Financial Friday - Taxes

This year, Tax Day is on April 18th. If you haven’t filed yet, we have collected a few resources to assist you with preparing and filing your taxes. Look at the list below and see which one is right for you.

Tax Preparation: 

Minnesota — https://www.revenue.state.mn.us/free-tax-preparation-sites

California — https://www.sco.ca.gov/eo_vita.html

File for Free:

Federal Taxes — https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

CA State Taxes — https://www.ftb.ca.gov/file/ways-to-file/online/calfile/index.asp 

Minnesota State Taxes — https://www.revenue.state.mn.us/free-electronic-filing

Child Tax Credit:

The Child Tax Credit has also seen a few key changes in the past year: 

The Child Tax Credit has gone from $2,000 per child to $3,000 per child for children over the age of six. The age limit has increased from 16 to 17. 

For children under the age of six, the Child Tax Credit has increased from $2,000 to $3,600. 

Single parents will receive the full credit if they make up to $112,500 and file as the Head of Household. Likewise, two-parent families who earn a combined $150,000 or less will get the full credit.

We recommend utilizing the tax preparation resources above to make sure that you maximize your child tax credit. 

Additional reminders:

• Tax credits reduce what you owe on your taxes. If you don’t owe, it will increase your tax refund. 

• Tax deductions reduce the amount of money you’ll pay taxes on. 

We hope this makes the process of getting your taxes done a little easier.