Newswise — Instead of having to pay an accountant, low-income families in Madison and Chenango counties are counting on the know-how of Colgate students this tax season.
Through the Volunteer Income Tax Assistance (VITA) program, 30 student volunteers will help about 500 local families file their taxes for free. The VITA program at Colgate, the first student-staffed initiative of its kind in New York, started in 2003. Students are trained, and they must pass an IRS certification test before working on returns.
This year, Colgate students are expected to return more than a million dollars to local filers, money that many families could miss out on if it weren't for VITA volunteers. They help families realize how much they're entitled to under the Earned Income Tax Credit or EITC, a federal tax break for low-income families.
According to Nicole Simpson, assistant professor of economics at Colgate, approximately 20% of families who qualify for the credit fail to claim it because they can't afford to pay a professional tax preparer to complete the forms. That's where Colgate students' budding expertise comes into play by educating families for free, and, in the process, putting money back in the pockets of those who need it the most.
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