Celebrate EITC Awareness Day!
Have you heard? Today is EITC Awareness Day! The IRS kicks off tax season by partnering with state and local organizations across the country to help share information and resources about the Earned Income Tax Credit, with the goal of reaching families who may be eligible for the EITC. So we thought we’d join in!
The EITC can help boost the wages of low-to-moderate income workers and their families. For individuals earning less than $47,747 and married couples earning less than $53,267 in 2015, the EITC can provide up to $6,242 in added income. Individuals and families with children are eligible for more money under the EITC, but childless individuals can also receive a credit worth up to $503.
In addition to the EITC, there are three more tax credit low and moderate income families should be aware of.
- The Child Tax Credit can help offset some of the costs of raising children. It is worth up to $1,000 per child.
- The Child and Dependent Care Tax Credit can help offset some of the child and dependent care costs that families pay in order to work or look for work. It is worth up to $2,100.
- The Premium Tax Credit provides assistance for paying monthly costs of health insurance obtained through the health insurance marketplace. This credit varies in size based on your family size and income.
There are many resources available to families to help them file their taxes and claim the credits for which they may be eligible. These include:
- IRS-sponsored VITA sites that offer free tax help to individuals and families earning less than about $50,000. Head to this link for more information on the VITA program and the services these sites offer.
- Through a partnership between the IRS and AARP, the Tax Counseling for the Elderly (TCE) program offers tax helps to all taxpayers, with a particular focus on taxpayers age 60 and older.
- The IRS Free File Program offers free tax prep software for individuals with incomes below $62,000.
Celebrate EITC Awareness Day with us and prepare for tax season by learning more about tax preparation help and the tax credits you may be eligible for—visit www.nwlc.org/loweryourtaxes.