Many working families have to stretch every dollar and make every penny count. Even with good, steady employment, it takes careful budgeting just to keep up with bills and expenses—to say nothing of saving for college tuition, investing in a retirement account, and stashing away money for a rainy day.
But what if there was an easy way to get a little extra money in your pocket at tax time? Every little bit helps, and with the Earned Income Tax Credit (EITC) program, you could get extra money back to make a real difference in your family’s budget.
What is the EITC?
There are actually two tax credits available at both the federal level and the State of California level. Many families with low to moderate-income may qualify but must file their taxes to claim the credits!
Some additional information about qualifying for CalEITC for California residents:
- These tax credits are only available to earned income—not for any interest you make on investments, etc.
- The amount of money you qualify for depends on how much money you make.
- To be eligible, you must be 18 years or older and work either for an employer or yourself.
- You also must have a Social Security Number (SSN) or Individual Identification Number (ITIN) valid for work.
- You have to have lived in California for at least half the tax year.
What Would You Do with a Bigger Tax Refund?
CalEITC exists to make things a little easier—to provide a little breathing room—for California families. And just think of everything you could do with a bigger refund: Buy groceries, pay for gasoline, or even put some of that money into your child’s college tuition fund! To learn more about your eligibility for the EITC, and to make sure you’re getting the full refund amount, we encourage you to call us. Get in touch with OC Free Tax Prep today; we’re here to help you out with free tax resources and filing assistance!