Get a Break This Tax Season!
Families in Colorado who earned less than about $53,000 in 2015 could be eligible to receive up to $6,200 or more in tax refunds through the Earned Income Tax Credit (EITC) and other tax benefits. In addition, these families can save money by filing their taxes for free at one of Tax Help Colorado’s free tax sites. Individuals can also contact Mile High United Way 2-1-1 to find the free tax filing site nearest them.
According to The Piton Foundation, more than 354,000 families in Colorado received $772 million in tax refunds last year thanks to the EITC. Unfortunately, many eligible families did not receive these much-needed refunds because they weren’t aware of them, didn’t know they were eligible, or didn’t know how to apply.
Starting in 2016, for the first time in 15 years, low- to moderate-income workers can claim a Colorado state EITC. Colorado's state EITC will be worth 10 percent of the federal EITC, providing low-wage earners with an even larger refund at tax time.
Don’t miss out! When filing taxes, be sure to ask about…
- The Earned Income Tax Credit, a federal tax benefit that boosts the incomes of families with children that earn lower or moderate wages. Working people without children who have incomes below about $14,300 are also eligible for a very small EITC.
- The Child Tax Credit also helps working families with children. This credit is worth up to $1,000 per child.
- Special tax credits are available for those who are saving for retirement or paying for college.