Easy As PIE

New Colorado Laws that can save you money

 

Recently, the Office of Financial Empowerment provided an overview of new laws passed in Colorado during the 2023 legislative session, relating to medical debt, tax credits, and tenant consumer protections rights, which will directly impact Coloradans.

To learn how this may affect your financial future, please read below and download the resources for more detailed information.

• SB23-093 expands consumer protections for Coloradans who incur medical debt, including by capping interest rates that can be charged and prohibiting collection activities while a debt is being appealed.

• HB23-1126 mandates that Coloradan’s credit reports can no longer contain medical debt information. The Consumer Financial Protection Bureau recently announced a rulemaking process that would result in similar changes at the national level. Coloradans can request their credit reports from the three credit reporting agencies to review for errors at annualcreditreport.com

• HB23-1112 expands the state Earned Income Tax Credit (EITC) and the state Child Tax Credit (CTC). Both are refundable credits that could benefit low- and middle-income Coloradans.

• HB23-1099 requires landlords to accept a portable screening report from prospective tenants in the rental application process. This means that renters searching for housing can now use the same screening report without paying multiple application fees.

In 2021, the state legislature created the Colorado Office of Financial Empowerment (OFE)—the first statewide office of its kind—through Senate Bill 21-148. The OFE is housed within the Colorado Department of Law’s Consumer Protection Section as part of the Consumer Credit Unit.

Resources:

Download Medical-Debt-Credit-Reporting-Consumer-Guide-Espanol

Download Medical-Debt-Credit-Reporting-Consumer-Guide-English

*Information for this blog came from CCLPonline.org and Office of Financial Empowerment and Protection.

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to contact Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. 

 

Saving for Life's Milestones Podcast

Provided by America Saves, Think Like A Saver is a podcast that provides real life saving guidance. For Episode #3, click here or read the notes below.

Life is exciting, and you always have a choice to make when it comes to spending or saving. However, with every choice you make, you may also be choosing to not do something else. 

For example, spending a lot on little things now may mean that you won’t be able to save money for life’s milestones later.

Milestones often seem far away, but life comes at you fast. So if buying a home, paying for education, and having a healthy retirement are goals of yours, then saving for them now has to be a priority.

In times of economic hardship, it can be especially difficult to set money aside. What we learn in this episode is that economic downturns will continue to happen - but so will economic expansion. 

That’s why it’s especially important to save when times are good - so that you have money to fall back on when you may need it in the future. 

When reaching life’s major milestones, you often have the choice to either save in advance, or go into debt when that time comes. Examples are:

College savings - You can either take out student loans or save in advance using a savings vehicle such as a 529 College Savings Plan.

Buying a home - While most people can’t purchase their first home outright, you can save for a down payment. If you do not have enough money for a down payment, you might have to take out an FHA loan to cover the down payment. 

Retirement - It is important to take advantage of compound interest by saving for retirement early. You can join your company’s 401k or 403b, start a Roth IRA, or contribute to a SEP IRA. Alternatively, you can work longer and live off of a fixed income such as your Social Security, which typically covers minimal expenses in retirement. If your company offers a match on your retirement plan, you should take full advantage of it. 

Ultimately, saving early and saving enough is very important, and should be factored into your monthly budget. 

Financial Counseling webpage: Personal Finance Program

Housing Resources:

• Next homeownership class in Boulder
• Homeownership class options-Saturday
• The Unexpected Costs of Buying a Home 
• Weighing Your Options: The Highs and Lows of Housing 
• Is Homeownership Right for You? 
• Homeownership Checklist 
• Think Like a Saver Podcast, Episode 6: Buying Your First Home 

Education Resources: 

• 8 Ways to Save for Your Child’s Education 
• Think Like a Saver Podcast, Episode 7: Paying for Education 

Transportation Resources: 

• Purchasing a Car 

Retirement Resources: 

•     Investing Basics with Boulder County Workforce
• 6 Steps To Jumpstart Your Retirement Journey! 
• Questions To Ask Yourself When Saving For Retirement 
• Saving Outside of Work Through an Individual Retirement Account (IRA) 
• Saving at Work Through a 401(K) Plan 

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to contact Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. 

Save Money by Increasing Your Credit Score

 

At America Saves, we consider paying down debt to be saving because

1. You can save money on interest and fees,
2. You can build your credit score, and
3. Eliminating debt builds your net worth.

With planning, patience, priorities, and a plan, almost anyone can reduce their debts and start to accumulate wealth.

If you choose to prioritize saving money by raising your credit score, you’re taking a delayed gratification approach. That’s because having a higher credit score can save you money once you attain it.

