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Nearly $1 Million Returned to Residents in Need

Nearly $1 Million Returned to Residents in Need

Wow! Who wouldn’t want money back in their pocket? Thanks to Middletown’s Volunteer Income Tax Assistance (VITA) program $964,000 in income tax refunds flowed back to 657 filers in 2018. That works out to about $1,555 each for working families that can really use the funds for everyday bills.

Just as astounding as the dollar tally is the very modest resources that produced the astounding result. The program cost only $2,500 to run, thanks to the efforts of 40 local volunteers who spent hours reviewing documents and completing tax forms.

It’s important to point out, though, that VITA is more than a tax return completed or one-time windfall. Here are the effects:

  1. Big bucks returned to taxpayers.
    In 2018, the average income of Middletown area residents receiving VITA assistance was $23,000. For those receiving a refund, the average was about $1,555, or seven percent of their income.
  2. Big bucks saved.
    Not only does VITA help people recoup money they are owed, it also saves them the cost of paying a professional to calculate their taxes. In 2018, the average cost to have taxes prepared professionally was $298 (for a simple return).
  3. Big bucks back into the economy. Nearly $1 million was returned to local taxpayers that they can use for everyday necessities, which in turn translates to more funds flowing into the local economy.
  4. Big opportunity.
    VITA tax sites also connect community members to long-term financial self-sufficiency with info on building assets, credit counseling, and saving and spending plans.

Liberty Bank Foundation gladly supports the VITA program. It’s one more way we’re working to support the long-term success of low- and moderate income families. With a small investment of funds and the energy of some very generous volunteers, together we’ve produced a big payoff for those who could really use it!