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The United Way of Lamar County wants working families to know that they could be overlooking valuable tax credit. People who work and earn less than $50,270 from wages, self-employment or farming may be eligible for the Earned Income Tax Credit or EITC and free help preparing their tax return. January 25th, marks the 7th National EITC Day, a nationwide effort to increase public awareness about EITC and free tax preparation sites.
Although an estimated four out of five eligible workers and families get the credit, one in five still miss EITC. Either because they don’t claim it when filing, or don’t file a tax return. This is money that can make a difference. Last year, the credit returned close to $62 billion dollars to over 27 million workers. In Lamar County, that equates to $67,170 dollars to over 43 working families, averaging $1,562 per return.
Workers who qualify for EITC could receive larger refunds. It can mean up to $475 in EITC for people without children, and up to $5,891 for those with three or more qualifying children. EITC varies by income, family size and filing status and the average EITC amount last year was $2,200.
With the exception of some disability income, people must work to qualify for EITC. They earned it. Now they must file, claim it and get it. EITC is a valuable but complex tax break for working families but free help is available from IRS-certified volunteers.
United Way of Lamar County Volunteers will be preparing taxes at two sites this year.
Workers should come prepared to a volunteer site with the following:
”EITC is a financial boost for working people, and their families and it allows more funds to flow into our community. It’s money that can make lives a little easier,” said April Carl, Executive Director, United Way of Lamar County.