Posts Tagged ‘tax’

Me? Do people’s taxes? Definitely not.

Tuesday, September 13th, 2011

Looking for a unique way to help out in your community? You should think about serving as a volunteer tax preparer this tax season!

Not only will you save families in your community a lot of money on tax preparation, you’ll help bring thousands of dedicated federal dollars to your local economy through take-up of tax credits by the clients you serve.

I know what you’re thinking, “Me? Do people’s taxes? Definitely not.” Even if you have some burning interest to figure out the forms, technical jargon, and other complexities of the U.S. tax code or just want to save money doing your own taxes, why would you choose to spend time completing returns from Feb. 1 – April 15 unless you’re getting (well) paid for it?

Funny as it may seem, doing taxes is pretty easy and even enjoyable, especially when you help people who are truly in need and may have been preyed upon in the past by high cost paid preparers. Volunteer tax preparers get to directly touch the lives of their neighbors, providing free assistance to help individuals and families make use of the tax benefits (like the refundable Earned Income Tax Credit) that they deserve.

When you hear about the things predatory preparers in Michigan will do (like charge upwards of 800% interest on a Refund Anticipation Loan) and find out how simple it is to help someone get the refund they deserve (by claiming tax credits like the EITC, home heating credit and the homestead property tax credit), the opportunity to serve as a volunteer preparer resonates as a truly impactful means of producing tangible benefits for your community.

Becoming a volunteer preparer builds skills you can use for the rest of your life (you will never have to pay someone to do your taxes again!) and looks great on a resume. You also get a chance to meet really cool people who, like you, want to be active and contributing members of their community. My first year as a tax preparer, I couldn’t believe how much fun the tax site became once I got to know the other preparers and experienced the camaraderie you find in a group of diverse people all coming together for a real purpose.

Check out the Michigan Earned Income Credit Coalition (MEIC) website to learn more about becoming a VITA volunteer preparer: www.michiganeic.org/. You can also call or email me to find out more.

Want to get started? To become a preparer, you must become IRS certified through an online or classroom training process. To check out the online training modules from the IRS go to: http://www.irs.gov/app/vita/. Contact your local VITA group to learn more about classroom training opportunities. You can find information on your local VITA program here.

This coming tax season, I hope you will join me and the hundreds of other volunteers across Michigan who provide such a valuable resource to their communities as volunteer tax preparers!

Megan Kursik, CEDAM, kursik@cedam.info; 517-485-3588 x1942

Free Tax Help – Plus, Do You Qualify for the Earned Income Tax Credit?

Monday, February 21st, 2011

Why pay for help with your taxes when you can get help for free? In this post you will find out if you qualify for the Michigan Earned Income Tax Credit (EITC) and get two options to save money this tax season.

Do I qualify for the EITC?

“Every year, many eligible workers in Michigan fail to claim the EITC, leaving anywhere from $90 million to $190 million in federal tax relief on the table each year,” says Ross H. Yednock, coordinator of the Michigan Earned Income Tax Coalition. A single parent of two children working full-time at minimum wage and earning $15,000 a year can get a Michigan state income tax credit of about $1,000 and a federal credit of about $5,000.

The IRS has a free EITC calculator here that will show you if you can claim the EITC.

Ways to Save

  1. Use I-CAN! E-File (free online software) to file your federal and state of Michigan taxes. Click here to go to I-CAN! E-File.
  2. Have an IRS-trained volunteer prepare your state and federal tax return for free at a Michigan VITA site. Individuals who earn $44,000 or less qualify for this free help. Get a list of VITA site locations and learn what to bring with you here.

For additional resources please visit www.michiganeic.org.

Show Me the Money Day on Jan 29th in Lansing

Wednesday, January 26th, 2011
Show Me The Money Day image

Partnering with the Asset Independence Coalition, CEDAM will host Show Me the Money Day in Lansing on Saturday, January 29th, 2011 from 10AM – 4PM at the Capital Area District Library Downtown. See the event flier (PDF).

The event will offer participants free tax preparation for those generating an income of $49,000 and less, resources from various local financial institutions and nonprofits at a vendor cafe, and financial empowerment classes running all day.

