Puebloans who are struggling to make ends meet are encouraged to submit their income taxes this year in order to take advantage of tax breaks and credits available.
“Based on IRS data for 2019, which is the most recent year for which we have data, we estimate that 29,218 people and families in Pueblo County are potentially eligible for Earned Income Tax Credits,” said Gabi Johnston, a spokesperson for the Colorado Department of Communications.
In most cases, individuals and families earning up to $57,000 a year in income are eligible for some form of cash reimbursement.
Workers who do not have dependent children may be eligible for the Earned Income Tax Credit. Even if they have a very limited income, they may be eligible to get up to $6,700 in reimbursement, according to Johnston.
This year’s tax credits for children have also altered.
“Only around one in every four Coloradans lives in a household where the parents do not earn enough money to make ends meet. As she noted, “Many of them are families with at least one working parent, but their incomes simply do not match the costs of putting food on the table.”
The state is ratcheting up its effort to raise awareness of the Kid Tax Credit, which provides families with up to $3,600 in tax relief for each qualified child under the age of 18. This year, residents are not required to have any income in order to qualify for the Child Tax Credit.
According to Johnston, the state is also spreading the news about enhanced Child Dependent Care Tax Credits, which give assistance from the exorbitant expense of child care.
For additional information and to locate free tax assistance, visit getaheadcolorado.org.