Tom Quinn of FICO explains that “when you raise your credit score, you can reduce your interest rate significantly and save money over the life of the loan.” If you’d like to see for yourself how much money a different credit score can save you, check out myFICO’s calculator.

If you specifically want to raise your credit score, you should first pay off your credit card with the smallest balance. “From a score perspective, focus in on those lower balances first, get them down to zero. Then focus on the higher balance cards to begin to lessen your credit utilization, which will make the biggest difference for a person’s credit score,” Quinn explains for the saver who wants to raise their credit score.

To save money by raising your credit score, you need to complete these steps:

1. Gather all your debts.Write yourself a list, include the total balance on each debt and indicate to yourself whether it’s installment or revolving credit.  
2. Assess your revolving credit balances. Looking at just your revolving credit (credit cards, mostly), write them in order of the smallest balance to the largest.
3. Now,re-write your list and pay off accordingly. At the top of your list should be the revolving debt with the lowest balance, keep the list going. Aim for putting any extra cash or payments just to the card with the smallest balance.

“The vast majority of your credit score is made up of payment history and credit history,” Quinn explains, so if you specifically want to raise your credit score, “it’s going to be most beneficial to pay off your smallest balance cards first, because then the user will get incremental points for less credit cards with balances and less cards with credit utilization.”

If you’re not sure whether you’d like to save by raising your credit score or saving money now, you can pull your credit reports for free at www.annualcreditreport.com. Saving is a habit, not a destination, so whichever way you choose, remember that you are saving!

Credit Resources:

1. myFico.com financial calculators

2. The Importance of Credit History

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

Banking Safely

The Importance of Deposit Insurance From the Colorado Office of Financial Empowerment

News of a few bank failures has dominated headlines in recent months. This may leave consumers wondering whether the money that they hold in deposits at financial institutions is secure. In fact, according to polling conducted by the National Endowment for Financial Education earlier this year, consumer trust in financial institutions has eroded due to volatility in the banking industry. However, the majority of consumer deposits held in mainstream state- or federally chartered banks and credit unions are protected by deposit insurance, including Bank On certified accounts. The Federal Deposit Insurance Corporation (FDIC) insures deposits at banks up to $250,000 per person. The National Credit Union Administration (NCUA) also insures deposits at credit unions up to $250,000 per person. Accounts at FDIC-insured banks, or NCUA-insured credit unions, are automatically protected at no cost to consumers. As there are some types of accounts that are not covered, it's always prudent to check with your bank or credit union that your money is held in an insured account. In a recent statement from Colorado State Bank Commissioner Ken Boldt and Financial Services Commissioner Mark Valente, the Commissioners, who oversee regulation of state-chartered banks and credit unions noted that Colorado financial institutions are in sound condition. Colorado consumers with questions about their financial institutions and whether deposit insurance applies to their accounts can take the following steps:

Contact the financial institution directly to verify that deposits are in an insured account, or with other questions or concerns. If you hold an account with an FDIC insured bank, visit the FDIC’s insurance coverage calculator. You can also contact the FDIC’s Information and Support Center or call them at 1-877-275-3342 (1-877-ASKFDIC). If you hold an account with a credit union, the NCUA provides information about deposit insurance, also has an insurance coverage calculator and consumer assistance at https://mycreditunion.gov/

CFPB Consumer Advisory: Money in payment apps may lack protections On June 1st, the Consumer Financial Protection Bureau released an analysis of deposit insurance coverage on funds stored through payment apps and found that consumer funds "can be at risk of loss in the event of financial distress or failure of the entity operating the mobile payment platform, and often are not placed in an account at a bank or credit union and lack individual deposit insurance coverage." An accompanying consumer advisory provides more information and guidance for consumers who use these apps.

View the Consumer Advisory

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

Celebrating National Homeownership Month

Did you know that 76% of PIE participants are saving for homeownership right now? Yes, it's possible to buy your first home in today's market! You may need to be more creative than in the past, but we continue to see families and individuals moving in to their new homes and sharing their stories with our community.

 

Here are some tips and local resources that may be very helpful to you if you are on the homeownership journey:

 1. Consider pairing the PIE program with a city, county or state program that is available where you would like to buy. Refer to the list of options from the CHFA homeownership class and/or choose from the options in the resources section below. This may require submitting additional paperwork, but it may provide an additional $9,000 grant for your first home. A homeownership counselor can assist you in reviewing these options.

2. If you are to pair a down payment assistance program with PIE, when shopping for a loan, confirm that the lender is able to work with the selected down payment program. Some down payment programs work with specific lenders.

