Wake County Free Tax Prep
A Public Service of the Wake EITC Coalition
Free Income Tax Preparation by Volunteers
- Free preparation of your income tax return
- Free electronic filing of your return
- Free direct deposit of your return into your bank account(s)
- Free printed copy for your records
- Most income tax refunds are deposited in your bank account in 10 days!
2011 Sponsors:
2010 Sponsors:
United Way of the Greater Triangle
EITC-Carolinas a program of MDC, Inc.
2009 Sponsor:
EITC-Carolinas, a program of MDC, Inc.
Our Latest Announcements:
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One of the hardest things about filing your taxes is figuring out which filing status fits you: married filing separately, single, head of household… It’s also an easy thing to get wrong, especially when your situation may not be cut and dry.
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While many of us will not be getting our W-2s for another couple of weeks (employers have until the end of the month to distribute them), tax preparation services are already advertising their services.
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In response to the current economic situation, the legislature has passed a bill that allows all Americans to receive their first $2,400 of unemployment benefits tax free in the 2009 tax year.
Does this mean that taxes won’t be taken out of my unemployment check?
This depends on the rules decided by your local unemployment office and the preferences you give. In most cases, you decide how much is taken out for both federal and local taxes.
While some opt to have no taxes withheld from their unemployment benefits because they need the money then, remember that if you receive more than $2,400 in unemployment benefits that amount over $2,400 is still subject to regular taxes.
Opting out of having taxes withheld from your benefits check may cause an unwelcome surprise come tax time next year.
What does this new law mean for my state taxes?
Tax law varies by state, so check your state’s revenue website for more information on any steps your state may have taken to make unemployment benefits tax free.
I was receiving unemployment earlier this year, but now I’m in a job. Should I adjust my withholdings?
If you received more than $2,400 unemployment benefits but did not have any tax withheld, plan on oweing more taxes next spring than you are used to. While each person’s tax situation is different, the best thing you can do for yourself is to plan ahead.
Also, if you are receiving employment income from more than one job (or you and your spouse both work), you may have complications from the Making Work Pay Credit.
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Individuals and families who qualify for the First-Time Homebuyer Credit but did not buy their house in time to include it in their 2008 taxes do not need to wait until they file this year’s taxes next spring.
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The Internal Revenue Service has announced that it is increasing the limit for families to qualify for free income tax preparation and filing in 2010 (Tax Year 2009). Whereas the limit was previously $42,000 in 2009, the limit will increase to $49,000 for a household. Read the rest of this entry »
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The Internal Revenue Service is cautioning some taxpayers that they could end up with far less withheld during 2009 than their tax liability suggests. This is due to the $400 reduction in normal withholding by employers for tax year 2009. Read the rest of this entry »
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The American Recovery and Reinvestment Act was signed into law on February 17, 2009. Although many of the components may or may not directly affect many of us, there is one component that likely will. Read the rest of this entry »
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If you do not want to take advantage of free volunteer tax sites, you may still be able to file your taxes for free. Several online software programs do actually provide free income tax preparation of your federal return.
There are some potential charges that you should be aware of: Read the rest of this entry »
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We have had some questions about the first-time homebuyers credit. It is basically a refundable tax credit of up to $7,500 that must be “repaid” in future tax years of 1/15th of the amount each year. In other words, it is an interest free loan to homeowners that purchased their homes after April 8, 2008 and before July 1, 2009. Here is the IRS news release (IR-2008-106) that addresses the First-Time Homebuyers Credit that can be taken on Form 5405.
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Tax Refund Anticipation Loans (RALs) are short-term cash advances for the amount a customer expects to receive as an income tax refund. So, it’s the same idea as getting a cash advance on a coming paycheck, except the loan is against your anticipated income tax refund instead of your paycheck. The benefit of a RAL is the same, too. It offers customers a quicker access to cash than waiting for their tax refund. Read the rest of this entry »
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