Partnership between Opportunity Nation and National Community Tax Coalition Provides Helpful Lens for Looking at Poverty
When most people think of taxes, they typically don’t make a connection to the idea of “economic opportunity.” But the truth is, tax time is a crucial moment for many American families who are able to take advantage of refundable tax credits for which they may qualify. These include the Earned Income Tax Credit (EITC), the Child Tax Credit (CTC), or the American Opportunity Tax Credit (AOTC). Qualifying families can use their refunds to pay for basic needs or use the money as a catalyst to start saving in case of emergency, such as opening a savings account or buying a U.S. Savings Bond. In addition, the heightened attention paid to family finances at tax time can open the door to other services, such as credit counseling or receiving assistance with the Free Application for Federal Student Aid (FAFSA). Read the rest of this entry
After years of learning about our unbanked and under-banked populations, we know that the needs, wants, and actual uses of prepaid debit cards differ for each client. Many variables influence how a prepaid debit card is used, including household size, education, employment status, income levels, access to technology, and computer competency. Clients are able to use the NetSpend prepaid card as a method to receive their tax refunds and can take advantage of the card’s more extensive options- online budgeting tools and payback perks. Clients are provided a $10 spending cushion without overdrafting their accounts, a savings bucket with 5% APR, and helpful budgeting and financial management guidance. Read the rest of this entry
The National Community Tax Coalition (NCTC) will be hosting its 9th National Conference September 10-13 in New Orleans, LA! The Conference, titled March Forward, is the premiere conference for the community tax preparation and asset building field. More than 400 attendees are expected to come together to learn, network, and celebrate as a field! Read the rest of this entry
VITA and other free tax prep-sites have long been dedicated to promoting improved financial well-being for their clients. Beyond the value of direct service, one of the most important roles that free tax prep sites can play is by serving as partners in research projects examining the strength and viability of different strategies to boost the financial security of vulnerable American families.
Tax season is almost over and finally all of the pressure to “buy, buy, buy” with our refund will subside. But, thousands of taxpayers chose a different path this year – they chose to take a portion of their refund and save into U.S. Savings Bonds. In fact, since 2010, over 100,000 people have benefited from tax time savings bonds totaling more than $40 million. At D2D, we have been trying to increase the financial security of Americans for over a decade and very few innovations have been more successful or promising than tax-time savings. Read the rest of this entry