Reed reminds taxpayers about free filing services
With tax season underway, US Senator Jack Reed is reminding constituents of the free resources available to help Rhode Island workers file their claims with the Internal Revenue Service.
He also encourages them to take advantage of available tax credits.
According to the IRS, more than 168 million tax returns are expected to be filed by the April 18 deadline related to identity theft.
Reed said people who need help with their taxes should visit IRS.gov. United Way of Rhode Island also offers free tax preparation and tax return services at 2-1-1, and Voluntary Income Tax Assistance is available for consultation at 1-800-906-9887. Although administered by the IRS, the toll-free number is operated by volunteers and provides free tax assistance to people earning less than $60,001. People with disabilities and taxpayers with limited English skills can also benefit from this program.
Reed said all Rhode Island workers can take advantage of free e-filing services through the IRS website. Anyone is eligible to use Free File Fillable Forms, which are online versions of the agency’s paper forms designed for people who enjoy preparing their own tax returns.
Rhode Island workers earning less than $73,001 can also access free branded software to file their taxes electronically; Refunds can be deposited directly in as little as 10 days. Individuals who need additional time to file their federal taxes can obtain a six-month penalty-free extension by filing Form 4868 by April 18.
Available financial aid includes the Earned Income Tax Credit, a refundable loan that helps low- and middle-income families. The amount varies based on family size and income, but is available to eligible taxpayers who earned up to $59,187 and whose investment income was less than $10,300 in 2022. unearned income such as B. Unemployment Benefit is not eligible for this credit.
The Child Tax Credit is available to single or married low- and middle-income workers who have dependent children under the age of 17. Eligible individuals filing a federal tax return may receive a credit of up to $2,000 per child.
The pension contribution loan, also known as a savings loan, is a personal form of savings that allows you to put money aside for retirement. People may be able to deduct a portion of their contributions to a traditional IRA and be entitled to a tax credit equal to a percentage of their contribution.
An education loan reduces the tax liability on tax returns. If the credit reduces the tax liability to less than zero, people can get a refund. The two types of education credit available are the American Opportunity Tax Credit and the Lifetime Learning Credit.
Jamestown resident Reed also warns his constituency to beware of scams. The IRS will never contact taxpayers via email, text message or social media to request personal or financial information, he said.