Taxes are on people’s minds this time of year. And appropriately, Friday Jan. 29 is EITC (Earned Income Tax Credit) Awareness Day.
So what is the EITC and how does it benefit low-income families?
The EITC is basically “free” money for low-income folks who are working. Created in 1975, the EITC helps offset Social Security taxes and provides an incentive for work. It is the federal government’s largest benefits program for working families.
The credit can be significant: the new maximum credit for tax year 2009 is $5,657 for a family with three or more children; $5,028 for a family with two children; $3,043 for a family with one child and $457 if there are no children.
Think how much good $5,000 can do for a family in need!
As much as $6 million in tax credits go unclaimed in Allen County each year, so volunteers are working hard to help people who are eligible claim this money. Nationally, it’s estimated that 20 to 25 percent more people may qualify for EITC, but may not be aware of it.
There are more than 12,000 free tax preparation sites nationwide and CANI is proud to be a site again this year. Volunteers from the Volunteer Center @RSVP will be available at CANI from Jan. 30 to April 13, on Mondays, Tuesdays and Wednesdays from 6 to 8 p.m.
If you know of someone who you think might be eligible, please encourage them to ask about this tax credit. More information is available at www.irs.gov.
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