On April 30, 2016 the Las Cruces Hispanic Chamber of Commerce Junior Amigo’s held their leadership day at the Community Action Agency of the Southwest located at 3880 Foothills Rd here in Las Cruces. The speaker for leadership day was Dr. Rodolfo Acosta who spoke to the Junior Amigo’s about the IRS and Taxes. He spoke about the myths that people have about taxes as well as how to get the most from deductions and how to offset educational expenses.
There are currently five ways to offset education costs.
- The American Opportunity Credit
- The Hope Credit
- The Lifetime Learning Credit
- Enhanced Benefits 529 College Savings Plan
- Tuition and Fee Deduction
He also explained that the reason you are given a refund is so that you can spend that money and get it back into circulation. Dr. Acosta also spoke about the Child Tax Credit also known as the CTC and that for each child you will receive a refund up to a certain amount.
Dr. Acosta explained to the Junior Amigo’s that it was not advised that they use the Return Anticipation Loan (RAL) because you are legally obligated to pay back what you borrow. If for example your return says you will be getting a $3000 refund and the IRS see a mistake in the math of the person who prepared your taxes, you will only get back what the IRS calculates the mistake to accurately reflect. Plus on top of the money you borrowed you are still responsible for that and the 140% interest accrued.
The Las Cruces Hispanic Chamber representative then asked a few of the Junior Amigo’s for quotes or benefits of becoming a Junior Amigo.
Luis Gomez has been a Junior Amigo for the last 4 years and says that he enjoys being able to do something for the community and that the $50 per year leading towards a scholarship is a great benefit as well.
Pachely Mendivil has also been a Junior Amigo for the last 4 years and he stated “Being a Junior Amigo prepares you for live in general and how important education is!”
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