VITA Program ~ Record breaking year!
There are more than 6.3 million reasons that struggling families can be happy about this year. United Way’s Volunteer Income Tax Assistance (VITA) Program provided free tax preparation to households making $52,000 or less during 2013 and brought over $6.3 million back in to the pockets of those in the greatest need.
The VITA program assists families and individuals with low-to-moderate incomes with IRS-trained volunteers providing free tax preparation from 13 locations across the state and into Vermont. These volunteer tax preparers helped complete and electronically file returns for free while also explaining any special credits and deductions available and how to claim them, including the Earned Income Tax Credit (EITC).@ EITC was created to reduce the tax burden on lower-income workers and to supplement their wages.A@The credit can increase an eligible family’s refund by as much as $6,044, an important step in helping them to become more financially secure.@
This year volunteers prepared 4,403 returns, which was up 17% from last year, the largest number of refunds they have processed since the program’s inception. The refunds resulted in more than $6.3 million dollars returned to those who are facing the difficult economy. This year there was a significant increase in the number of EITC dollars obtained through the program, to $2 million. In addition, the program helped nearly 200 filers claim more than $223,000 in education credits to help with college costs. One of the most impressive results is that the program saw a 21% increase in filers split a portion of their refund to build savings at tax time. This move toward financial stability can be largely attributed to the ongoing collaborative efforts to improve financial literacy.
"At a time when the middle class across the country are in crisis, programs like VITA become more and more critical to keeping these families stable," said Patrick Tufts, President and CEO of Granite United Way. "By collaborating with corporate partners like Citizens Bank Foundation and other local financial institutions we can help boost the returns of these families and guide them on a path to financial stability."
Many of this year’s VITA Program filers are repeat customers who have started to become savvy in their financial knowledge. Volunteers are trained in the most up to date tax credits and inform them of ways they can utilize the opportunities like EITC that can help them provide a stronger foundation for their children’s future.
"Citizens Bank recognizes the need for access to financial education, and we are pleased to be able to provide both financial and volunteer support to the United Way through the VITA program," said Joe Carelli, President of Citizens Bank and RBS Citizens, New Hampshire. "The VITA program helps many New Hampshire families and individuals put resources back in their pockets as well as in communities across the state. Participants also learn how to make smart financial decisions and increase their economic independence."
This year the program also operated a "Virtual VITA" site in Colebrook in conjunction with the Littleton site thanks to new partner AHEAD. Dozens of tax filers in New Hampshire’s northernmost community were able to receive free tax preparation without having to make a lengthy drive. In addition, anyone with Web access was able to use free tax preparation software that also includes available facilitated assistance through MyFreeTaxes.com/GraniteUW.
Cary Gladstone, Director of Asset Building at Granite United Way, looks forward to continue leveraging technology and our relationships with partners n the program to make it accessible to as many as individuals as possible. Granite United Way is already recruiting volunteers for the 2015 program.
"We are continually looking for new ways to bring this important program to more and more individuals," said Gladstone. "This program has seen dramatic growth in the past few years and we recognize there is a very strong need out there to offer this essential service to keep our communities strong and thriving."