PA Office of Financial Education Offers Businesses New Resources to Help Employees Keep More of Their Money at Tax Time

HARRISBURG, Pa., Dec. 8, 2010 /PRNewswire-USNewswire/ -- As employers prepare for tax season, Pennsylvania's Office of Financial Education is offering a new, free online resource for businesses and organizations that can help their employees take advantage of the Earned Income Tax Credit, or EITC.

A new section of the Your Money's Best Friend website offers "one-stop shopping" for information from the IRS, AARP and other nonprofit centers, as well as where to get tax preparation help in Pennsylvania. The direct link to the new section is: www.moneysbestfriend.com/default.aspx?id=363.

"We encourage Pennsylvania employers to take advantage of this excellent free resource," says Mary Rosenkrans, director of the Office of Financial Education. "The best research concludes that financially stable employees are more productive and the EITC is one very effective way to help workers achieve financial stability."

According to the Internal Revenue Service, more than 900,000 Pennsylvania workers took advantage of the EITC in 2009 to help their families, with an average payout of $2,008.

The IRS estimates that only four out of five families eligible for the EITC actually claim the credit. Based on that estimate, more than 200,000 Pennsylvania families missed out on more than $400 million in tax reductions or refunds in 2009.

The Department of Banking, through its Office of Financial Education, helps Pennsylvania employers incorporate personal finance principles into human resources programs. For more information, visit www.moneysbestfriend.com.

Media contact: Ed Novak, 717-783-4721

SOURCE Pennsylvania Department of Banking