Financial Stability/VITA
VITA (Volunteer Income Tax Assistance)
The VITA program, or Volunteer Income Tax Assistance, is a collaboration of United Way of Denton County and the Financial Stability Partnership. Trained and certified tax preparers will be available to provide free income tax preparation to those who qualify.
If you earn less than $50,000 annually, you may receive:
- Up to $4,500 through the EITC (Earned Income Tax Credit)
- Up to $1,000 per child through the CTC (Child Tax Credit)
Bring the following items with you:
- Copies of all W-2's, 1098, and 1099 forms
- Social Security card or Individual Tax Identification Number for all persons listed on the return
- Vaild photo ID
- Child care provider's identification number
- Amounts of other income
- Savings and Checking Routing and Account Numbers for Direct Deposit
**Total income cannot exceed $50,000 for taxpayer year 2010. We cannot prepare: Back Taxes, "Married Filing Separately", Schedule C (Profit Loss from Business), Schedule E (Rents and Losses), Form 2106 (Employee Business Expenses), Form 3903 (Moving), Form 8606 (Non-deductable IRA), Form 8615 (Minor's Investment Income), and Individuals with a Bankruptcy
This service is available on a first come, first served basis
VITA LOCATION INFORMATION
Tuesday, January 31 5:00pm-8:00pm North Branch Library |
*North Branch Library
3020 N. Locust St.
Denton, TX
*Cesar Chavez Elementary
2600 Hart Road
Little Elm, TX 75068
*Oak Point Elementary
401 Shahan Prairie
Oak Point, TX 75068
The Financial Stability Initiative
In 2007, United Way of Denton County launched a new initiative to promote financial stability among low-to-moderate income families and individuals in Denton County.
The Reasons:
- Over 12% of the US population has an income below the federal poverty level ($20,650 for a family of 4) in spite of the fact that many are employed, some with 2-3 jobs
- Credit Card debt in America has tripled in recent years with 1 out of 3 households having to use credit cards to cover basic living expenses including rent, groceries, utilities and insurance
- The fastest growing segment of society filing for bankruptcy is people under the age of 25
United Way has identified a 3 step process of addressing financial stability:
Increase Income - Build Savings - Gain and Sustain Assets
United Way of Denton County began this process by coordinating with the IRS, Denton North Branch Library, UNT Student Money Management Center, Wells Fargo, RSVP (Retired & Senior Volunteer Program) and AARP to open free tax-preparation sites and financial counseling for low-to-moderate income workers, educating and assisting workers apply for the Earned Income Tax Credit and the Child Tax Credit, and offering choices of how to invest their refunds to benefit the financial health of their families. VITA (Volunteer Income Tax Assistance) sites are staffed by IRS certified volunteers who are trained specifically to offer tax preparation and financial counseling in a variety of areas.
In 2007, the IRS estimates that over $16 million in tax credits were unclaimed by Denton County residents who qualified for them. To combat this and get money back into resident’s wallets the UWDC offered 16 free tax preparation sessions in 2008. In turn, VITA participants received a total of over $60,000 in Earn Income Tax Credits and $181,421 in Federal refunds issued.
In 2008 the UWDC VITA program was able to provide 20 free tax preparation dates, at 3 different sites, over a period of two and half months. The accessibility of this program is in strong part because of the overall increase of volunteers, which doubled since the previous year, and additional partnerships. During this time volunteers prepared and submitted 230 tax forms, an 8% increase from 2008.
The IRS estimates that the average out-of-pocket cost incurred by taxpayers to prepare and submit their returns is $209 per return. Based on this calculation, the United Way of Denton County VITA program saved residents roughly $47,861 in tax preparation alone. In addition, volunteer tax preparers found a total of over $55,000 in Earned Income Tax Credits for participants (a 1% decrease since 2008) and had over $216,000 in Federal refunds issued, an increase in $34,680 or 8% increase. The VITA program saved money for Denton residents as well as increased their income.
Stats Overview:
| 2007 | 2008 | % increase/(decrease) | Total increase/(decrease) |
|
| Volunteers | 7 | 14 | 50 | 7 |
| VITA Participants | 193 | 230 | 8% | 37 |
| EITC in DC | $61,021 | $54,951 | (1%) | (6,070) |
| Avg. EITC in DC | $316.17 | $256.78 | (1%) | $59.39 |
| Fed. Refunds DC | $181,421 | $216,101 | 8% | $34,680 |
| Avg. Fed. Refund in DC | $940.01 | $1,009.82 | 9% |
$69.81 |
| AGI for DC | $4,162,267.00 | $4,253,562.00 | 10% | $91,295 |
| Avg. AGI for DC | $21,566.15 | $19,876.46 | (1%) | ($1,689.69) |
Filing Status at a glance:
UWDC is helping families access the money that is available to them and choose how best to provide for their families. Through this initiative, working individuals and families with low-to-moderate incomes will be more knowledgeable about their financial options and gain an understanding of how to become more financially stable.