Colorado families who earned less than about $50,000 in 2013 could be eligible for up to $6,000 or more in tax refunds from the Earned Income Tax Credit (EITC) and other tax benefits.
The Earned Income Tax Credit (sometimes called EIC or EITC) is a tax credit to help you keep more of what you earned. It is a refundable federal income tax credit for low- to moderate-income working individuals and families. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of Social Security taxes, and rising food and energy prices. Some consider it to be a powerful anti-poverty tool and tout that it helps lower-income families while preserving the incentive to work. When EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.
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. Find out how to qualify.
Families who earn less than $50,000 in 2013 can save money by filing their taxes for free at:
- Volunteer Income Tax Assistance (VITA): Locations include CU-Boulder's Leeds School of Business.
- The Piton Foundation:
See if you qualify for free basic tax preparation with electronic filing at http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers