EITC Awareness Day Spreads Good News for Hard-working Families
The Administration for Children and Families and the Internal Revenue Service co-sponsored an Earned Income Tax Credit (EITC) Awareness Day Kick-Off event at Worcester Community Action Council to promote awareness of the substantial benefits the program can bring to low to moderate-income working families throughout the nation.
The EITC is a refundable federal tax program that can reduce the amount of income tax owed by low to moderate-income working families and individuals. Families with children who earn less than $50,000 are eligible for up to $6,641.
George Sheldon, Acting Assistant Secretary of ACF remarked that families can use refunds from EITC to build assets and stay on the road to financial stability. Massachusetts Treasurer Steven Grossman praised the Worcester Community Action Council for its work as a Volunteer Income Tax Assistance (VITA) provider. Last year, Worcester-area VITA sites alone prepared over 1,500 tax returns, with a total of $2.4 million returned to the community, in part due to leveraging the benefits of the Earned Income Tax Credit. Numerous VITAs across the region offer free tax preparation, advice, and electronic filing services to low to moderate-income individuals and families.
Over fifty participants heard real-life stories from EITC-tax filers who had recently learned about the availability of filing their taxes at VITA sites. “With the money I saved and my EITC refund,” remarked Ivette Moore, “I paid off some bills and was able to build up my savings account”.
According to the U.S. Department of Health and Human Services, the EITC lifts more families out of poverty than any other federal aid program, providing them with an opportunity to increase savings, reduce debt, and finance education and training programs.