NCTC recently received confirmation from IRS SPEC leadership that the 16 VITA programs currently participating in the Schedule C Initiative will once again be permitted to assist clients with Schedule C tax return filings during the 2014 filing season. This is a reversal of a previous decision earlier this year, and we wholeheartedly thank IRS SPEC and Wage and Investment leadership for their reconsideration and recognition of the importance of this initiative for our clients. Read the rest of this entry
Few entrepreneurs go into business because they love keeping detailed records of their business finances. Many, instead, launch a business in pursuit of self-fulfillment, independence, personal satisfaction and even necessity. Still, sound recordkeeping is essential for tracking business performance, making critical adjustments to improve performance and for tax purposes. Even the most talented entrepreneurial makers and doers often need some guidance when it comes to keeping accurate, timely and organized records. Read the rest of this entry
CFED recently released new data on the strength of state policies that help families create financial security and opportunity. These data capture policy changes that occurred in the 2012 state legislative session, or for which data became available after fall 2011.
You can see which states were the winners and losers using the interactive map, which shows net policy gains and losses across the country, and describes the changes in each state. You can also read an analysis of recent changes for each policy. Read the rest of this entry
Following nearly 20 years of hosting the premier gathering for the asset-building field, our friends at CFED are hopeful that you will join them for this year’s Assets Learning Conference, Ideas Into Action, which will take place September 19-21 in Washington, DC.
The Conference aims to advance innovative, yet proven products that create pathways to financial security and opportunity. Taking place just six weeks before the 2012 presidential elections and on the brink of one of the most promising economic renewals in recent memory, the 2012 Assets Learning Conference seeks to showcase the critical work that assets practitioners, policy influences and researchers are doing to make the American Dream a reality for families throughout the United States. Read the rest of this entry
The Earned Income Tax Credit (EITC) is one of the nation’s largest anti-poverty programs. The EITC reduces the tax burden on workers, supplements wages, helps low-income families build assets and reduces income inequality. Annually, the EITC helps 6.6 million Americans move out of poverty; half of these are children. In 2010, over 26 million workers received nearly $59 billion in EITC. The average credit was $2,100, but can be as much as $5,751, depending on the worker’s income, marital status and whether they have children. Read the rest of this entry