Americans have less than a month left until the April 15th deadline by which they must file their federal and state tax returns. This can be a stressful and costly event for American families. Some choose to brave the mountains of forms and instructional packets on their own. Others use DIY software to guide them, while many pay a professional to make the calculations and filings on their behalf. Committed to improving financial stability, the United Way in partnership with 211 call centers all across the country are trying to alert eligible citizens of another option.
Depending mostly upon income and the types of forms to be filed, many may qualify for free tax preparation services. By dialing 2-1-1 they can learn more about their eligibility or participating tax preparation sites in their area. These tax preparation sites use volunteers who have gone through extensive training to be volunteer tax preparers. People can also visit MyFreeTaxes.com to go through the filing process online.
It’s also important that eligible families take advantage of the Earned Income Tax Credit (EITC), a credit which helps low-wage families and can assist in lifting families out of poverty. Unfortunately an estimated 20% of eligible Americans don’t claim this credit, but the United Way is looking to change that through their awareness programs.
Going a step further, the United Way and the MyFreeTaxes.com site educate Americans on ways they can maximize their refund by purchasing savings bonds, opening a savings account, paying overdue bills, paying down debt, or contributing to their household emergency savings fund. All of these wise uses of tax refunds contribute to the goal of financial stability in communities across the US.Continue Reading