Need help filing your taxes this year? 

You May be Eligible for the Earned Income Credit (EIC) or Child Tax Credit (CTC)!

The Earned Income Credit (EIC) and Child Tax Credit (CTC) are federal tax benefits for low- and moderate-income families. These credits can reduce the amount of income taxes workers owe and/or qualify for cash back. Workers raising children who earned less than about $38,000 in 2008 may be eligible for the EIC. Workers not raising children who earned less than about $13,000 can also qualify.

In addition to EIC, some families can receive a Child Tax Credit (CTC), which can be worth up to $1,000 per child. Congress expanded the CTC in its financial rescue legislation enacted in 2008 to allow more children to qualify for the CTC. As a result, families are now eligible for the CTC if they earned at least $8,500 in 2008, a change from $12,500.

Note, that neither EIC nor CTC count benefits like cash assistance (welfare), Medicaid, food stamps, SSI or public housing as income in determining eligibility.

Stepchildren, grandchildren (if taken care of by the grandparents), adopted children, and foster children can qualify for EIC and CTC. Qualifying children must be under age 19 or under age 24 if they are full time students to qualify for EIC and under 17 to qualify for CTC. Children with disabilities regardless of age may also qualify under the EIC program. To claim your EIC or CTC credits you need to file either Form 1040 or 1040A and must fill out and attach Schedule EIC or Form 8812 for CTC.

Paying for tax preparation takes away from the value of your EIC or CTC credits. If you cannot do your own taxes, you don’t have to pay either. Low-income workers can get FREE help with tax preparation through an IRS-sponsored program called Volunteer Income Tax Assistance (VITA). VITA volunteers are trained according to IRS guidelines to fill out basic tax forms including the ones needed to claim the EIC and CTC.