You Don’t Know What You Don’t Know
Doing your taxes can be complicated, even for the most financially savvy among us.
Young & Healthy has embarked on a new service with our partners at Day One. We are helping people with their taxes. You might say, “Hmmm, what does that have to do with healthcare?” As it turns out, filing a tax return can have quite a lot to do with healthcare.
Poverty is considered to be a social determinant of health. There is a connection between our financial health and our physical and emotional health. If we can lift people out of poverty, even a little, we can help to improve their health. So, Young & Healthy is helping people with their taxes. Many very low-income families are not required to file taxes, however, right now there is a huge advantage in doing so.
If you file your taxes, you will also qualify for the government stimulus checks that have been provided during the pandemic. Some families will also qualify for the Earned Income Tax Credit (EITC). Both of these programs put dollars into the hands of the most vulnerable families and Young & healthy is happy to be a part of this.
On Saturday, a father with small children came into the Young & Healthy office to get assistance with his taxes, hoping to qualify for one of the programs mentioned above. He did qualify, but he also got some unexpected and wonderful news. The tax preparer informed him that because he and his wife provide full-time care for his elderly and disabled mother, he can claim his mother as a dependent. Doing so gives him an additional deduction on his taxes, which significantly boosts his tax return. More money for the family equates to less health injuring stress.
You don’t know what you don’t know, unless someone takes the time to tell you. Young & Healthy is taking the time to educate and help those who don’t know that they are eligible for such tax benefits. In turn, many families can lead a healthier life.