The EITC benefit helps working families keep more of the money they earned with some families eligible for thousands of dollars in tax benefits
ATLANTA, April 8, 2014 /PRNewswire-USNewswire/ — Operation HOPE (HOPE), the leading global financial dignity nonprofit and Civil Rights Leader and Operation HOPE Global Spokesman Ambassador Andrew Young, are encouraging working families to take advantage of the Earned Income Tax Credit (EITC) benefit as the conclusion of tax season nears.
The EITC is a refundable tax credit for low to moderate income working individuals and couples with children. The specific benefit available to a family varies and is dependent upon the family's total income and number of children. Not only can the EITC reduce the amount of tax you owe, but it may also give you a refund, which is more money in the pocket of working and middle-class American families.
HOPE is supporting the effort to ensure that more families take advantage of this benefit by making information about the EITC readily accessible on the HOPE website homepage and linking directly to the IRS webpage with eligibility guidelines and directions about the EITC. HOPE believes that in order for working families to continue to prosper, it is critical that they have accessible to this benefit.
"In the midst of tax season, it is important that working and middle families are fully educated about the tax benefits available to them. HOPE is working to make sure that those eligible for the Earned Income Tax Credit are able to take full advantage," said Operation HOPE Founder, Chairman and CEO John Hope Bryant. "Some families may be eligible for thousands of dollars in refunds and or tax credits, and we urge the public to use the resources we're making available on the HOPE website to learn more about this benefit and whether you're eligible."
As the leading global financial dignity nonprofit, HOPE understands the historical significance of the EITC and how it serves to level the playing field for working and middle-class families.
"Historically, tax season is a time when the rich get richer and working class people get stuck with the bill because of fundamental unfairness within the system. I'm pleased that HOPE is working side by side with government agencies to correct this trend and ensure that every family in every community has the same opportunity to reap the benefits of the Earned Income Tax Credit," said Ambassador Andrew Young, civil rights icon and former Atlanta Mayor. "We have been fighting for tax equity for decades, and now that the table is set more fairly we have to ensure that every eligible family follows through and receives the benefits that they deserve."
The EITC, which has been available to families since 1986, was most recently enhanced by the 2009 American Recovery and Reinvestment Act to help working families endure the most recent economic recession. One recent beneficiary of the EITC explains how the benefit put money back in her pocket and helped alleviate mounting financial pressures.
"Going to college, obtaining a child custody lawyer, buying a car, down payment for a home…this is all now a reality since utilizing the VITA (Volunteer Income Tax Associate) Tax Program and receiving the Earned Income Tax Credit," saidAmber Bell, EITC recipient from Atlanta, GA "No longer do I have to pay large fees to get my taxes prepared and my average tax return has ranged from$5,000 to $7,000."
To learn more about the EITC tax credit, please visit www.operationhope.org or go directly to the IRS.gov webpage on the EITC. If you made less than $52,000 and you need assistance completing your taxes, you can search for a local VITA program near you by following this link.
About Operation HOPE
Since its inception in 1992, Operation HOPE has
served more than 2 million individuals. The financial dignity nonprofit has also directed more than $1.5 billionin private capital to low-wealth communities; it maintains a growing army of 20,000 HOPE Corps volunteers, and currently serves in more than 300 U.S. cities, as well as South Africa, Saudi Arabia, Morocco, and the United Arab Emirates. To learn more about HOPE, join us on twitter @OperationHOPE, visit us atwww.operationhope.org or read our blog at www.operationhope.org/blog.