Today’s Money Minute is about an all too often overlooked and underused tax credit for low-income people. It could mean thousands of dollars in tax refunds, but it’s complicated.
The Earned Income Tax Credit (EITC) helps low-to-moderate income workers and families get tax relief. If you qualify, you can use the credit to reduce the taxes you owe – and possibly increase your refund.
Your credit amount may change if you have children, dependents, are disabled or meet other criteria. (Click here to verify your eligibility with the IRS)
Find more information about the EITC here from the IRS.
The City of Detroit works with several community organizations to continue its annual campaign to encourage Detroit residents to file their taxes and claim their refunds. As a result of the City of Detroit’s annual EITC campaign, Detroit residents claimed an additional $56 million in EITC refunds each year on average. Prior to 2017, EITC-eligible Detroiters left approximately $80 million in potential tax refunds unclaimed each year.
Centraide offers tax assistance in this regard — More info here. Make an appointment for tax help today by calling 2-1-1 or going online to GetTheTaxFacts.org
“Accounting Aid Society recognizes that families and individuals in our community want accessibility, flexibility and security. Our in-person, virtual and instant tax filing options offer just that, allowing clients to fit tax preparation into their schedule and helping those who don’t have an existing tax site in their neighborhood. . After an abrupt shutdown in March 2020, in-person tax preparation is back at five Detroit locations, delivering the reliable service our clients deserve,” said Priscill Perkins, President and CEO of Accounting. AidSociety.
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