Transformations Alvin Nance, Executive Director and CEO, Knoxville’s Community Development Corporation
Bringing Tax Dollars Home
Yes, I know. It’s only the 29th of December, and you’d probably rather not think about taxes just yet.
I’m going to talk about taxes anyway, because I want to reach people as early as possible with information that can put money in their pockets and back into our local economy.
Many people are not aware - or don’t take advantage of - the IRS earned income tax credit, a refundable credit for low-income taxpayers who work. The amount of the credit depends on income and family size. For families earning less than $40,000, the credit can mean a refund of up to $4,700, money that could go a long way in this tough economy.
According to the IRS, nearly 25 percent of those who are eligible don’t claim the credit. Those who do claim the credit often use a paid tax preparer who charges high fees for a rapid refund. KCDC is working to change that trend by steering folks to United Way and CAC’s Earned Income Tax Credit Campaign, an initiative that provides free tax preparation assistance for those in need.
Last year, low-income, working residents in our area received $900,000 in refunds. This year, we’re hoping that the amount will reach $1 million.
If you think you might be eligible for the credit, call 211 for more details.
KCDC’s mission is to improve and transform neighborhoods and communities by providing quality affordable housing, advancing development initiatives and fostering self-sufficiency. For more information, call (865) 403-1100 or visit http://www.kcdc.org.