February 16, 2024
On Thursday, February 15th, we held a Forward Thinking session covering Preparing for Tax Season: A Conversation About the Earned Income Tax Credit (EITC). Speaker Jonathon Ferguson, Financial Capability Specialist with University of Madison Division of Extension, walked us through how to prepare people for tax season, what the Earned Income Tax Credit (EITC) is, and how people can claim it.
Watch:
Some key takeaways from the session:
- Filing on-time can help detect identity theft, provide a return on their income (money back in their pocket), and determine if some credits are retroactive
- Refundable and non-refundable credits can help reduce the amount of taxes owed and may increase the size of the refund
- EITC is a credit to help people receive a tax-break and it is offered both Federally and through the State of Wisconsin
Resources
- UW-Extension Financial Security program: https://finances.extension.wisc.edu/
- IRS EITC Tool: https://apps.irs.gov/app/eitc
- Center on Budget and Policy Priorities EITC Tool: https://www.cbpp.org/research/policy-basics-the-earned-income-tax-credit
- IRS Free File–https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free
- WI Dept. of Revenue–https://www.revenue.wi.gov/Pages/WisTax/home.aspx
- Goodwill Volunteer Income Tax Prep: https://goodwillscwi.org/community-programs/volunteer-income-tax-preparation-vita/
- AARP Tax Aide Sites: https://www.aarp.org/money/taxes/aarp_taxaide/locations.html
Download: You can view the slides from this presentation through the links below:
If you would like to attend a future session, contact us to be added to the distribution list.
