Tax season is far from over! Individuals that make less than $12,550 and married couples that make less than $25,100 can file through November. Congress has temporarily expanded the CTC and EITC—which benefits the 50% of Black children who were previously ineligible for the full CTC credit because their families’ incomes were too low and the disproportionate percentage of EITC-eligible tax filers that are Black (19%), according to Samantha Tweedy, President of the Black Economic Alliance Foundation.
To ensure everyone applies for the tax credits this year, BET created five fast and simple steps:
- Learn the Facts: Discover the expanded tax credits; the average family can receive a $4,380 CTC and childless workers are eligible for up to $1,500 in EITC.
- Check your Eligibility: Workers 19 years and older may now be eligible for the EITC credit and nontraditional families now qualify for CTC.
- Make a Filing Plan: Filing can be easy with free resources online and in-person.
- Get Your Money: While the filing deadline is April 18, many Black Americans can file simplified returns through November.
- Tell Friends and Family: Spread the word, spread the wealth and the access to resources.
The EITC expansion benefits more than 17 million workers in the U.S. yet 1 in 5 loses out on this benefit each year – likely because they are unaware they qualify. This results in billions of dollars in unclaimed benefits. With so many newly eligible workers this year, it’s important to help get the word out about who qualifies and how to get this credit, said Roxy Caines of the Center on Budget & Priorities.
These credits can save eligible tax filers an average CTC of $4,380 and up to $1,500 in EITC. Those who do not owe taxes or normally file because their income thresholds are below $12,550 for single filers and below $25,100 for filing jointly can submit simplified returns until November.