With just weeks before the April 15th tax filing deadline, public officials, Food Bank For New York City and City University of New York will hold free tax preparation events to ensure that residents of Manhattan, Brooklyn and Queens take full advantage of the tax benefits to which they are entitled and to bring attention to the hundreds of thousands of eligible NYC residents who fail to file for the income-boosting Earned Income Tax Credit (EITC).
The Earned Income Tax Credit (EITC) is widely considered one of our nation’s best and most effective anti-poverty programs – yet every tax season, one in five households in New York that qualifies does not apply for it. In New York City alone, this unclaimed EITC leaves hundreds of millions of federal dollars on the table every year.
Food Bank For New York City, recognized by the IRS as the largest coordinator of civilian tax assistance in the country, provides free tax assistance services at locations in all five boroughs, and promotes the free tax assistance program throughout its network of approximately 1,000 community-based member organization citywide. In 2013 alone, Food Bank For New York City prepared more than 45,000 returns, resulting in nearly $82 million in tax refunds for low-wage households.
To locate a Food Bank For New York City tax site, visit http://www.foodbanknyc.
Who: Stephen Levin, New York City Council and General Welfare Chair
Dominique Jones, Chief Programs Officer, Food Bank For New York City
What: Free Tax Preparation Options and EITC Benefits
Where: Capital One Bank
356 Fulton St., 2nd Fl
Brooklyn, NY 11201
When: Saturday, April 5, 12 noon
Since 2002, Food Bank For New York City’s EITC Tax Assistance Program has been helping low- and moderate-income New Yorkers access the EITC and other tax credits and refunds for free. These free tax assistance services not only put dollars directly into the pockets of low-wage working New Yorkers, it spares them from the fees and high-interest lending products (so-called “rapid refunds”) promoted by private tax preparers.
By maximizing refunds and credits for low-income New Yorkers, this program has injected millions of federal dollars into the local economy every tax season:
· Since its inception in 2002, the EITC Tax Assistance Program has prepared more than 400,000 tax returns, bringing in over $700 million in refunds and credits.
· Every dollar invested in this program returns $32 in tax refunds – more than $10 in federal EITC alone – to low-income New Yorkers, stimulating local economic activity.