Free tax help is available for those with low incomes
Low-income taxpayers in need of help preparing their returns and obtaining refunds can once again get help from a host of free tax preparation sites being launched this Saturday.
The Creating Assets, Savings and Hope (CASH) Coalition, an initiative of the United Way of Buffalo and Erie County, is offering four hours of free tax preparation and filing as part of its Cash In Saturday event.
The group will also offer access to a wide range of other services for those earning less than $40,000 a year, such as information on earned government benefits and adult education opportunities. Qualified taxpayers are also eligible for other services from 25 local banks, educational institutions, health and human service nonprofit agencies, and government agencies.
The event, which will take place from 10 a. m. to 2 p. m., marks the grand opening this year of the coalition’s one-stop resource for such services, known as The Hope Center, located at the Tri-Main Center at 2495 Main St. in Buffalo.
Separately, accounting students from the University at Buffalo School of Management, who are certified by the U. S. Internal Revenue Service, will also provide free tax preparation to individuals and families making less than $42,000 a year.
The service will be offered at UB’s North and South campuses from 10 a. m. to 5 p. m., on a first-come, first-served basis. It will be held in 109 Allen Hall on the South Campus on Feb. 7, 8, 14, 15, 21, 22, 28, and on March 1. It will be held in 106 Jacobs Management Center on the North Campus on March 21, 22, 28, 29 and April 4, 5, 11, and 12.
The UB service is coordinated by the school’s chapter of Beta Alpha Psi, an international honors organization for accounting, finance and information systems students, with help from the UB Accounting Association.
Such services are particularly geared to help low-income filers apply for and receive the federal and state Earned Income Tax Credit, which not only can reduce or eliminate taxes but is a refundable credit of as much as $4,700 for a family with two children. Besides the current 2008 tax year, the service can prepare back filings from the two previous years, adding to the refund.
And by going to a free service, as opposed to a paid preparer, taxpayers can save $100 to $300 in fees, according to the IRS. At the same time, advocates say, they won’t be tempted or even urged to get their money faster through a costly loan that critics say saps the needed refunds.
Taxpayers must bring proof of identification, original Social Security card for each filer and dependent, dates of birth, wage and earning statements from all employers, interest and dividend statements, a copy of last year’s federal and state tax returns if available, and bank routing and account numbers if they want direct deposit.
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