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VITA Helps Improve Taxpayers’ Understanding of Their Taxes

1040 Calculator HelpThe results of a new study released last month conducted by researchers from Penn State University and the Penn State Extension reveal clients of Volunteer Income Tax Assistance (VITA) programs in Central Pennsylvania generally benefitted from financial education provided during tax preparation. One particularly interesting finding showed that nearly half (48.8 percent) of the surveyed tax filers served by these VITA programs reported their understanding of taxes increased a lot after receiving tax preparation assistance. Read the rest of this entry

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Guest Post: New Financial Education Guide for VITA Programs and Their Clients

CFEDSpend Some, Save Some: Making the Most of Your Tax Refund

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