Local Leaders Encourage Individuals and Families to claim the Earned Income Tax Credit
Friday, Jan. 31 is the 14th annual National Earned Income Tax Credit (EITC) Day and the kick-off of the 2020 tax season. To bring awareness to the day, local organizations and leaders have created a fun and free event to help local low and moderate income tax filers file their taxes, get tax advice, and claim their earned income tax credit—which can add thousands of dollars to their refund.
The EITC can mean thousands of dollars to assist individuals and families, yet as many as 14,000 eligible Capital Region taxpayers may be failing to claim it, based on IRS estimates. Nationwide last year, 25 million workers received more than $61 billion in EITC refunds. In New York state, there were 1.57 million claims and 3.7 billion in EITC funds. The average EITC credit amount paid out in New York State was $2,363.
Brookings Institute documents that EITC is the number one nation-wide program to help lift families out of poverty. One-third of the EITC population changes each year. The IRS estimates that four out of five workers claim the EITC they earned. This leaves billions of dollars on the table each year.
Tacos and Taxes will be held at the TRIP & RCHR NeighborWorks HomeOwnership Center at 409 River Street in Troy, NY from noon until 3pm. Those wishing to have their taxes filed by IRS-trained tax preparers must call 518-640-2371 to secure an appointment. TRIP & RCHR NeighborWorks HomeOwnership Center will also offer two Credit and Budgeting Workshops at 1pm and 2pm. Taco buffet and advice from an IRS Taxpayer Advocate will be available for the duration of the event.
Tacos and Taxes is representative of the programs that support the mission of TRIP & RCHR and other partners. “Partnering with the United Way and VITA volunteers ensures tax returns are filed and used for wealth and community building strategies like saving for emergencies, down payments on new homes or investments in the communities that make up this great county,” said Christine Nealon, executive director TRIP&RCHR.