qualify to claim the Earned Income Tax Credit (EITC) on their federal income tax.

EITC refunds are based on family size and income. For 2009:

• Families that earned less than $48,279 and have three or more children may qualify for a tax credit up to $5,657
• Families with two children and income less than $45,295, may qualify for a tax credit up to $5,028
• Families with one child and an income less than $40,463 may qualify for a tax credit up to $3,043
• Families with no children and earning less than $18,440, may qualify for a tax credit up to $457

More information about the EITC, printable materials for businesses and community organizations to distribute can be found on the Comptroller’s Web site at http://www.window.state.tx.us/taxinfo/eitc/.

Related posts:

1. Why do I need an Employee Handbook? It is a lot of work to put one together,...
2. Tax Law Changes You Need to Know The 81st Legislature made significant changes to Texas tax laws....
3. IRS issues Forms, Instructions for HIRE Act Employer Tax Incentives There are new tax benefits for employers in 2010 from...
4. The Federal HIRE Act, Economic Stimulus Updates, and Healthcare Reform Recent federal legislation can mean tax savings for employers and...
5. Qualifying for the New Sales Tax Deduction for Automobiles The recently enacted American Recovery and Reinvestment Tax Act of...