Towpath Tax Help

LET TOWPATH CREDIT UNION HELP YOU WITH YOUR TAXES

     Beginning January 18th we’ll be offering members the professional and online tax services of 800-TAX REFUND, Inc., an IRS Industry Partner for the past twelve years. Whether you prefer to file your taxes yourself or use a tax professional, be sure to check out these convenient and low-cost services designed to make filing your taxes easy and hassle-free: Just click here to get started!

EARNED INCOME TAX CREDIT

     The Earned Income Tax Credit or the EITC is a refundable federal income tax credit for low to moderate income working individuals and families. To qualify, taxpayers must meet certain requirements and file a tax return, even if they did not earn enough money to be obligated to file a tax return.

     The EITC has no effect on certain welfare benefits. In most cases, EITC payments will not be used to determine eligibility for Medicaid, Supplemental Security Income (SSI), food stamps, low-income housing or most Temporary Assistance for Needy Families (TANF) payments.

     Qualified families can earn up to $5,657.00 in additional tax refund monies. Individuals without children are also eligible. Another benefit is that if you qualify you might be eligible for free tax preparation. To find out if you are able to take advantage of this program go to www.irs.gov. 

IRA INFORMATION 

     In order for your IRA contributions to be eligible for 2011 tax reporting they must be deposited by April 15, 2012. The 2011 contribution limit for Traditional and Roth IRAs is $5,000 and $6,000 for members age 50 and older. Towpath Credit Union offers options for depositing funds into your IRA. Please call us 300.664.4700 for more information. Do you have an IRA CD maturing at another financial institution? Click here and compare our rates! Give us a call and we’ll be happy to assist you in a transfer to a Towpath Credit Union IRA.