Key takeaways from the session included:
Federal & State Requirements: We discussed who is required to file based on 2024 gross income thresholds and the specific requirements for California residents, including proof of health insurance.
Maximizing Credits: We highlighted vital benefits like the California Foster Youth Tax Credit (FYTC), which can provide up to $1,189 for eligible young adults ages 18-25.
Employee vs. Contractor: We broke down the differences between being a W-2 employee (where taxes are withheld) and a 1099 independent contractor (where you are responsible for self-employment tax).
Safe Filing: We shared resources for free filing through the IRS and VITA, which even offers an additional $35 for those who schedule an appointment.
Legal Protections: We addressed how to handle identity theft, tax fraud, and the process for amending previous returns to claim missed credits
Thank you to our community partners Public Counsel and The Community College Foundation.
