Another Successful Tax Season for the VITA Program
United Way of Rutherford and Cannon Counties announces a successful tax season for the VITA (Volunteer Income Tax Assistance) program.
VITA is a FREE Tax Preparation Program for low to moderate-income households of $70,000 or less for the tax year 2022. This year, over 34 IRS-certified volunteers served over 2900 hours and completed more than 1,400 tax returns, resulting in over $1.6M in investments through tax refunds and $473,221 in reduced tax prep fees.
According to Debbie Curtis, United Way’s VITA program coordinator, the program “is a wonderful example of how United Way of Rutherford and Cannon Counties works to improve the financial stability of everyone in our community, by helping to keep money in taxpayer pockets.”
The VITA program and My Free Taxes connect community members with eligible credits such as the Earned Income Tax Credit (EITC). The EITC is a benefit for working people with incomes under $70,000 and can mean more resources for essential needs such as reliable transportation, housing, and food.
Enacted in 1975, the EITC provides benefits to working recipients with earned income, but not to non-working recipients. EITC or Earned Income Tax Credit highlights include:
- Largest Anti-Poverty Policy in the U.S.
- Greatest way to develop wealth among low-income families
- Third largest government program following Medicare
- $7.3 billion in benefits available for the tax year 2022
- 20% of benefits go unclaimed or $1.7 billion
- VITA brings access to claim benefits for FREE by IRS-certified volunteers
- Significant impact on health for maternal mental health and low-weight births
- Increased maternal employment by 6% may explain why the U.S. has a high level of maternal employment despite the absence of childcare subsidies
- EITC Tax Credit for 2022 Income ranges from $16,480 to $59,187 and credits range from $560 to $6,935
Through combined efforts with My Free Taxes, a free online filing service, the economic impact of the VITA program has consistently increased each year. Over the last 5 years, the United Way Rutherford & Cannon Counties VITA program has served 7,233 clients for a total of $9,195,00.00 in refunds to our community.
For more information about the VITA program, visit yourlocaluw.org or call (615) 893-7303.
