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tax credits
The National Women’s Law Center (NWLC) is working with organizations around the country to launch a tax credits outreach campaign to ensure that more low- and moderate-income families are aware of and claim available federal and state income tax credits.
“Federal and state tax credits can make a real-dollar difference for families this year,” said Nancy Duff Campbell, Co-President of the National Women’s Law Center. “Our aim is to help families claim tax credits that can save them money or put money in their pockets.”
Federal and state tax credits can help offset the cost of child care and other expenses for families. For 2012, families may be eligible for a number of federal tax credits, including:
- Earned Income Tax Credit, designed to supplement the wages of low- and moderate-income families (those who earned less than $50,270 in 2012). This credit is worth up to $5,891 and is available as a refund for families who owe little or no income tax.
- Child Tax Credit, designed to help families offset some of the costs of raising children. This credit is worth up to $1,000 per child. Families who owe little or no income tax can receive some or all of this credit as a refund if they earned at least $3,000 in 2012.
- Child and Dependent Care Tax Credit, designed to offset some of the child and dependent care costs that families incur in order to work. This credit is worth up to $2,100, though the amount that can be claimed is limited by the amount a family pays in federal income taxes.
Some states offer their own credits as well: Twenty-eight states, including the District of Columbia, offer child and dependent care tax provisions, twenty-four states offer earned income tax credits and three states offer child tax credits.
To learn more about these federal and state tax provisions, visit http://www.nwlc.org/LowerYourTaxes.
The National Women's Law Center is a non-profit organization that has been working since 1972 to advance and protect women's legal rights. The Center focuses on major policy areas of importance to women and their families including economic security, education, employment and health, with special attention given to the concerns of low-income women. For more information on the Center, visit: www.nwlc.org.