The class schedule is as follows:

10:30 -10:45 Welcome (Eric Schertzing, Ingham County Treasurer; Amy Kraus, City of Lansing Treasurer)
11:00 -11:30 Do You Have What It Takes to be an Entrepreneur? (Peggy Vaughn-Payne, NorthWest Initiative)
11:45 -12:15 Foreclosure Prevention (Denise Keiser, Center for Financial Health)
12:30 – 1:00 Get Smart About Credit (Jamecia Gordon, Flagstar Bank)
1:15 -1:45 How to Cut Your Grocery Bill (Amber Paxton, Asset Independence Coalition)
2:00 -2:30 Unique Opportunities to Save (Amber Paxton, Asset Independence Coalition; Megan Kursik, CEDAM)

Prize drawings will be held throughout the day for $50 U.S. Savings Bonds, gas cards, and more! The event is designed to connect Lansing area residents with opportunities to save and build wealth and is being held in conjunction with National EITC Awareness Day. For more information, please contact Amber Paxton at 517-256-1466 or Megan Kursik at 517-485-3588×1942.

A list of January and February financial events throughout Michigan may be found online at the bottom of the www.michiganeic.org/taxpayers page.

Here is a quick announcement from WLNS News about Show Me the Money Day:

Resources for Tax Preparation

Monday, March 22nd, 2010

For most tax filers, filing a return is a mere click away!  That’s because individuals and families can file simple tax returns online at I-CAN E-File (www.icanefile.org), a website that allows you to fill out and submit a tax return all via the internet.  As long as you have access to a computer and a secure internet connection, you can use I-CAN E-File to do your taxes by yourself without the cost of using a paid preparer.

Free tax preparation is also available to low-income earners at Volunteer Income Tax Assistance (VITA) sites, where IRS-certified tax preparers help filers to complete their returns.  To see if you qualify for assistance at a VITA site and to view a complete listing of VITA sites in Michigan, visit http://www.michiganeic.org/freetaxprep.

The Michigan Credit Union League provides a good resource to tax filers looking to file returns on their own with its Just File It! We’ll Help. Free State and Federal Tax Preparation Provided by Credit Unions, a web-based program that allows families and individuals to file for state and federal tax credits that often go overlooked.  Access the program at http://www.justfileithere.org/index.php.

Through resources like I-CAN E-File and VITA sites, most tax filers can save by not having to go to a paid preparer.

To get tax refunds faster, filers should sign up for direct deposit of their refunds.  The IRS will deposit tax refunds into a filer’s bank account and filers can divide their funds into multiple checking or savings accounts.  Filers can also purchase U.S. Savings Bonds with all or a portion of their refund.  The fast turn-around of IRS refunds (especially through direct deposit) makes the use of Refund Anticipation Loans (RALs) largely unnecessary.  (The turn-around for direct deposit refunds is 8-12 days).  Waiting a short period for a refund instead of using a RAL saves filers because of the exorbitant fees and interest rates associated with RALs.   To find out more about direct deposit for tax refunds, visit http://www.irs.gov/newsroom/article/0,,id=105957,00.html.

Tax season can be cheaper and easier for people filing simple returns through the useful resources available to help people file for free.  Please contact Megan Kursik at the Michigan Asset Building Policy Project at kursik@cedam.info if you have questions about how to make use of these tax preparation resources.

Reminder: Check the Box for Housing and Community Development

Tuesday, March 16th, 2010

The Living in Michigan Coalition is a group of organizations, including CEDAM, working together to advance Michigan’s Housing and Community Development Fund (MHCDF). MHCDF money goes to nonprofits and local governments to improve affordable housing options and community spaces, creating jobs along the way.

Those filing Michigan taxes can contribute $5 or more to MHCDF to invest in jobs and local revitalization in Michigan communities. Donating to the fund means:

  • creating much-needed jobs and economic stimulation for Michigan’s cities, towns and villages
  • protecting our communities
  • investing in Michigan’s economic future
  • empowering local communities to become more self-reliant, vibrant and healthy through direct support.

April 15 is fast approaching. Please check the box on your state tax return and spread the word. Visit the Living in Michigan website, Facebook page, and Twitter account to learn all about MHCDF, its successes, and how you can help.