La voz january 2016 english

Page 1

F A R M

January 2016

L A B O R

I N F O R M A T I O N

B U L L E T I N

Voice of the Fields California FREE

Volume 26, Number 1

TA X S E A S O N

Start Filing Your Taxes Now

I

t is never too early to start thinking about your taxes. Going into tax season prepared can help you save time and money.

The Federal and California tax deadline is Monday April 18, 2016. It is important that you file your taxes by the deadline. If you owe money to the Internal Revenue Service (IRS), the federal agency that collects taxes in the U.S., and if you file your taxes late, you can be penalized 5-25% for every month your return is late. Before filing, your employer will give you a W-2 form on or before January 31st. Your W-2 tells you how much money you earned and how much taxes you paid in 2015. Make sure you receive a W-2 form from each employer you worked for in 2015. If you do not receive your W-2 form(s) you should contact your employer or former employer to see if and when they mailed your W-2. If your former employer has gone out of business it is recommended you contact the nearest bankruptcy court. You may also use your paycheck stubs to obtain a W-2. In order to obtain your W-2 with your paystubs visit www.ftb.ca.gov and complete a Substitute Withholding Statement (FTB 3525 Form), which you will attach to your California return when you file.

Use the information provided on the W-2 when filing your taxes. In addition, if you received government assistance, such as unemployment or disability insurance in 2015, you will need to include the amount you were given on your tax forms. If this situation applies to you, you will receive financial information in the mail from the State of California. Each person’s tax situation is different, so in order to make sure you have included all of the appropriate financial information or documents it is best to seek outside advice from trusted organizations, such as the IRS or IRS-recommended programs. There are various resources that offer free assistance in both Spanish and English, but it is important you verify the legitimacy of the organization before providing them with any personal information.

The IRS Volunteer Income Tax Assistance (VITA) The VITA Program provides free tax help to people who make $54,000 or less, have disabilities, are over 60 years of age, or have limited English language skills. VITA provides free

basic income tax return preparation. The VITA sites are generally located at community and neighborhood centers, libraries, churches, schools, shopping malls, and other convenient locations. To find a site near you, call 1 (800) 906-9887.

Tax Counseling for the Elderly (TCE) The TCE Program offers free tax help for all, with priority assistance given to people who are 60 years of age and older. TCE specializes in questions and issues that are unique to retired individuals. To find a TCE center near you, call 1 (888) 227-7669.

Earned Income Tax Credit (EITC) The EITC is a new refundable tax credit that puts money back in the pockets of California’s working families and individuals. If you owe taxes, the Cal EITC reduces the amount of taxes you owe and may allow you to receive a refund after filing taxes. If you do not owe any taxes, the Cal EITC tax credit will give you a tax refund upon filing taxes. Who can claim EITC? Low to moderate-income filers may be eligible for the Earned Income Tax Credit. Specifically, this credit is available to California households Continued on next page


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