It's tax season again: time to break out the calculator and start sifting through IRS forms.
Students who weren't born with the accounting gene, however, don't have to dump their tax woes on parents or pay for a pricey tax service. The School of Management fraternity, Beta Alpha Psi, will be offering free tax preparation services to students and community members.
"The purpose is to save any fees that these families would normally pay at H&R Block or Jackson Hewitt," said Michael Steenberge, a member of the honors accounting fraternity that runs the service.
Participants don't have to have a family to benefit - anyone who makes less than $40,000 annually can take advantage of the free service. It will be held from 10 a.m. to 5 p.m. in 143 Park Hall on North Campus, and for the first time on South Campus in 109 Allen Hall. Dates range from February through April.
Proof of identification is needed to complete the process, along with a Social Security card, date of birth for self, spouse and dependents, wage and earning statements from all employers (Forms W-2 and 1099), a copy of last year's federal state tax returns if available, and bank routing numbers for direct deposit.
Local residents and students can save an estimated $100 to $300 by using the free service - an aspect that makes it especially appealing for low-income families. Last year, the turnout was mostly composed of students and faculty. By expanding the service to South Campus this year, Beta Alpha Psi hopes to make it more accessible by less-wealthy families in the area.
"The community that really needs it is able to get to it," said Cynthia Shore, the assistant dean for corporate and community relations in the School of Management.
This year, Beta Alpha Psi has trained over 100 students in an IRS-certified program called VITA (Volunteer Income Tax Assistance), a training process which certifies participants to prepare taxes. The training involves an eight-hour course and an online exam.
"We take pride in making sure that anyone we send in to prepare (taxes) understands what they're doing," said Steenberge, who is also a co-chair of the VITA committee in Beta Alpha Psi. "We're making sure the people who go in there are confident and capable."
The service, which has been offered at UB for the past three years, has been growing in popularity, with over 100 returns prepared last year. To accommodate for growing interest, the fraternity recruited outside students to help offer the service, besides the more than 100 members who are required to volunteer.
"It is truly student-driven, and student-organized," Shore said. "All the blood, sweat and tears is coming from them."
Steenberge, who helped prepare taxes last year, said that offering this service free of charge is a big help to people who need it.
"It was probably one of the most rewarding feelings I've ever had," Steenberge said. "It is really something that has a profound effect on people's lives."
Companies like H&R Block and Jackson Hewitt not only have service fees but may also try to swindle customers into paying more to get money fast. With the fraternity's free service, a participant using direct deposit can get their return in about a week.
"To these people it's another month that they've got their bills covered," Steenberge said.
The participant reaction has been one of gratitude, according to Steenberge. Some try to offer the volunteers compensation - one patron asked if she could bring them cookies, which they had to kindly refuse.
"We just ask them to spread the word and come back next year," he said.
Services will be available on South Campus on Feb. 9, 10, 16, 17, 23 and 24, and North Campus on March 22, 23, 29 and 30, and April 5, 6, 12 and 13. For more information, call 716-829-3099.
Photo: Courtesy of Laron Fomby
