Mark your calendars, Tax Day is just around the corner! Let Benefits.gov be your guide to help you prepare for tax season.
Taxpayers often overlook important tax benefits and deductions that they may be entitled to. Given the financial challenges that many Americans are currently facing, it’s important to take advantage of any available deductions, credits, or other assistance programs.
Earned Income Tax Credit
This filing season, the Internal Revenue System (IRS) encourages all taxpayers to check their eligibility for the Earned Income Tax Credit (EITC) by using the EITC Assistant. This is a refundable Federal income tax credit for low to moderate income working individuals and families. Once taxpayers find out if they qualify for EITC, they must first file a tax return and claim the credit.
Not sure where to start? Benefits.gov offers these useful tips as you prepare for tax season:
- Get Organized: Gather all documents and categorize your receipts for wages, mortgage information, medical expenses, charitable donations, investments, and other notable transactions.
- Stay Informed: Make sure you’re aware of the changing tax program information by visiting the IRS Highlights page to learn about updates and new programs. Another way to stay informed is by subscribing to Benefits.gov updates. You can subscribe to any program on the program page on Benefits.gov to receive emails about changes to that specific program.
- Submit Your Return Online: There are several electronic options available to help you submit your tax return online. Visit the Electronic IRS page to browse available options.
- Take Advantage of Free Services: There are many free tax resources and tools available to taxpayers. For instance, you may be eligible to receive free tax preparation assistance through the IRS’s Free File program. To get started, you will need your W2s or 1099s on hand, plus records for any deductions. For more information on, visit the Free File Program page.
Need additional information on tax assistance?
To read more about available tax assistance, check out our article, Take Time for Taxes: Use IRS Resources to Prepare for Tax Season. The IRS can also help you locate a location for Free Tax Prep and find IRS- certified volunteers, who can assist you with your tax return preparations.
Take the stress out of tax season by starting early. Take the Benefit Finder questionnaire to see which benefit programs you may be eligible to receive. To find more tax-related programs, including information about various tax credits and taxpayer assistance programs, browse the Financial Assistance category and filter by the ‘Tax Assistance’ subcategory. For further details and information, visit IRS.gov.
