Free Tax Preparation? Yes!

What is the Earned Income Tax Credit?

The Earned Income Tax Credit, or EITC, is a tax credit for people who earn part or all of their annual income from a job.  It lowers the amount of taxes you owe at the end of the year. 

What’s so great about that?

If the amount of your tax credit is more than the amount of taxes you owe, you get the difference back in a refund.  Let’s say you owe $50 in taxes at the end of the year and that you’re eligible for a $250 Earned Income Tax Credit.  Not only will you not have to pay the $50 in taxes you owe, the IRS will give you $200. 

Sounds good to me!  How do I know if I’m eligible?

The biggest requirement is that you worked in 2009.  If the only type of income you had was Social Security or SSI or other “unearned” income then you can’t get the EITC.  However, if you did have earned income last year, check out the links below for more information. 

Are there any other tax credits out there?

Absolutely!  Among others, there are tax credits for those with children, those who paid for rent or heat in 2009 and those who paid for school tuition.  You could potentially add hundreds, even thousands of dollars to your tax refund.

Ok, but I can’t afford to have my taxes done.

Just dial 2-1-1 and ask to schedule a VITA appointment.  VITA is a free tax program available to residents who had household incomes less than $50,000 in 2009.  IRS trained volunteers will process your taxes at no cost to you, no strings attached, so all the money you get back goes right into your pocket.      -or-

You can prepare and file your taxes online for FREE through the following sites.  Just click the program you'd like to try!

Additional Resources: 

EITC estimator (IRS)

Child Tax Credit information    

Homestead Credit information   

Home Heating Credit information

Lifetime Learning Credit (tuition) information

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