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Jenny B.

Jenny's Blog

Learn about important financial topics from SEFCU's Manager of Member Education.

Tax Credits You May Not Know About

Posted by Jenny at 2/7/2014 8:47:35 AM

Many Americans are missing out on tax credits they either don’t know about or assumed they weren't eligible for. Most everyone knows about credits for individuals with children in child care and college but some people have never heard of the earned income credit or the non-custodial parent income credit. Earned Income Tax Credit (EITC) is one of the most important, and often times most overlooked, because taxpayers have a status change making them eligible but they don’t realize it. In fact, the Internal Revenue Service states on their Website that "millions of workers will qualify for EITC for the first time this year, making awareness critical. Workers move into and out of eligibility based on changes in their marital, parental and financial status." This is precisely why it is in your best interest to know as much as possible, or at least know where to find information about the various state and federal tax credits and the different eligibility requirements associated with each.

To learn more click on the following links:
NYS Department of Taxation and Finance
Internal Revenue Service 

If you are planning to prepare your own return this tax season and you earned less than $58,000 in 2013, consider using a Free Self-Assisted Tax site. If you would prefer to have someone prepare your return for you for free and you earned less than $52,000 in 2013, you can visit a Volunteer Income Tax Assistance site.

Individuals who do not qualify for the programs above can access TurboTax software, which can be found by logging into your SEFCU OnLine account. If you have any questions, contact the Member Solutions Center at 518-452-8183 or 800-727-3328.