3. Make sure that the lender is aware of the home payment that will work for you and your budget. Feel free to meet with a financial housing counselor to review these details. 

4. Take 40 minutes and listen to the homeownership podcast by America Saves.

5. Always reach out to the PIE program if you have questions. 

Resources: 

• Steps to Homeownership: Download America-saves-homeowner-checklist    Download MDPA-10-Steps-to-Homeownership
• Buying your first home America Saves Podcast
• Local down payment programs: Download Home Purchase Resources Boulder County     

• From Elevation Community Land Trust: Download Doors to Opportunity      Download Property Criteria for Doors       Download Down-Payment-Assistance-by County

          Comparison programs Doors to Opportunity, FirstBank PATH Program, Metro DPA Social Equity Program: Download Doors Social Equity Program Comps (1) (1) 

• MetroDPA program: Download MetroDPA_DPA_Flyer_0621    Download MDPA - What Is It   

• FirstMid Bank: MidFirst Home Loan Grant Program Download MidFirst Home Loan Grant Program

• Personal Finance Program: Scroll down to Option 2: Link for Homeownership Financial Counseling

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

Small Business Owners Achieve Their Dreams

We believe our communities are strongest when small, local businesses thrive. Through our Personal Investment Enterprise (PIE) program, we’re investing in small business owners, like Shellby, to support their dreams of growth.

Shellby established Hiking ColoRadDogs in 2017, combining her love of man’s best friend with her passion for exploring Colorado’s trails.

“I’d done dog walking and pet sitting here and there for years before starting my own business. When I moved to Longmont it was an opportunity to work for myself,” Shellby said.

While searching for small business loans, Shellby came across Mile High United Way’s PIE program, recognizing it as the perfect fit to help her meet her business goals.

“I wanted to grow and market my company more, but I needed someone who could help me with my website. [The staff] really helped me – they worked with me to set up a business plan and get things like my finances in order because that’s really not my specialty,” she said.

Participants in the PIE program save up to $167 monthly, working toward a $1,000 savings goal while also completing financial education courses. Once the savings goal and classes are complete, they receive a $4,000 grant match to put toward homeownership, small business development or post-secondary education. For small business owners like Shellby, PIE can help an established business grow and thrive.

“I used my grant to hire a contractor who helped me develop my website. She also helped me develop a Search Engine Optimization strategy, which helped me grow my business,” Shellby said. “I also got a computer, which was really helpful because before I was just doing everything on my phone.”

One of the PIE program’s goals is to help families move toward economic self-sufficiency while pursuing their personal and professional dreams. Since the program began in 2001, more than 400 participants have successfully graduated. PIE currently operates in Boulder and Broomfield counties in partnership with Community Action Programs of Boulder County.

Weathering the Storm

The business consulting and financial courses helped ColoRadDogs stabilize during the COVID-19 pandemic when clients suddenly found themselves home with their pets and no longer relied on Shellby’s services.

“March 2020 was supposed to be my busiest month up to that point, and instead everything was canceled,” she said. “But I received unemployment support for small businesses, and now I’m growing again.

“I’m really grateful for the PIE program. Starting my own business and getting funds to help me was amazing. It’s allowed me to have more free time in a sense, I can make my own hours and it allows me to volunteer and foster at the (animal) shelter.”

Learn More

Mile High United Way’s PIE program empowers low-income families to move toward long-term financial stability through first-time homeownership, post-secondary education and small business development. If you are a resident of Boulder or Broomfield counties and want to learn if the PIE program can help you reach your goals, email [email protected].

 

GETTING A CLEAR VIEW OF YOUR FINANCES

JOIN CO-HOSTS KIA MCCALLISTER-YOUNG AND AMANDA WOODS

As they take you on the journey of becoming a more informed, empowered saver who can make the best financial decisions for you and your loved ones based on your unique situation.

When you hear, “Get a clear view of your finances”, what do you picture? Your vision for yourself gives you a baseline for where you are so that you can make a plan for where you want to be financially. 

—

“You’re taking control of your finances. This is a moment you should be proud of, because you’re informed and empowered. You can make the best decisions for yourself!”

The first step in getting a clear view of your finances is to determine your monthly income. You can do this by looking at your pay stubs and bank account statements. When you understand your income, you’ll then be able to look at what is leaving your bank account. 

It is important to take a look at what you are earning as well as what you are spending and on what. This will help you see what you are spending money on, and will show you where your opportunities to save are. 

