Tax Credits for Wisconsin Families

Tax Credits for Wisconsin Families

The month of January rings in the new year as well as it signals the beginning of the tax season. Low and moderate-income Wisconsin residents can take advantage of a variety of tax credits.  These credits can bring thousands of extra dollars to individuals and families, but an estimated 20% of people who are eligible for these tax credits fail to claim them every year.  These credits include the Federal Earned Income Tax Credit (EIC), the Wisconsin Earned Income Tax Credit (EIC) and the Wisconsin Homestead Credit. To help individuals and families learn about tax credits that may be available to them go to the following site- https://fyi.extension.wisc.edu/eitc/

 

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Tax Credits for Wisconsin Families

What is the Earned Income Credit (EIC)?

The EIC is a tax credit for workers who earn low or moderate incomes. There are two types of Earned Income Credits: a federal credit that is claimed on your federal taxes, and a Wisconsin credit that is claimed on your state taxes.  To learn more about EIC and if you are eligible go to https://fyi.extension.wisc.edu/eitc/

 

Tax Credits for Wisconsin Families

What is Homestead Credit? 

The Homestead Credit is a state of Wisconsin tax benefit for renters and homeowners with low or moderate incomes. It is designed to lessen the impact of rent and property taxes.  Eligible people who do not file Wisconsin state income taxes may still claim the Homestead Credit. To learn more about Wisconsin HOmestead Credit and if you are eligible go to https://fyi.extension.wisc.edu/eitc/homestead/

 

Tax Credits for Wisconsin Families

Other Tax Credits? 

Other tax credits may be available to you, including the Child Tax Credit, the Child, and Dependent Care Credit, and Education Credit, and the Saver’s Credit.  For more information, see the Get It Back Tax Credits for People Who Work campaign located at https://www.eitcoutreach.org/tax-credits/

 

Tax Credits for Wisconsin Families

Tax Assistance Programs

Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs are designed to help low and moderate-income people file their income taxes.  Families who earn less than $56,000.00 may be eligible to use VITA and TCE services.  To find the VITA or TCE site nearest you -call 800-829-1040 for VITA site locations or call 888-227-7669 for TCE site locations or call 211 for local tax assistance sites.   The Wisconsin Department of Revenue state-sponsored sites can be found https://www.revenue.wi.gov/Pages/FAQS/pcs-vita.aspx  or https://www.irs.gov/individuals/free-tax-return-preparation-for-you-by-volunteers

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