Tax season can be an exciting time for savers. Recently, more Americans
are opting out of a tax time splurge and focusing on getting ahead with their tax refunds.
Early filers can still file as they normally would, but we’ve got a couple tips in mind for how your household can use this information to make the most of your tax time preparations:
- 1. File a tax return, even if you do not owe any tax or are not required to file.
You can’t get the EITC unless you file a return. End of story. Since the IRS estimates that about 25 percent of taxpayers who are eligible for the EITC fail to claim it, this is a vital first step in determining your eligibility.
Bonus? If this is the first year that you are claiming the credit, you can use the EITC Assistant
to see if you qualify for tax years: 2015, 2014 and 2013. You can file any time during the year to claim the EITC.
Something to know: A new tax law will delay refunds that claim the EITC or the Additional Child Tax Credit (ACTC) until February 15. Learn more here.
2. Decide where and how you will file your taxes and know your free options.
Unless you know your return is going to be complicated this year, paying someone to file a tax return should always be a last resort. Decide whether you’d rather file online or in person, and then check out these free filing options:
- Use Free File on IRS.gov This free software walks you through a Q&A format to help prepare your return and claim every credit and deduction for which you may be eligible.
- Try the Free File fillable forms If you're comfortable preparing your own returns, this option is for you! It allows you to file electronically using online versions of IRS paper forms.
- Visit a free tax preparation site
- If your total household income is less than $54,000 a year, you can seek free tax prep at one of thousands of Volunteer Income Tax Assistance (VITA), Military Volunteer Income Tax Assistance (M-VITA), and Tax Counseling for the Elderly (TCE) sites. To locate the nearest site, you can search online or call the IRS at 800-906-9887.
Please see below for a list of free tax preparation sites in Boulder and Broomfield Counties. For additional questions regarding tax preparation sites and tax credits visit: 211 or call 211 from your phone.
1.AARP – Boulder West Senior Center, 909 Arapahoe Avenue, Boulder, CO 80302
Open 2/2/2017 - 4/18/2017, Tuesdays and Thursdays 8:30 a.m. to 12 p.m, By appointment only. Call 303-440-8104.
English and Spanish language available.
- AARP – Broomfield Senior Center, 280 Lamar Street, Broomfield, CO 80020
Open 2/3/17 - 4/14/17, Fridays 9:30-2:30, By appointment only. Call 303-661-9433
- Lafayette Library, 775 W. Baseline Road, Lafayette, CO 80026
Open 2/1/17 - 4/19/17, Wednesdays 1-4 PM, By appointment only. Call 303-665-0742
- Longmont Senior Center, 910 Longs Peak Avenue, Longmont, CO 80501
Open 2/2/17 - 4/13/17, Tuesdays and Thursdays 9 AM – 1 PM, By appointment only. Call 303-651-6184.
English and Spanish language available.
- Louisville Rec Center, 900 Via Appia Way, Louisville, CO 80027, Open 2/3/17 - 4/11/17
Tuesdays and Fridays. By appointment at 1, 2 or 3 PM. Call 303-666-7400.
- St. Vrain Valley Credit Union, 2050 Terry Street, Ste. 101, Longmont, CO 80501
Open 2/1/17 - 4/15/17, Wednesday and Thursdays 6-8:30 PM and Saturdays 9 AM-1 PM
No appointment required. E-mail for questions: [email protected] or visit coloradovita.org or longmontvita.org
- University of Colorado at Boulder, 995 Regent Drive, Leeds School of Business, Boulder, CO 80309
Open 2/1/17 - 4/8/17, Wednesdays 5-7 PM, Saturdays 9 AM – 1 PM, No appointment required.
Note: Due to limited staffing and high volume please arrive as early as possible. Those arriving late might be rescheduled for another day. Questions? Call: 303-492-4312.
- Make a plan for your tax refund that accounts for the EITC/ACTC delay.
- We know it can be hard to come up with alternative funds if you already had plans for your refund early in the year, but don’t get stuck with refund anticipation products provided by many commercial tax return preparers. The loan fees may spend your whole refund.
If you start your planning by dedicating your refund, or at least part of it, to savings, you can get ahead of your savings goals. Enter the Save Your Refund promotion with $35,000 in cash prizes and 101 chances to win simply for saving a portion of your refund.
Resources:
- EITC Download EITC Flyer Download GCI-032 EITC 2017 Flyer_ENG_fa_0
- MyRA Option for saving for retirement: Video about Myra Download MyRA FlyerTaxTime-AtAGlance-English Download MyRA TaxTime-AtAGlance-Spanish
- America Saves Blog: Saving at Tax Time Be Money Wise
Beware of these 5 tax season scams
- Save Your Refund: Official Rules
Tammy G. Bruzon works for America Saves, managed by the nonprofit Consumer Federation of America (CFA), which seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. Learn more at AmericaSaves.org.
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 Nino Gallo at Community Action Programs at Boulder County. Nino may be reached at 303-441-3998 or at [email protected] more information on the PIE program visit http://www.bouldercounty.org/family/financial/pages/pie.aspx
