For Immediate Release
April 1, 2023
Sheena Kadi
Communications Director & Public Information Officer
sheena.kadi@state.co.us
303-349-8113
April is Financial Literacy Month; with tax filings due Tuesday, April 18, 2023, Colorado State Treasurer Dave Young provides important tax filing information
COLORADO: TODAY - National Financial Literacy month is recognized each year in April to raise public awareness of the importance of financial literacy and maintaining smart money management habits.
“National Financial Literacy Month is a great opportunity for us to check and promote our financial situation and skills,” stated Colorado State Treasurer Dave Young. “If you consider yourself illiterate in terms of finances, then you are not alone! It does not matter if you have just started earning or have been earning for a long time, every day is a chance to reflect upon your spendings and improve your finances.
With tax filings due later this month, I encourage all Coloradans to file their federal and state returns, even if they don’t have to. In many cases, especially for people with low incomes, tax benefits can increase the amount you could receive in a refund. It also ensures that you’ll be one of the first to receive your TABOR tax refund for 2022.”
Changes for 2023
For tax year 2022 some tax credits that were expanded in 2021 will return to 2019 levels. This means that affected taxpayers will likely receive a smaller refund compared with the previous tax year. The 2023 changes include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC), and Child and Dependent Care Credit.
Those who received $3,600 per dependent in 2021 for the CTC will, if eligible, get $2,000 for the 2022 tax year.
For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now get a maximum of $530 in 2022.
The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.
Different ways to file your taxes
1. In person full-service tax preparation
The IRS Volunteer Income Tax Assistance (VITA), AARP Foundation Tax-Aide, and The Tax Counseling for the Elderly (TCE) programs have operated for over 50 years. All these services use IRS certified tax preparers and meet high IRS quality standards. VITA/TCE and Tax-Aide sites offer free tax help to people who need assistance in preparing their tax returns, including:
- People who generally make $60,000 or less
- Persons with disabilities; and
- Limited English-speaking taxpayers
- 60 years or older
Find a VITA or an AARP Tax Aide site
2. Remote full-service tax preparation
You can prepare your own return with help from IRS certified volunteers when you need it through MyFreeTaxes if:
- Your income is $73,000 or less.
You can get connected to VITA providers around the country virtually to have your return prepared by signing up through GetYourRefund if:
- Your income is $66,000 or less.
You can prepare and file your tax return through MilTax if you are:
- Active-duty service members, spouses and dependent children of the eligible service members.
- Members of the National Guard and reserve — regardless of activation status.
- Retired and honorably discharged service members, including Coast Guard veterans, within 365 days of their discharge.
- A family member who is managing the affairs of an eligible service member while the service member is deployed.
- A designated family member of a severely-injured service member who is incapable of handling their own affairs.
- Eligible survivors of active-duty, National Guard and reserve deceased service members regardless of conflict or activation status.
- Some members of the Defense Department civilian expeditionary workforce.
3. Self-preparation
You can prepare and file your own return through IRS Free File:
- If your income is $73,000 or less, you can access guided return preparation assistance.
- If your income is greater than $73,000 you can access fillable forms to prepare your own return without assistance.
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