Currituck

Tax Credits available for low to moderate income

People who work but don’t earn a lot of money may be eligible for the Earned Income Tax Credit, as well as free help preparing their tax return. It’s not too late but the April 15th deadline to file your taxes is getting close.

IRS estimates that 20 to 25 percent of eligible taxpayers fail to claim the credit which could put as much as $4,824 into the pockets of a family with two children, or send as much as $2,917 to a family with one child, or up to $438 for a worker with no children. The Earned Income Tax Credit is the federal government’s largest program benefiting lower earning workers.

The extra dollars eligible taxpayers can get through EITC can make their lives a little easier, but they must file tax returns, even if they aren’t required to file, and claim the credit to receive it. Some individuals and families may qualify for the credit for the first time because of unemployment or other changes in their financial, marital or parental status during the past year.

Taxpayers with the earnings of or below $38,646 ($41,646 if married filing jointly) for families with two or more children; $33,995 ($36,995 married filing jointly) for families with one child or $12,880 ($15,880 married filing jointly) if there are no children should check to see if they qualify.

The EITC is a valuable but complex tax break. Free help is available to determine eligibility and file to claim the credit at volunteer tax assistance sites or, for those who cannot visit a site during hours/days of operation, at a local IRS Taxpayer Assistance Center. If you are a member of the State Employees Credit Union, contact your local branch for assistance in learning about your eligibility for the tax credit.

For more information about the Earned Income Tax Credit, contact Georgia U. Kight, Extension Agent, Family and Consumer Sciences, at the Currituck County Extension Center at 252-232-2261 or by email: georgia_kight @ncsu.edu

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