If you earned less than $54,000 last year, you may be eligible for a big boost to your tax refund. It is called the Earned Income Tax Credit and it could mean thousands of dollars in your pocket.
"It's a refundable credit that was put into law about 40 years ago to help lift working people out of poverty," said Louis Morizio, territory manager of the Internal Revenue Service.
Unfortunately not everyone who can claim the benefit does.
According to the most recent statewide data from the Department of Taxation and Finance, an estimated 383,000 taxpayers who were eligible for the EITC in 2014 did not receive it. That includes around 50,000 people in the Bronx, almost 60,000 in Queens and over 70,000 taxpayers in Brooklyn. Considering the average benefit was just under $3,000, which is a lot of money left on the table.
"We want to publicize it to make sure that everyone who is eligible to take the earned income tax credit actually does take it," said Morizio.
To that end, tax preparers at Volunteer Income Tax Assistance or VITA sites across the city are trained to help filers determine if they meet the criteria.
The non-profit Urban Upbound operates VITA, a site at Queens Central Library two days a week.
"They volunteer their time so it costs you absolutely nothing," said Morizio. "And the volunteers who prepare the returns are fully certified."
Now one thing to keep in mind this year is that any refund involving the Earned Income Tax Credit or the Additional Child Tax Credit will be held until February 15. You can still go ahead and file now but the IRS says you should not expect to see your check until the week of February 27.
For more information, you can visit irs.gov.