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Tax Credits/Refunds for Working Families

Child Tax Credit (CTC) for Working Families... 

is a refundable federal tax credit which can be worth up to $1000 per qualifying child. It does not count as income in determining eligibility for other benefit programs. You may be eligible for the credit even if you owe no income taxes. The credit is used first to eliminate any income tax owed. If there is an amount remaining after the taxes are paid, all or part will be refunded to you. For More Info go to IRS website 

 

Earned Income Tax Credit... reduces the amount of taxes you owe, increases your income, and does not affect other public assistance benefits. For More Info go to IRS website 

 

Child/Dependent Care Credit... is a refundable tax benefit that helps pay for the child care you need in order to work or look for work. It reduces the amount of federal income tax you pay by lowering the amount you owe. Anything left over after your taxes are paid will be refunded to you in a check. If you are eligible you can expect to receive 20-35% of child/dependent care expenses depending on income. For More Info go to IRS website 

 

New York State Tax Credit... is a refundable tax credit offered on the state level. Even if you owe no taxes, you can still get a refund! For More Info go to NYS website 

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