Thursday, July 05, 2007

Quarterly EIT Taxes Due By July 31st

This reminder popped up on my computer screen! It's a good thing that it did because I totally forgot about it!

Just in case you don't know - EIT stands for Earned Income Tax. It is a tax that the residents pay on their income. Currently it's 1 percent of our income that is taxed. However the residents have to file an estimated tax return quarterly - every 4 months. The current one is due by July 31st - which - this time - is on a Tuesday and not the weekend.

What you have to do is fill out the quarterly tax form - which you can get from the company that is handling the taxes - and send it in along with your payment. I have talked with these people on more than one occassion and I have found out that while you don't have to send in the actual copies of proof of your income you DO have to fill out the form - regardless of how much your estimated income is. You will not be reminded to send in the tax form and you won't get a reminder in the mail. You have to remember to do this on your own! (Which is one of the reasons why I have put a "reminder" on my desktop).

If you make less than $3,000 a year you won't owe any tax BUT you still have to fill out the form and send it in.

I don't have the address in front of me but I will add it.

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