It is tax time again! There are resources to help make tax time a little bit easier. If you prefer to do your own taxes, you can prepare your federal and state returns for free online using www.myfreetaxes.com. If your total income (including your spouse’s income, if applicable) is less than $66,000, you qualify. If you’d like help filling out your taxes, Next Step KC operates several IRS-sponsored Volunteer Income Tax Assistance (VITA) tax preparation sites in the Kansas City area and in Kansas. VITA offers free assistance to hard-working taxpayers with incomes of $60,000 and below.
For tax preparation, on your own or at VITA site, there are items you want to make sure you have with you, see the complete list. One benefit that often gets overlooked is the Earned Income Tax Credit, EITC or EIC. EITC is a benefit extended not only to those with children, but, also for working people with low to moderate income. EITC reduces the amount of tax you owe and may give you a refund. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file.
A Word On Tax Scams
The IRS does NOT ever contact taxpayers by email, text messages or social media channels to request personal or financial information Scammers will utilize all of these methods to set up individuals, businesses, payroll and tax professionals. Robocalls pretending to be from the IRS are an extremely common tax scam. Every year, thousands of people have lost millions of dollars and their personal information to tax scams – don’t become a scammer’s latest victim. Protect yourself – be informed. Check out information about tax scams from the IRS.gov website.
For more information on tax preparation and effective strategies for saving part or all of your refund, please visit www.nextstepkc.org. You can also visit the Money Smart Tax Topic.