Tax Tips for Low Income and More! | Earned Income Tax Credit | Savers Credit | File Taxes for Free!

I’m back with another TAX VIDEO. Answering many repeat questions I got from the last video including how to file taxes for free in 2021 (for the 2020 tax year), when should you file your own taxes, explaining the earned income tax credit (or EITC) and what income you need to be eligible, the savers credit for those who have put money into their 401k or IRA and MUCH MORE!! There are many ways to file taxes for free and I discuss options whether you want to do it yourself or have someone else prepare it for you, free of charge! Filing your taxes on your own can seem daunting, but if you are a W-2 employee with no business, assets etc. it may make sense to try it on your own because the taxes are pretty straight forward. The earned income tax credit (EITC) is a great way for Americans making low to moderate income to capture some of their taxes back! You do NOT have to have a kid to be eligible for this credit although having kids definitely makes the credit LARGER. You can get up to $6,600 as a credit and the best part about it is that the credit is REFUNDABLE. Refundable credits mean that even if your tax liability is zero you can still get money back! The savers credit is another credit for low to moderate income Americans that gives you “credit” for saving (see what I did there). You can get up to $1,000 dollars off your tax bill for putting your money into a retirement account. Cha-ching! Check if you are eligible for the earned income tax credit (EITC) https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit-eitc Site to check for free tax preparers in your area (VITA) https://irs.treasury.gov/freetaxprep/ 401k and IRA deductions due to Covid guidelines https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers Instagram: @thecashcompass Business e-mail: thecashcompass@gmail.com For donations: PO Box 814954 Hollywood, FL 33081 Cashapp: $KrystalTodd Venmo: @KrystalTodd My Youtube Set up: www.amazon.com/shop/thecashcompass *Please be sure to do your own due diligence before making ANY financial decisions. On my channel I share with you my research but please verify everything for yourself! I do not give investment advice, just share my thoughts any my choices!* *Some of the links on this page are affiliate links, meaning, I may earn a commission if you click through and make a purchase, at absolutely no cost to you. Affiliate commissions help keep my channel going so thanks for your support!*