You work hard. Let tax credits work for you.
January, 2021: United Way of North Carolina is raising awareness around important tax credits that can help working families keep more of their hard-earned money. On January 29th, United Ways and other organizations across the country will spread the word about how these tax credits can help individuals and families in 2021.
Over the last year, it has become clear that many Americans live paycheck to paycheck, one crisis away from becoming financially unstable. Since the start of COVID-19, working families have experienced everything from job loss to changes in childcare expenses to unexpected purchases necessary for remote learning.
Fortunately, there is good news as tax season approaches. Tax credits, such as the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC), could help lighten the financial burden for individuals and families in 2021.
“We want North Carolinians to know that are there are work supports available.” says Laura Marx, President & CEO of United Way of North Carolina. “The EITC could provide anywhere from $2 to $6,660 for those who are eligible, which could make a huge difference for a family that is struggling to make ends meet.”
The EITC is an important benefit that increases participation in the workforce and helps those of low to moderate income pay for their household expenses. In 2018, more than 900,000 North Carolina households received an average of $2,492 by claiming the EITC. The Child Tax Credit is another benefit that helps families with children under the age of 17 receive a refund of up to $1,400.
These tax credits are monumental for individuals and families, and yet many do not take advantage due to a lack of knowledge or expertise. The Volunteer Income Tax Assistance (VITA) Program, supported by United Way, provides free tax preparation assistance by IRS trained and certified volunteers, ensuring that thousands of individuals and families in North Carolina receive qualifying credits.
For more information on how to take advantage of tax credits and VITA sites, visit mytaxcredits.additionalinfo.org