PCRI Urges Families to Maximize Tax Credits

February 11, 2015 · by pcriadmin · Featured, PCRI

Families – Get the Tax Credit You Deserve!

EITC_Bag_Riverside_CountyDid you know that many families are eligible for valuable tax credits every year? Whether or not you owe any income tax, you could get thousands of dollars in tax benefits.

To get these credits, you must file a tax return. Find out where you can get your taxes prepared for free in NE Portland by visiting Cash Oregon.

When you file your taxes, make sure you ask about these federal tax credits:

  • Child and Dependent Care Tax Credit is for families that pay for child care when they go to work. This credit is worth up to $2,100.
  • Child Tax Credit (CTC) is for families raising children. This credit is worth up to $1,000 per child, and is refundable for families earning at least $3,000.
  • Earned Income Tax Credit (EITC) is designed to boost the wages of eligible families. This refundable credit is worth up to $6,044 and is available to married couples earning less than $51,567 or singles earning less than $46,227.

Oregon has additional tax credits for working families:

  • Child and Dependent Care Tax Credit is for those who are eligible for the federal Child and Dependent Care Tax credit. The tax credit, worth up to $1,800, is not refundable, but the unused portion is carried forward for the next five years.
  • Working Family Child Care Tax Credit is for low-income working families. This refundable credit is worth up to 40% of your qualifying care expenses without limit.
  • Earned Income Tax Credit is similar to the federal EITC and is refundable up to $491.

Also, if you get your health insurance coverage through the Health Insurance Marketplace, you may be eligible for the premium tax credit.

Consider putting your tax refund toward reducing debt, repairing credit, or starting an IDA matched savings account. Find out how you can make the most of your tax refund by contacting Amy Dang, PCRI Financial Education Specialist by phone at 503-288-2923 x131 or by email.

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