MONROE - "It's tax season again. Finding all the paperwork, filling out forms, running the numbers; it's a lot of work, but well worth it," Green County UW-Extension Family Living Agent Bridget Mouchon said."Doing the work can mean a much bigger tax refund, and we could all use more money this year."
Families with children and low-income households can get great tax credits this year. Families with one child and who make less than $33,995 ($36,995 if married) can get up to a $2,917 credit with the Earned Income Credit (EIC). Families with two or more children, making less than $38,646 ($41,646 if married) can get a maximum EIC credit of $4,824. You must fill out Form EIC in addition to federal form 1040 or 1040A. There is also an additional EIC available when you file your Wisconsin state tax return.
Families with children should also take advantage of the child tax credit, worth up to $1,000 per child. If you pay any out of pocket expenses for daycare, make sure to fill out form 2441 and get your "Child and Dependent Care Expenses" credit. Low income households (with or without children) with incomes less than $24,500 can claim Wisconsin Homestead Credit as well (use Schedule H). Students and parents of college students should also note that special credits are available for tuition and related expenses as well as student loan interest. Your local library has all of the above-mentioned forms available.
This Saturday, Feb. 14, the Green County TCE volunteers are expanding their free tax site which will be available starting at 9 a.m. at the United Way Building (old library), 1505 9th Street in Monroe. They can only prepare basic taxes (for example, no divorce or capital gains). People MUST call Bridget to sign up for this free service: 328-9440 or 333-9012. They will have free tax preparation as well on Saturday, March 7 and March 21.
Families with children and low-income households can get great tax credits this year. Families with one child and who make less than $33,995 ($36,995 if married) can get up to a $2,917 credit with the Earned Income Credit (EIC). Families with two or more children, making less than $38,646 ($41,646 if married) can get a maximum EIC credit of $4,824. You must fill out Form EIC in addition to federal form 1040 or 1040A. There is also an additional EIC available when you file your Wisconsin state tax return.
Families with children should also take advantage of the child tax credit, worth up to $1,000 per child. If you pay any out of pocket expenses for daycare, make sure to fill out form 2441 and get your "Child and Dependent Care Expenses" credit. Low income households (with or without children) with incomes less than $24,500 can claim Wisconsin Homestead Credit as well (use Schedule H). Students and parents of college students should also note that special credits are available for tuition and related expenses as well as student loan interest. Your local library has all of the above-mentioned forms available.
This Saturday, Feb. 14, the Green County TCE volunteers are expanding their free tax site which will be available starting at 9 a.m. at the United Way Building (old library), 1505 9th Street in Monroe. They can only prepare basic taxes (for example, no divorce or capital gains). People MUST call Bridget to sign up for this free service: 328-9440 or 333-9012. They will have free tax preparation as well on Saturday, March 7 and March 21.
