Coming up on Jan. 25, credit unions have an opportunity to help their members learn more the Earned Income Tax Credit (EITC). Friday is the National EITC Day and the credit can mean extra money in members pockets.
State and local government agencies, employers, elected officials, and charitable and social organizations are committed to raise awareness about the EITC on Friday.
The EITC is a federal tax credit that can help low- to moderate-income working individuals and families, according to the Internal Revenue Service. The credit usually will help the filer secure a larger tax return. To qualify for the credit, an individual must:
File a tax return with the IRS
Have earned income
Have a valid Social Security number
Cannot have a filing status of married filing separately
For credit unions, a tax specialist can offer additional guidance about the EITC. Many credit unions collaborate with Volunteer Income Tax Assistance (VITA) programs to help consumers who can't afford to pay for professional tax preparation services. VITA programs provide free tax assistance for low-to moderate-income individuals with an adjusted gross annual income of $50,000 or less. Visit the
IRS website for more information.