Make sure you get ALL of the Tax Credits available to you!
Have you filed yet?
No? Good! Important information below that may put more money back in your pocket.
Yes? It may be worth filing an amended return to claim additional money! See below…
First – Why waste your money with for-profit tax prep companies when you can file for free?!!
FREE tax prep help and filing resources:
- Campaign for Working Families online at cwfphilly.org/virtual, in-person, document drop-off, or by phone at 215-454-6483 or email contact@cwfphilly.org (income <$65,000)
- Free e filing providers: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free (income <$73k)
- Find a free local tax prep provider near you with the IRS Free Tax Help Tool
- https://irs.treasury.gov/freetaxprep/
Claim all tax credits for which you are eligible:
- City Wage Tax return: If you make less than $58k, you can file for a 2021 city wage tax return https://www.inquirer.com/philly-tips/free-tax-help.html
- Child Tax Credit: no income required! Typically, the Child Tax Credit program can reduce the Federal tax you owe by $1,000 for each qualifying child under the age of 17. The American Rescue Plan expanded the Child Tax Credit for 2021 to $3,600 in 2021 for each child under age 6, $3,000 for each child age 6 to 16, and $3,000 credit for 17-year-olds. The IRS disbursed half of the 2021 Child Tax Credit in monthly payments during the second half of 2021. https://www.irs.gov/credits-deductions/filing-season-2021-child-tax-credit-frequently-asked-questions-topic-a-2021-child-tax-credit-basics
- EITC (Earned Income Tax Credit) Don’t be the one in five that misses this credit! It’s easy to find out if you qualify. Use the EITC Assistant and answer questions about yourself and other family members to see if you qualify and estimate the amount of your credit. Maximum credit is over $6,000. Even if you don’t owe taxes, are not required to file, or don’t have children you may qualify for the EITC – but you have to file a federal return!
- The American Opportunity Tax Credit (AOTC) is a tax credit to help pay for education expenses the first four years of education completed after high school. The AOTC and the Lifetime Learning Credit (LLC) can reduce your income tax liability dollar-for-dollar. Note you can claim either the AOTC OR the LLC for each student in a tax year. The amount of the credit is 100% of the first $2,000 and 25% of the next $2,000 of qualified education expenses per student. Maximum annual credit is $2,500 per eligible student, or, if you owe no tax, 40% or $1,000 could be refunded.