Join us in this episode as we talk about what questions to ask yourself when goal planning, and centering around those goals. We cover how to identify the adjustments you can make for yourself, and get real about course-correcting for a better chance of success. 

And remember, success is a journey, just like saving! 

Think Like A Saver Podcast

 

 

 

 

 

 

 

 

RESOURCES MENTIONED:

Download As-budgetworksheet-20

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Foothills United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Community Action Programs at Boulder County. For more information on the PIE program visit https://bouldercounty.gov/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

SAVING FOR THE UNEXPECTED

How often have you heard that saving for life’s unexpected events is very important and a necessary part of being financially prepared? Most likely A LOT! Accompanying this message often is the statement that you need three to six months of expenses in your emergency savings account.   

For those of us who struggle with saving for the unexpected or are saving but don’t have that three to six months amount accumulated, our confidence might be shaken because we haven’t met this standard. And when we lack confidence, it can be even harder to get or stay motivated to save for those unexpected events or opportunities that arise. 

Instead of focusing on what you haven’t accomplished, here are a few strategies to consider that may help you build your financial confidence and begin or continue on your path to saving for the unexpected. 

• Set a goal of saving $500 for emergencies and once you reach this amount, set a new goal for another $500 and keep going. Reaching several smaller goals feels good and when we feel good, we’re more likely to remain committed to our plan. 
• If you’re not sure exactly how much you can realistically save each month, try using the America Saves Spending and Saving Tool Download As-budgetworksheet-20 to get a clear view of your finances. Once you know exactly what your income and expenses are you will be able to set a realistic timeframe for saving that first $500 or beyond. 
• Consistency can help build confidence. Saving automatically every time you get paid is the easiest way to be a consistent saver and consistency builds confidence. You can set up split deposit saving with your employer or your financial institution so that a portion of every paycheck goes directly into a dedicated savings account. When you are saving $10, $20 or some other amount every paycheck you will see regular progress, building your confidence along the way. 
• Instead of only focusing on the negative reasons for having an emergency savings account, think of it as saving for opportunities. Framing the reason you are saving in a more positive light may help you feel better about setting money aside. Not only are you saving to pay for car repairs, home expenses, or medical bills, tell yourself you are saving for an unplanned dinner out to celebrate a friend’s birthday or the chance to go see your favorite artist in concert. Those positive feelings can be motivating. 
• Use the three to six months of expenses in a savings account as a guideline. Try not to become discouraged if you haven’t met this level. Instead, focus on what makes the most sense for you at this time, knowing that as your income grows and/or expenses decrease your ability to save more and more quickly will change. 

America Saves is here to help you get started on any of these strategies. Check out the 6 Steps to Establishing a Spending and Savings plan, take the America Saves Pledge, listen to our Think Like A Saver podcast or watch this video featuring how a business owner saves for the unexpected.. We’re with you every step of the way on your savings journey. 

AMERICA SAVES WEEK

America Saves Week, is a time-honored event; a national opportunity for organizations to work together within their communities to transform the lives of millions of Americans by encouraging them to save successfully. The America Saves pledge is the framework that allows savers to set a goal, and make a plan to achieve better financial stability.

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Foothills United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Community Action Programs at Boulder County. For more information on the PIE program visit https://bouldercounty.gov/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

 

 

Free Tax Preparation 2023

 Affordable ways to file your taxes and save your refund

See if you qualify for free tax filing. There are several options available:

1.  You can receive free tax preparation assistance at a Volunteer Income Tax Assistance (VITA) location VITA sites are available for free to qualifying individuals, including those who make $60,000 or less annually, limited English-speaking tax payers, and people with disabilities.

When visiting a VITA site, preparation is key! The IRS offers a helpful What to Bring resource that highlights the necessary documents to help prepare taxpayers for their visit.

VITA sites offer can vary in the services they offer from community to community, so it’s important to ensure that the site chosen by a taxpayer is an appropriate fit for their needs.

To learn more about VITA and to locate a site in your area, visit the IRS website or see below for sites in Boulder and Broomfield counties:

FREE Tax Sites:

AARP – Lafayette Library, 775 Baseline Road, Lafayette, CO 80026.  Open 2/1 through 4/12/23.

Wednesdays and Saturdays – 10:30am to 3:00pm.  By appointment only.  Call 303-665-5200 or online -At https://cotaxaide.org/appt/

AARP – Louisville Recreation Center – 900 Via Appia Way, Louisville, CO 80027.  English & Spanish / Open 2/6  through 4/10.  Mondays – 9:00a to 1:00pm.  By appointment only. Call 303-335-4919  or online at https://cotaxaide.org/appt/

AARP - Boulder Senior Services, 5660 Sioux Drive, Boulder, CO 80303.  Open 2/3 through 4/7.

