UB students will do your taxes for free, if you make under $50,000 per year.
Accounting students from the UB School of Management, hoping to get hands-on career experience, will provide free tax preparation services to select individuals in February, March, and April.
The service will be provided free-of-cost to students, individuals, and families with annual incomes lower than $50,000. Student volunteers will offer the free services through the IRS-sponsored Volunteer Income Tax (VITA) program.
"We try to provide free services to those who couldn't afford to file a return," said Anna Qu, an accounting student and one of the program's co-chairs. "[We] aim to get as much refund money into the community as possible."
The free tax preparation – which can typically cost anywhere from $100 to $300 – will not only save its beneficiaries time and money, but it will also help them receive the income tax credits they've earned. The credits can reduce or eliminate their income tax by refunding earnings already withheld from wages – refunding up to $5,028 for a family with two children.
Students and other individuals can take advantage of the service on a first-come-first-serve basis in 100 Allen Hall (on South Campus) from 10 a.m. until 4:30 p.m. on Saturdays and Sundays throughout February, starting Feb. 4. Additionally, the service will be offered in 106 Jacobs Management Center on March 3, 4, and 31; and April 1, 7, 8, and 14.
Required documents include: proof of identification; original social security cards of filers and dependents; date of birth of self, spouse, and dependents; wage and earning statements (W-2 and 1099 forms) from all employers; interest and dividend statements; and a copy of last year's federal and state tax returns, if available. Provide bank routing numbers and account numbers for direct deposit.
Students and individuals who fall under the low-moderate income level, but are capable of preparing returns from standard and itemized returns to limited schedule Cs, should take advantage of these free services, Qu said. But they still must make less than $50,000 per year.
The program is coordinated through the UB chapter of Beta Alpha Psi – an international organization for accounting and finance students – with help from the UB Accounting Association. The volunteers, who consist of mostly accounting students and local business volunteers, are all IRS-certified and trained to prepare basic tax returns in communities throughout the country, according to Qu.
"[These services] provide tax experience to accounting students – many where tax is a career path," Qu said. "[They are providing] a public service to the community."
Non-resident aliens require special tax preparations and processing beyond the scope of the free services; international students or students on a non-immigrant visa will not be eligible for these services and should contact UB's International Student and Scholar Services for more information, program coordinators said.
"[The program] was a great success last year," Qu said. "We brought back over $1 million for the community from our site alone."
Email: news@ubspectrum.com
Photo: Courtesy of Laron Fomby
