According to the Internal Revenue Service, more than 70 percent of the nation’s taxpayers received a tax refund averaging nearly $3,000 in 2017, and are expected to receive a similar amount this year. As Nebraskans collect their refunds along with additional benefits coming from the Tax Cuts and Jobs Act passed in December, the Nebraska Bankers Association has highlighted seven tips to help consumers make the most out of their money:
The NBA also stresses the importance of lower-income workers filing a tax return—even if their income is too low to trigger any federal tax liability—in order to potentially claim the Earned Income Tax Credit (EITC). Depending on a recipient’s income, marital status and number of children, the EITC can result in a refund of up to $6,318 to help them achieve financial goals.
Richard Baier, a proud husband, father of two, and the president/CEO of the Nebraska Bankers Association (NBA). Avid about growing the Cornhusker State's banking industry.