The 2020 free tax preparation service provided by University at Buffalo School of Management students has been canceled for its final five days: March 29, April 4, 5, 11 and 12.
With the switch to digital delivery of classes due to precautionary concerns about coronavirus/COVID-19, there will be an insufficient number of volunteers available to conduct the student-run service.
As always, your health and safety and that of our students is most important. Thank you for your understanding.
For a directory of other community tax preparation services, call 211 or visit: http://www.211wny.org/search/common/tax-services-47/.
Each spring, IRS-certified accounting students from the University at Buffalo School of Management provide free tax preparation services to qualifying individuals and families.
The service is provided by the IRS-sponsored Volunteer Income Tax Assistance (VITA) program with volunteers from the UB Chapter of Beta Alpha Psi, an international honors organization for accounting and finance students and professionals, and UB Accounting Association.
In 2019, 122 IRS-certified accounting students from the University at Buffalo School of Management brought nearly $886,000 back into the Buffalo community through the Volunteer Income Tax Assistance (VITA) program. A significant porting of that was a result of the Earned Income Credit, which assists low-income families.
Western New York residents and students are encouraged to take advantage of this free service, which, by IRS estimates, can save taxpayers $100 to $300 in preparation fees.
This service can be especially valuable to low-income tax filers by helping them apply for earned income tax credits that can provide a needed boost in annual income. The tax credits, which can reduce or completely eliminate income taxes by refunding taxes already withheld from wages, can mean as much as $5,028 for a family with two children.
Cumulatively, School of Management student volunteers for the VITA program have brought more than $12 million in tax refunds back into the community by preparing more than 9,600 tax returns. Approximately $2.6 million was from the Earned Income Credit, helping families most in need of support.