Tuesday, January 20, 2009

Just File It! We'll Help.

We will begin offering web access to FREE tax preparation software that will enable individuals and families to file their state and federal income taxes. New this year…credit union members, regardless of income, can use the "Just file it! We'll help" software*.

You may be eligible for a variety of tax credits, including the Earned Income Tax Credit (EITC), Savers Credit, Student Loan Deductions, Child and Dependent Care Expenses Credit, Michigan Homestead Property Tax Credit, Michigan Home Heating Credit, Education Credit and more. The credits are generally based on gross income, but serve a wide variety of needs. Some credits are available to those who don't make enough to pay taxes.

The program is especially helpful for members and families who qualify for credits such as the Home Heating Credit and Prescription Drug Credit. The federal EITC benefits alone can be as great as $4,824 for families with two or more children, and can increase when paired with state tax credits.

For more information or to determine if you are able to use the FREE tax preparation software, visit the I-CAN! E-File website.

*Those not able to file through "Just File It" include business owners, church employees or members of the clergy, those who have sold real estate in the past year, employees who have a non-US address (or whose employer does). Individuals with disabilities or in the Military may be eligible for tax credits not included in the program. The software does allow for Schedule A –Itemized Deductions, Schedule B – Capital Gains and Losses, Schedule C-Profit and Loss from Business (Profit only, 1099-MISC box 7 only).