TAX DAY IS JUST A FEW DAYS AWAY! CLAIM IMPORTANT CREDITS LIKE THE EITC – THEN PUT THAT REFUND TO GOOD USE!
Time is ticking to get the money you deserve!
If you earn less than $38,000, the government could owe you as much as $6,000 if you qualify for the Earned Income Tax Credit (EITC). Mayor Bloomberg and the Department of Consumer Affairs run the Citywide campaign to help New Yorkers claim this important credit. Visit www.nyc.gov/eitc to learn more about the EITC and free tax preparation. Ask your tax preparer about other credits for which you might be eligible.
Already filed? Expecting a refund?
If you are one of the many New Yorkers who work hard yet struggle to make ends meet, DCA’s Office of Financial Empowerment (OFE) wants to help you get ahead – starting with your income tax refund!
Important Ways to Put Your Money to Work for You:
1. Bank It.
Open a low or no-fee Basic Banking Account. Having a bank account
means…
• No more check-cashing fees.
• Your money is protected and insured.
• You can build your credit rating.
• Your tax refund will show up in your account in as little as 10 business days after electronically filing your return. NEW THIS YEAR: If you electronically file, you can deposit your tax refund into as many as three accounts at three different U.S. financial institutions!
See Tip #2 for additional account options.
Visit www.nyc.gov/eitc to learn about opening a low or no-fee account at a bank or credit union in your area.
Reminder: For big purchases and payments, you never want to pay in cash. A checking account can allow you to write checks, protecting you and your money. Bank-issued ATM or debit cards allow you to access your money when you need it.
2. Save It.
Money in a savings account can earn interest. That means your money can grow.
Also, it’s never too early to save for retirement. Consider putting money into an Individual Retirement Account (IRA). Contributions
reduce your taxable income. You pay no taxes on IRA earnings, either – so long as you don’t withdraw your money until you retire. For more information, visit the Internal Revenue Service Web site at www.irs.gov or ask your tax preparer. Reminder: If you electronically file, you can also deposit your tax refund into a savings and/or IRA account!
3. Pay Down Debt.
If you have high-interest credit card or loan payments, use your refund to pay down your debt, which will save you money in the long term! Reminder: Read the fine print on all credit card and loan offers to avoid deals that are good for the lender – but bad for you! DCA can help if a debt collection agency attempts to collect debt you don’t owe or harasses you regarding debt you’re trying to repay.
Launched by Mayor Bloomberg in December 2006, DCA’s OFE is the first local government initiative in the nation with a mission aimed expressly at helping to educate, empower, and protect those with low incomes so they can build assets and make the most of their financial resources.
To learn more about OFE, to request free consumer guides, or to file a complaint about a debt collection agency, Dial 311 or visit www.nyc.gov/consumers .
Sincerely,
The New York City Department of Consumer Affairs – Office of Financial Empowerment
