Friday, January 25, 2019 will mark the 13th Annual Awareness Day, a nationwide effort to educate and increase awareness about the Earned Income Tax Credit (EITC) as well as free tax preparation sites available in your area. The EITC is a benefit for working people with low to moderate income. This year, the IRS is providing information on other refundable tax credits for which you may be eligible to include the American Opportunity Tax Credit, the Child Tax Credit and the Additional Child Tax Credit.

EITC eligibility requirements.

If you earned less than $54,884 from wages, running a business or from Form 1099 MISC, then you may qualify for the EITC. In addition to income, family size and filing status are other factors used to determine eligibility. To find out if you meet the requirements, check out the EITC Assistant located on the IRS.gov website. All you will need to do is answer a few questions and provide some basic information to see if you qualify.

Don’t be 1 in 5 that misses out on EITC.

According to the IRS, approximately one-third of the EITC population changes each year. The IRS estimates that 4 out of 5 workers claim the EITC they earned, thus leaving billions of dollars on the table each year. This is why it’s so important to use the EITC Assistant to see if you qualify for the Earned Income Tax Credit and to see what other refundable tax credits may be available.

In 2018, 70,000 EITC claims were filed in New Hampshire providing an average tax return of $1,986, totaling just over $139 million.*

Free tax help is available in your area.

Help is available to assist you with preparing and filing your taxes. There are Volunteer Income Tax Assistance (VITA) sites located across the state to help you prepare and electronically file your tax return at no cost to you. The VITA sites are staffed with volunteers trained by the IRS to assist with preparing your tax return and will ask the necessary questions to find out if you qualify for EITC and other refundable tax credits. To schedule an appointment, call 2-1-1 or 1.866.444.4211 (outside New Hampshire). There is also an option to schedule an appointment online.

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Source: IRS

Written by Dawn Beers

Dawn Beers

Dawn heads up our marketing department where she is responsible for the general oversight and management of the Bank’s marketing and public relations initiatives. This involves managing the planning, organizing and directing of our advertising, public relations, product development, sales promotion and research efforts.

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