LOCAL COALITION, IRS TO OFFER FREE TAX PREPARATION FOR LOW-TO-MODERATE INCOME RESIDENTS IN ADA AND CANYON COUNTIES
BOISE – In conjunction with National Earned Income Tax Credit Day, February 1, the Coalition for Economic Improvement, a group of more than 20 Treasure Valley businesses, government and non-profit organizations, is organizing a program to provide free tax preparation and financial literacy training for low-to-moderate income individuals and families in Ada and Canyon counties.
“This program really plays a critical role in helping raise awareness of the Earned Income Tax Credit (EITC) and how important it is to the financial stability of many Treasure Valley residents,” said Gaye Bennett, Vice President of Administration and Government Relations at United Way of Treasure Valley and this year’s CEI Chair. “Nationally, nearly 20 percent of those who are eligible for the credit fail to claim it because they don’t know that it exists. We are working hard to make sure that doesn’t happen in the Treasure Valley.”
The program promotes awareness and use of the Earned Income Tax Credit, direct deposit options for refunds, and local asset building programs and financial education resources.
For the third straight year, CEI will provide the free tax help and financial literacy training in Boise (at 2717 Vista Ave.) on Tuesdays, Wednesdays and Thursdays from 3 p.m. to 8 p.m. and on Saturdays from 10 a.m. to 5 p.m. through April 14, 2007. A Canyon County site will be announced soon.
Last year, the program prepared tax returns for 1,862 Treasure Valley residents. Residents claimed a total of $907,316 in EITC, which increased the total amount refunded to taxpayers to nearly $2 million.
Returns are prepared by teams of volunteers, who receive 40 hours of training from the IRS. Many of the volunteers are retired accountants or have a background in finance. Volunteer tax preparation sites will play a critical role in reaching those people who do not have an obligation to file a tax return but who qualify for the tax credit which last year averaged $500 per return.
ABOUT ZIONS BANK:
Zions Bank is Utah’s oldest financial institution, and is the only local bank with a statewide distribution of branches, operating 125 full-service branches throughout Utah. Zions Bank also operates 22 full-service branches in Idaho, and more than 200 ATMs throughout Utah and Idaho. In addition to a wide range of traditional banking services, Zions offers a comprehensive array of investment, mortgage, and insurance services, and has a network of loan origination offices for small businesses nationwide. The company is also a leader in providing electronic banking services, including electronic municipal bond trading. Founded in 1873, Zions has been serving the communities of Utah for 130 years. Additional information on Zions Bank is available at
www.zionsbank.com.
ABOUT THE COALTION FOR ECONOMIC IMPROVEMENT (CEI)
The Coalition for Economic Improvement is a group of Treasure Valley businesses, non-profit, and government agencies who work together to empower low and moderate income taxpayers to improve their economic situation by Creating Assets, Savings and Hope (C.A.S.H). The Coalition works with the community by helping individuals and families build strong financial futures. Through financial education training, clients can maximize their assets and access tax credits including the EITC.