Every year, hundreds of Santa Clarita families miss out on sizable income tax credits, especially families with children. Tax credits worth thousands of dollars can make the upcoming tax season a good thing for working parents or guardians of dependent children.
The Child Care Resource Center (CCRC), a local non-profit, is educating families on the importance of tax credits, which can provide tremendous benefits to working families. Federal and State tax credits help working parents pay the bills while putting money back into the local economy. These tax credits also provide an opportunity to save money and increase a family’s assets. Even families who don’t owe Federal or State income tax may benefit from these credits.
With the economy faltering and families struggling to pay for basic needs such as energy and food, these tax credits are all the more important. Many families, especially low-income families, fail to take advantage of these credits simply because they don’t know the credits exist. Families must be informed about the credits and claim them on their tax returns in order to receive the money they may be entitled to.
Don’t be afraid to ask your income tax professional about these tax credits:
• Federal Earned Income Credit — up to $4,719
• Federal Child and Dependent Care Tax Credit — up to $2,100
• California Child and Dependent Care Expenses Credit — up to $1,050
• Child Tax Credit — up to $1,000
See what CCRC can do for you and your family at www.ccrcla.org or call us toll free at 1-866-674-KIDS.
For information on free tax preparation assistance or on child tax credits, call toll-free 800-TAX-1040, 800-829-1040 or visit www.irs.gov .