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It's Tax Time Again

Submitted by Shelley Joyce on Mon, 03/31/2008 - 3:20pm.

The following contains information from the GO! Bulletin about these Tax issues:

  • Earned Tax Credit
  • Additional Oregon Tax Credit for Child with a Disability
  • Federal Economic Stimulus Payment

Earned Income Tax Credit
     The earned income credit (EIC) is a tax credit for certain people who work and have earned income under $39,783. A tax credit usually means more money in your pocket. It reduces the amount of tax you own. The EIC may also give you a refund. For more information see the booklet, Earned Income Credit—Are You Eligible?

Click here for Internal Revenue Service, Forms and Publications

Additional Tax Deduction for Child with Disability 
     You may be entitled to an additional personal exemption for your dependent child who has a qualifying disability. To qualify, all of the following must be true: 
     1. Your child qualified as your dependent for 2007,
     2. Your child was eligible for “early intervention services” or received special education services, and
     3. Your child was considered to have a disability as of December 31, 2007, under the federal Individuals with Disabilities Education Act.
     For more information see the instructions for 2007 Oregon Tax forms, Form 40, page 10 of the general instructions.

Taxpayer assistance
General tax information.............www.oregon.gov/DOR
Salem...........................................................503-378-4988
Toll-free from Oregon prefix................1-800-356-4222
TTY (hearing or speech impaired; machine only):
Salem...........................................................503-945-8617
Toll-free from Oregon prefix................1-800-886-7204

Federal Economic Stimulus Payment
     Congress passed the Economic Stimulus Act of 2008, which calls for the Treasury to deliver cash payments to 130 million American taxpayers.
Individuals who might not otherwise be required to file a 2007 tax return will need to file a return this year to receive the stimulus payment; in other words, low-income workers who had at least $3,000 in earned income in 2007 but do not otherwise earn enough to be required to file a federal tax return need to file a return in order to get the stimulus payment. Likewise, Social Security recipients, veterans and retired railroad workers who might not otherwise need to file a tax return must do so to receive the economic stimulus payment.

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