Introducing "Just file it! We'll help."
HarborLight CU is offering Web access to free tax preparation software that will enable individuals and families to file their state and federal income taxes. Any credit union member, regardless of income, can use the Just file it! We’ll help. software.
You must file income taxes to be eligible for a variety of tax credits, including:
• 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
• Public Radio and Television
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 individuals 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 $4,824.00 for families with two or more children, and can increase when paired with state tax credits. As many as 25 percent of EITC credits go unclaimed each year.
Can anyone file taxes using this software?
Anyone can use Just file it! for their state and federal income tax returns with a few exceptions. Those are:
· 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)
· Also, 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)