The Earned Income Tax Credit: An Important Resource for Your Family

As the end of the year approaches, it's a great time to start thinking about the resources available to your family. One of the most important and often overlooked resources is the Earned Income Tax Credit (EITC).

What is the EITC?

The EITC is a federal tax credit for low to moderate-income working individuals and couples, particularly those with children. Unlike a tax deduction, which just reduces the amount of income you're taxed on, a tax credit directly reduces the amount of tax you owe. This means it can lead to a bigger tax refund or even result in a refund for families who don't owe any income tax.

Why is it so important?

This tax credit is one of the most powerful tools available to help working families financially. The EITC can help cover essential expenses like rent, groceries, childcare, and transportation. For many families, it can make a real difference in their annual budget.

It’s Not Too Early to Prepare!

Even though tax season is still a few months away, it's not too early to start preparing. Here are some simple steps you can take now:

• Gather documents. Make sure you have your Social Security cards and birth dates for everyone in your family.

• Track your income. Keep good records of all your income from the year.

• Find a reliable tax preparer. The IRS website offers a tool to find free tax preparation services.

We encourage you to learn more about the EITC and see if your family qualifies. It could provide a valuable financial boost. You can find more information on the official IRS website.

We want to support our families in any way we can, and we believe that sharing financial resources is an important part of that. If you have any questions, please reach out to us, and we can point you to helpful community resources.