The working families, whose children you care for, may be eligible for federal tax credits worth thousands of dollars when they file their taxes for 2009. These credits are more valuable than ever so make sure your families don't miss out! Here are the credits:
Federal Tax Credits:
• Earned Income Tax Credit, which helps provide a wage supplement for low and moderate-income families. This credit is worth up to $5,657.
• Child Tax Credit, designed to help families offset some of the costs of raising children. This credit is worth up to $1,000 per child for families who earned at least $3,000 in 2009.
• Child and Dependent Care Tax Credit, designed to help with child care costs that families pay in order to work. This credit is worth up to $2,100, but can't be more than the family's federal tax bill.
• Making Work Pay Credit, designed to increase families' take-home pay. This new credit is worth up to $800 for couples.
Oregon Tax Credits:
• Oregon Child and Dependent Care Tax Credit, designed to help with child care costs families pay in order to work. It is worth up to $1,800 but can't be more than the family's state tax bill.
• Oregon Working Family Child Care Tax Credit, worth up to 40% of
qualifying child care expenses.
• Oregon Earned Income Tax Credit, worth up to $339 for low income families.
Even if a family doesn't owe income taxes, it may still be eligible for a refund check!
Families can get FREE help with their federal taxes by calling the IRS toll-free at (800) TAX-1040 or (800) 829-1040. Or go to www.irs.gov/individuals/topic . For help with state taxes contact the Oregon Department of Revenue at (800) 356-4222 or www.oregon.gov/DOR/ .
Families can also contact the AARP Tax-Aide toll-free at (888) AARP-NOW or (888) 227-7669. To find AARP Tax-Aide help in your area,
https://locator.aarp.org/vmis/sites/tax_aide_locator.jsp .
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