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Add more money to your paycheck
The AEITC (advanced earned income credit)is simply an extra option of the EITC (earned income tax credit)
It provides eligible workers with portions of their tax credits(money) in advance of filing their Federal Income Tax Returns.
These "advanced" credits result in larger paychecks throughout the year, yet still provides tax refunds after filing Federal income tax returns.
Who is Eligible for the Advance Earned Income Tax Credit?
Those who expect to qualify for advance EITC can register in January.
The credit will be added in each paycheck, equally dispersed throughout the year. Taxpayers qualify for advance EITC if: Their income will be below $32,001 and $34,001 if married filing jointly (during that tax season), and Have at least one qualifying child.
How do Employees Apply for the Advance Earned Income Tax Credit?
Eligible employees must complete Form W-5,(Earned Income Credit Advance Payment Certificate).
Give it to their employer to process through payroll
The Form is available from the Internal Revenue Service (IRS) by calling 800-TAX-FORM (800-829-3676).
It is not taxable, it does not add to your payroll taxes. You subtract advance payments from taxes ordinarily deposited with the IRS. The monthly benefit to your employee can be up to $115 extra in your paycheck.
The maximum total credit the employer is able to provide for the year through the AEITC is $1,648.
Many workers are unaware of the EITC and the AEITC.
If employers would tell employees about these credits, it can result in more satisfied and productive employees.
This tax credit does not affect your company's cost of doing business, because it's your money anyway.
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The copyright for this content entitled "Add more money to your paycheck" has been specified by the contributor as:
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This content may not be copied, distributed or adapted by anyone under any circumstances.
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This intel was contributed by logan24
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May, 2012
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