Fridays – 9:00am to 1:00pm -  Call 720-327-3363 or online at https://cotaxaide.org/appt/

AARP – Broomfield Senior Center, 280 Lamar Street, Broomfield, CO  80020.  Open 2/3 through 4/14.  Fridays – 9:00a to 2:30pm/  Call 303-464-5526 or online at https://cotaxaide.org/appt/

AARP – Longmont Senior Center, 910 Longs Peak Avenue, Longmont, CO 80501.  Open 2/2/23 through 4/13/23/  Tuesdays and Thursdays – 9:00am to 1:00pm – call 303-774-4429 or online at https://cotaxaide.org/appt/

Tax Help Colorado / VITA/ Boulder Public Library -1001 Arapahoe Ave., Boulder, CO 80302 / February 14 through April 4, 2023.  Tuesdays- 2:00 to 6:00p and, Saturdays – 10:00am to 3:00pm/ Appointments required. Visit https://taxhelpcolorado.as.me/BPL to make an appointment.

2. If you prefer to file your taxes for free online, use My Free Taxes. My Free Taxes is a service of the United Way and is a great option if you want to file your taxes yourself. The online platform will guide you through every step and make sure you get all the cash-back tax credits you are eligible for.

You will need access to a computer and a valid email address to use My Free Taxes. The average tax return usually takes about an hour.

Visit MyFreeTaxes.com to learn more and get started.

3. Get Your Refund is a service of Code for America and a coalition of community partners and volunteers. Get Your Refund is free for taxpayers and families who earn less than $66,000 a year.

Get Your Refund is a great option if you do not have easy access to a computer, but do have a smartphone. Taxpayers take a picture of their ID and tax documents and upload the photos to a private and secure site. Then, taxpayers complete a short questionnaire to get matched with a tax professional who will call you and complete your return remotely.

Visit GetYourRefund.org/CO to learn more and get started.

4. If your income is $73,000 or less, you can use most major tax preparation software to file your taxes for free through the IRS Free File Alliance . However, some Free File Alliance partners do not provide fee state taxes.
5. Members of the U.S. Armed Forces and their families can use the free online tax prep and e-filing program MilTax .

In addition to filing for free, make sure that you receive the following credits if you are eligible.

Other tax time resources:

1. Helpful VITA documents:
   1. Download Tax-Doc-Checklist-21-22  or visit https://www.irs.gov/es/individuals/checklist-for-free-tax-return-preparation
   2. Download Tax-Doc-Checklist_Self-Employment_22 
   3. Download Tax Site Intake Form  Download Hoja de Admicion
   4. Download THCO Gen Marketing Flyer 2023 (CURRENT) (1)
2. Visit https://www.getaheadcolorado.org/ to learn about tax credits that may provide you with a greater refund.
3. CFPB Tips for Filing Your Tax Refund

 For tax year 2022 some tax credits that were expanded in 2021 will return to 2019 levels. This means that affected taxpayers will likely receive a smaller refund compared with the previous tax year. Changes  include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Child and Dependent Care Credit.

Those who got $3,600 per dependent in 2021 for the CTC will, if eligible, get $2,000 for the 2022 tax year.

For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now get a maximum of $530 in 2022.

The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.

4. Tax Time Guidance for Gig WorkersYou must file a tax return if you have net earnings from self-employment of $400 or more from gig work, even if it's a side job, part-time or temporary.

You must pay tax on income you earn from gig work. If you do gig work as an employee, your employer should withhold tax from your paycheck. If you do gig work as an independent contractor, you may have to pay estimated taxes. Unsure if you are an employee or independent contractor? Ask your employer or check your worker status.

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Foothills United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Community Action Programs at Boulder County. For more information on the PIE program visit https://bouldercounty.gov/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

 

Saving for Major Milestones

As we enter the new year, you may be thinking about your financial goals for the year. You may want to invest an hour to consider information from America Saves and saving for major milestones. You can view their Town Hall here: https://www.youtube.com/watch?v=UZXejotO0EI&list=PLBGUy38N_Pt0k9VUe6CbWvtWGWr7Md6tN&index=8&t=173s

Another helpful resource in thinking about retirement is this page: https://americasaves.org/resource-center/insights/questions-to-ask-yourself-when-saving-for-retirement/

Wishing you all a very Happy New Year and great success in taking steps toward your financial goals this year.

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Foothills United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Community Action Programs at Boulder County. For more information on the PIE program visit https://bouldercounty.gov/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.