As this brutal winter brings us up to tax time, many eligible folks can at least find some comfort in a possible tax refund. Families in particular owe it to themselves to be aware of what credits they may be eligible for. The most visible credit for families is The Earned Income Tax Credit (EITC), a refundable tax credit for people who worked in 2013. The credit ranges from $2 to $6,044. Eligibility and credit amount depends on your income, family size, and other factors. Unfortunately, about one in five taxpayers eligible for the federal Earned Income Tax Credit fail to claim it. You can quickly glean your eligibility and for roughly how much with the EITC Estimator. Other oft-overloooked credits are the Minnesota Dependent Care Tax Credit and the K-12 Education Deduction and Credit.
Need some help preparing your tax forms? To find one of the more than 250 free tax preparation sites in Minnesota, see the Minnesota Departrment of Revenue (income eligibility restrictions apply).
