Michelle's Story - 2007
Michelle is one of the lucky ones. Thanks to a tax preparation service offered, free of charge, in the Franklin area Michelle learned early on about the federal Earned Income Tax Credit available to low- and moderate-income workers.
The 26-year-old single mother is one of nearly 62,000 eligible workers from New Hampshire who received, collectively, more than $95.4 million through the EITC in 2005. EITC refunds in New Hampshire averaged $1,538 for the year, and some were more than $4,000.
“As a single mom, it is important for me to maintain my self-determination and independence while trying to succeed in achieving one of life’s ultimate goals of owning a home on my own,” said Michelle who is not only able to keep more of her annual income through the EITC, but also is taking part in an education savings plan through the “Smart CD” program offered by alliance partner Franklin Savings Bank. Michelle also said she is looking forward to purchasing her first home, thanks to an “Individual Development Account” that offers a three-to-one match on money she saves for just that purpose. “Help from programs like IDA allows me to accomplish this goal.”