With Christmas and New Years leaving our wallets drained and our bank accounts dwindling, the encroaching tax season becomes a stressful time for working class families across the country. But on January 27, a national “holiday” sponsored by the IRS will look to educate the public of a tax credit that can put thousands of dollars back in your pocket, becoming a real day of giving.
EITC Awareness Day is an annual grassroots anti-poverty effort to help raise awareness for the Earned Income Tax Credit, a tax benefit most low-income individuals and families are eligible for. On January 27, charity organizations, elected officials, state and government employers and other interested parties will band together to generate as much mainstream coverage on the EITC as possible.
This year especially is a momentous year for EITC Awareness Day. The House recently passed a bill that would increase the tax credit from 5%to 7.5% next year, then ultimately to 10% the following year, doubling the size of credit. Governor Pat Quinn is expected to sign this bill.
Although having been around for more than 37 years, according to the EITC website, one out of every five eligible resident is still unaware of the EITC and their eligibility. Only four out of five people actually file and claim their tax credit. “We want to raise that number to five out of five,” the website states. “They earned it, but must file and claim it to get it….meaning awareness is critical.”
With the good news of an increased tax credit, it is absolutely crucial that everyone is made well aware of the EITC benefits.
You never know if you or a friend could be eligible, as it could mean up to $5,751 in pocketed credit.
Our family at iFindit Chicago believe in empowering people with impacting resources, so IF YOU would like to help increase EITC awareness, please contact your IRS relationship manager, email email@example.com, or follow @IRSEITCDay on Twitter. Or, simply, spread the word.
FOR MORE INFORMATION on the EITC and whether you are eligible, visit http://www.eitc.irs.gov/ptoolkit/basicmaterials/ff/
TO LEARN MORE about the bill recently passed in Illinois to expand credit, visit http://www.taxcreditsforworkingfamilies.org/2011/12/illinois-doubles-state-eitc