Tax-Time Savings

A tax refund provides low- and moderate-income individuals and families with a sum of money often greater than a normal paycheck. Thus, tax time is an opportunity to get low- and moderate-income households to save and help bring these families back from the edge of financial insecurity. Many Volunteer Income Tax Assistance (VITA) programs and Networks partner with other asset-building services to encourage VITA clients to save their refund by either helping them open a savings account, direct their refund into an already existing savings account or purchase a savings bond while they’re filing taxes. In addition to savings, asset-building services at VITA sites can help clients obtain and understand their credit report and provide other financial coaching and capability services.

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