Don’t miss out on these credits!
What is the Earned Income Tax Credit (EITC)?
The EITC is a federal tax credit for low- and moderate-income working people. In 2015, the average EITC was $3,186 for a family with children, boosting wages by about $265 per month.
How do I know if I’m eligible for the EITC?
When filing taxes for 2016 (due in April 2017), working families with children that have annual incomes below $54,000 may be eligible for the federal EITC. Individuals making below $14,820 and married couples without children making below $20,330 may also be eligible for the federal EITC.
What is the Child Tax Credit (CTC)?
A federal tax credit of up to $1,000 per qualifying child.
How do I know if I’m eligible for the CTC?
To claim the CTC, there are seven qualifying elements for each child: age, relationship, support, dependent status, citizenship, length of residency and family income. You and/or your child must pass all seven to claim this tax credit.
Visit a VITA site or www.irs.gov to see if you’re eligible.
Visit MyFreeTaxes.com to get started.