Citi Community Development today released Money Matters, a market-specific publication appearing in 16 states across the United States that encourages working taxpayers to take advantage of refunds available through the federal Earned Income Tax Credit (EITC). The publication, the centerpiece of Citi’s second annual national EITC awareness campaign, also highlights the availability of free tax preparation services through the Volunteer Income Tax Assistance (VITA) program of the Internal Revenue Service (IRS). The publications are available in English and Spanish at www.citicommunitydevelopment.com.
“Filing for the EITC can mean reclaiming much-needed money that could be used to bolster family savings, invest in small businesses, or prepare for college expenses,” said Bob Annibale, Global Director of Citi Community Development. “Citi and our community partners across the country remain committed to ensuring that all eligible families have the support and resources they need to reclaim money that can really make a difference in challenging economic times.”
About the Earned Income Tax Credit
The EITC enables working people who earn approximately $50,000 or less per year to keep more of their earnings through a tax refund. The IRS estimates that four out of five eligible people claim and receive the EITC, and last year eligible filers received $62 billion in EITC refunds. However, many people, including millions of eligible workers who qualified for the EITC for the first time in 2012, don’t know about the EITC or that they must file an income tax return in order to claim the benefit. Every year, 20 percent of eligible taxpayers still do not file for the EITC, leaving billions of dollars unclaimed.About the Volunteer Income Tax Assistance (VITA) program The VITA Program generally offers free tax help to people who make $51,000 or less and need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals in local communities, and can inform taxpayers about special tax credits for which they may qualify, including the EITC. VITA sites are generally located at community and neighborhood centers, libraries, schools, shopping malls, and other convenient locations.