Income Taxes

The Goal & Purpose

Examine the impact of selecting income tax exemptions, appropriate allocations, understanding rapid refunds and navigating relatively simple aspects of the tax code. Presented with information in partnership with a certified tax preparer, attendees will be able to ask questions and learn of resources related to income tax filings.

The Why & Benefit

Each year, nearly one million people do not file federal income taxes, the largest of this group are low income households. As a result, low income families miss out on benefits such as earned income credit or other government policies intended to reduce poverty through stimulus payments and monetary refunds. In the long term, savings for education and retirement are also highly impacted by current income tax decisions. Understanding basic principles of the US income tax system has been linked to improved overall financial well-being and in some cases greater ability to shift households out of poverty.

The Practice & Activity

In The 1.5 hour workshop participants will be  presented with life events (e.g., getting married, having a child, buying a home, starting a business) and have participants discuss or calculate how these events affect taxes. This could include changes in filing status, new deductions, or the impact on tax credits.