In time for tax season, the state of Virginia has released a new Earned Income Tax Credit poster update. All Virginia business owners are required to post this mandatory update. It’s revised with the new Earned Income Tax Credit (EITC) income thresholds as well as an expanded section on who qualifies for EITC and how to make a claim. The new poster provides a website address where people can visit the Volunteer Income Tax Assistance (VITA) site for help with their taxes.
- For tax year 2018, the EITC changes are as follows:
- $15, 270 ($20,950 if married filing jointly) with no qualifying children
- $40,320 ($46,010 if married filing jointly) with 1 qualifying child
- $45,802 ($51,492 if married filing jointly) with 2 qualifying children
- $49,194 ($54,884 if married filing jointly) with 3 or more qualifying children
- Those who wish to claim the tax credit may not have more than $3,500 of investment income
All employers are required to provide this notice to employees by law and failure to do
so could result in fines.
Notice Date: 4/1/2019
Suggested Post Date: ASAP
Order the All-in-One Virginia Poster with these latest updates to stay compliant with state labor laws. Labor Law Center continually monitors local, state and federal posting requirements and has been helping thousands of businesses maintain compliance since 1999.
