VITA Tax Preperation

Bridges Out of Poverty & Michiana SHRM's BOOP Committee are working together to help people in poverty get and keep jobs, and help employers support employees to improve retention and productivity. If you are interested in finding more about our efforts contact Jaime Murphy at jmurphy3@memorialsb.org.

VITA - Get your taxes prepared for free by the Volunteer Income Tax Assistance Program (VITA). All you have to do is make less than $50,000 a year. For more information on location and appointments, call Dawn at 574.232.8201.

 KNOW THE FACTS OF TAX Returns…
Careful! You might fall into one of these traps!
 

1. What is a refund anticipation loan?
Some tax places will try and talk you into a “rapid refund” with a loan attached.
Getting your money early sounds good, but know that you may be paying a lot
for it!
 What to watch out for …
o High fees (sometimes more than the refund)
o High interest rates (up to 500% APR)
o The entire loan plus fees has to be paid back even if your refund is less than
anticipated
o The “advance” usually only comes a few days earlier
o Refund anticipation checks are just as costly to clients
 Is waiting a few more weeks worth hundreds of dollars? Probably not!
 There are also stories of people whose tax returns were wrong and they had to
return the loan amount – but they had already spent it!
o Guess what – they still owed the money and had to pay!

2. Is having someone prepare my taxes for me a good idea?
o Having a professional assist with a complicated return can be helpful
 What to watch out for …
o Extra “add-on” fees, such as application fee, document processing fee, efiling
fee, and technology fees
o Pre-loaded debit cards aren’t really debit cards. They don’t have certain
consumer protections like normal debit cards and often have high fees.
o “Instant cash back” on a debit card, which charges a high fee to put the
money on the card and a fee each time the card is swiped
o Be cautious of tax preparers who claim they can get you a bigger refund
than other preparers!
• Ultimately, YOU are responsible for all the information on your tax return.

3. What about that e-mail I got promising an awaiting refund?
o It might look legitimate, but it is a scam!
 What to watch out for …
o A scheme called “phishing” in which a legitimate looking email is sent out
with a link to click for a tax “refund.” When you click on the link, it asks for
personal and financial information. If you answer, you might become a
victim of identity theft.

• Tip: the IRS will never ask for this information in an unsolicited email.
Trust your instincts: if you think it’s too good to be true, it probably is!
Get the facts! You may be eligible for free tax preparation by the Volunteer Income Tax Assistance
program (VITA). Visit www.uwsjc.org/vita for more information. Or call 2-1-1.