COOPER COUNTY – Tax season is here, and many working individuals are eligible for the Earned Income Tax Credit, or EIC. According to Rebecca J. Travnichek, Family Financial Education Specialist with University of Missouri Extension, households that qualify for the EIC could receive a tax refund of up to $6,318. The EIC is a powerful work incentive and the single most effective anti-poverty program in existence. It’s money that families can use to put food on the table… move into better housing… invest in education… save for the future… and contribute back to the community.
Who qualifies for the EIC?
Families with one child who earned less than $39,617 (or less than $45,207 for married workers) in 2016 are eligible for a credit of up to $3,400.
Families with two children who earned less than $45,007 (or less than $50,597 for married workers) in 2016 are eligible for a credit of up to $5,616.
Families with three or more children who earned less than $48,340 (or less than $53,930 for married workers) in 2016 are eligible for a credit of up to $6,318.
Workers at least age 25 and under age 65 without a qualifying child who earned less than $15,010 (or less than $20,600 for married workers) in 2016 are eligible for a credit of up to $510.
How do families claim the EIC?
Families can claim this credit by completing Schedule EIC along with their tax returns. Many people pay tax preparation services to do their returns, not knowing that they might be eligible for free tax assistance. The Volunteer Income Tax Assistance (VITA) program provides IRS-trained volunteers to prepare and e-file returns for FREE for qualified individuals and families. This service can help individuals and families SAVE money and bring EXTRA money home. VITA sites are available beginning January 23 to April 18, 2017.
FREE tax preparation is available in Boonville starting on February 17.
To schedule your appointment or for more information, call 660-882-5661.