Tax Day, April 15, is coming up and many low-income families who aren’t required to file taxes could be leaving thousands of dollars in unclaimed refunds on the table. This year, new and expanded tax credits—combined with free, easy-to-use filing tools—could provide a life-changing financial boost for those who need it most.
Here’s what’s new and why it matters:
- Free filing is more accessible than ever. The IRS launched Direct File, a free online tool for simple returns, and VITA (Volunteer Income Tax Assistance) sites statewide offer in-person support at no cost.
- Expanded tax credits mean bigger refunds. Eligible families can receive:
- Earned Income Tax Credit (EITC): Hundreds or even thousands for low-income workers.
- Child and Family Tax Credit (CFTC): Now $440 per child or dependent, with no income requirement.
- Senior Circuit Breaker Credit: Relief on property taxes or rent for eligible seniors.
Why this information matters:
With the cost of living at a high, these refunds can mean the difference between getting by and having to choose between paying rent or going without groceries. For example:
- A single parent earning $8,000 in 2024 could get $9,373 in combined state and federal refunds.
- A married couple with three kids making $35,000 could receive $16,694.
More information and filing help is available at www.findyourfunds.org.