RALEIGH, N. C. — North Carolina taxpayers are turning to State Employees Credit Union and Local Government Federal Credit Union branches for help.
Serving as IRS Volunteer Income Tax Assistance sites since mid-January and in their initial season as volunteers for the program, SECU and LGFCU say they have helped area residents claim $6 million in tax credits and save nearly $700,000 in tax preparation fees.
"LGFCU is pleased to partner with the Internal Revenue Service and SECU in bringing this program to the residents of North Carolina. We look forward to the multi-million dollar boost this will make to the State's economy," said LGFCU President/CEO Maurice Smith.
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The VITA program offers free tax assistance to people with low-to moderate-incomes and currently serves North Carolina residents with household incomes of $40,000 or less. Two SECU employees at each branch location are trained as VITA representatives to prepare and electronically file basic tax returns. The primary focus of these representatives is to ensure eligible residents receive special credits such as the Earned Income Tax Credit and the Child Tax Credit.
According to Congress-man David Price (D-N.C), studies show that as many as 25% of eligible taxpayers fail to claim the EITC credit, with an estimated loss to North Carolina working families of as much as $176 million. Price has also commended both credit unions on their efforts to provide an alternative to high interest refund anticipation loans.
SECU and LGFCU members are eligible for a low 12% interest, no-fee refund anticipation loan when participating in the VITA program. With some 216 statewide VITA sites, the credit unions hope to encourage financial literacy and help get taxpayers on their way to asset accumulation and greater economic security.
"SECU has found many of its members unnecessarily pay for income tax preparation and obtain refund anticipation loans with high interest rates targeted at low-income taxpayers. These refund- anticipation loans make little sense, since the IRS typically delivers refunds in seven to 13 days. Tax filing abuse is becoming a nationwide epidemic and SECU has positioned itself to combat this abuse, leaving more money in the pockets of North Carolinians," said SECU Vice President of Financial Advisory Services Josh Kelly.
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