April 18 is the deadline to file a tax return or file for an extension for most taxpayers. That means you have a little less than three weeks left to encourage Philadelphians in need to claim their money. Three important tax credit expansions have provided individuals and families with a historic opportunity to boost their refund and reduce poverty:
Earned Income Tax Credit (EITC): The EITC was recently increased and expanded to people not raising children between 19-24 and 65 and over.
Child Tax Credit (CTC): Nearly every family is eligible for the expanded CTC, including families without recent income. Families who received advance payments in 2021 will need to file a tax return to get the remaining credit.
Child and Dependent Care Tax Credit (CDCTC): This tax credit helps offset expenses you pay for childcare or the care of an adult dependent who is unable to care for themselves.
Each year, millions of dollars go unclaimed by Philadelphians who do not apply for EITC when filing their taxes, or in the case of the Child Tax Credit, do not file taxes to claim the payments they are owed. This year, even more Philadelphians stand to benefit from EITC, as well as potentially receive increased credit amounts, due to expanded eligibility and higher refunds for individuals meeting certain criteria. And the expansion of the CTC in 2021 made thousands of new Philadelphia families eligible for the first time. The best part is that there are resources available to help Philadelphians file for free by visiting one of our trusted tax preparation partners. That means they get to keep more money in their pocket to feed, clothe, and provide for their families. That's something we can all get behind.