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Free Online Credit Report > Online Income Tax Preparation
Online Income Tax Preparation: Low and Moderate Income Clients Benefit from Free Advice & Education
Block Advantage Highlights Government Benefits and Prescription Discounts
FOR RELEASE Mar 11, 2003
KANSAS CITY, Mo. – Millions of low- and moderate-income families with annual incomes of up to $63,350 are missing out on what could be thousands of dollars each by not taking advantage of government benefit programs for which they qualify.
H&R Block this tax season has launched new, free services designed to help these families by directing them to programs that provide financial assistance for food, health insurance and prescription drugs. H&R Block also provides free personalized tax and financial-related advice, and year-round planning tips to each tax client.
H&R Block’s new Block Advantage service provides each client with a free report that, based on the client’s unique income and life situations, notifies the client of government benefit programs for which they qualify, along with new savings opportunities created by tax law changes and other personalized advice and information.
“We help families take advantage of key government programs – those related to children, nutrition, health and medicine – that are most important to them,” said Mark A. Ernst, president and chief executive officer of H&R Block.
Early results indicate the program is effective – the Food and Nutrition Service of the U.S. Department of Agriculture reports that more than 1,500 callers to the service’s toll-free telephone number between Jan. 6 and Feb. 2, 2003 indicated that H&R Block referred them.
Government Programs
Block Advantage identifies under-utilized government benefit programs and prescription-drug discounts that taxpayers may be missing. These benefits alone could be worth thousands of dollars to families with incomes of up to $63,350. The programs include (based on a family of four):
* Health Insurance for Children. Free or low-cost health insurance worth about $1,500 per child yearly is available for families with incomes of up to about $36,000 through State Children’s Health Insurance Programs (SCHIP) and Medicaid. Nearly 5 million eligible children are not enrolled in such programs, and more than 15 percent of eligible children in Alaska, Arizona, Idaho, Louisiana, Montana, Nevada, New Mexico, Oklahoma, and Texas don’t participate.
* Food Stamps. For families with incomes of up to $23,500, the Food Stamp Program provides up to $452 a month, or $5,424 yearly, for purchasing food. More than 2 million families, or 57 percent of those eligible, don’t receive food benefits to which they’re entitled.
* Nutrition Aid for Women, Infants and Children. The Women, Infants and Children (WIC) Program provides an average of $70 monthly, or $840 annually, to at-risk pregnant or postpartum women, infants and children up to age five in families with incomes of up to $33,500. Estimates vary, but perhaps as many as 1.5 million eligible families are not taking advantage of WIC benefits, which reduce infant mortality, develop healthier babies, and reduce later health care costs.
* School Lunches. Free or reduced-price meals are available for children whose families have incomes up to $33,500 through the National School Lunch Program. Many schools also provide breakfast and after-school snacks.
Tax Credits
Block Advantage also notifies clients of their eligibility for two important tax programs that aid low- and moderate-income families: the Earned Income Tax Credit and the Child Tax Credit.
* The Earned Income Credit (EIC). The Earned Income Credit (EIC) provides up to $4,140 yearly for working families with incomes of up to $34,178. About a quarter of eligible taxpayers don’t get EIC benefits to which they are entitled, meaning that 4.3 million Americans lose $2.7 billion in benefits annually. About 38 percent of households with three or more qualifying children failed to claim the credit in 1999, according to a recent government study. H&R Block also alerts clients to state EICs for which they qualify.
* Child Tax Credit. The Child Tax Credit, worth up to $600 for each dependent child under age 17, was expanded in 2001 to provide an additional refund to taxpayers who earn more than $10,350 in 2002 but who have little or no income tax liability. The Treasury Department reported recently that 611,560 eligible families lost an average of $390 each, or $238 million, by not claiming the credit for 2001. Of them, 74 percent had incomes of less than $25,000.
In addition to notifying clients of relevant government programs and tax credits, Block Advantage will alert low-income clients who are over age 65, or who are disabled, of their eligibility for discounts on prescription drugs.
* Prescription Drug Discounts. Cards offering discounts of 10 to 40 percent on prescription drugs are available to senior or disabled citizens from healthcare providers, chain drug stores and groups such as AARP. One program, for example, covers those with annual incomes under $28,000 for individuals and $38,000 for couples. Eligibility and cost vary by program; some offer free cards. Health officials estimate that almost 10 million out of the 40 million seniors covered by Medicare could save as much as $600 a year through such cards.
In another effort to assist taxpayers, H&R Block this year is introducing a series of free, advice-based educational workbooks designed to help clients manage their personal finances, from basics like budgeting, saving for emergencies and setting savings goals, to more advanced goals such as investing and saving for education or retirement. These workbooks are available as a test in 130 H&R Block offices and at www.hrblock.com.
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- Are You Missing Out on Thousands of Dollars in Government Benefits & Discount Programs?
Millions of low- and moderate-income families with annual incomes of up to $63,350 are missing out on what could be thousands of dollars each by not taking advantage of government benefit programs for which they qualify. [ more... ]
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