By Arlene Jones, WIPA Project Coordinator
I know with tax time around the corner, many of our clients are starting to think about that April 15 deadline.
Did you know there’s a federal tax credit that might help limit the amount of tax that you owe or even give you a refund?
Earned Income Tax Credit
The Earned Income Tax Credit (EITC) helps working people with low to moderate income keep more of what they earn. A tax credit usually means more money in your pocket. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file.
Any EITC refund that you receive will not be considered income for Medicaid and Supplemental Security Income (SSI), Supplemental Nutrition Assistance Program (SNAP), or low-income housing.
In addition, the amount will not count as a resource for 12 months from receipt of the refund. That means you can keep these important benefits that help take care of basic needs, while also keeping more money in your wallet.
Calculator: See if You Qualify
The CASH (Creating Assets, Savings and Hope) Oregon website links to a calculator that you can use to see if you qualify for this benefit. CASH Oregon supports free tax preparation and tax credit outreach in 32 Oregon counties at more than 135 tax sites. Find a location for a free tax site near you.
The EITC is an important tool for many working individuals and families. Take a closer look. See if it can help you keep more money in your pocket.
Oregon also has its own state EITC. So, here in Oregon people have the ability to access both the state and federal EITC. You can find more information on the state EITC here.