Free tax prep program results in over $2.5 million in returns

Thanks to a partnership with the Center for Economic Progress, United Way of Elgin, the Grand Victoria Foundation, and the Gail Borden Public Library, 1,414 families from the greater Elgin area were able to have their taxes prepared for free by certified volunteers during the 2015 tax season.

These returns netted $2.53 million in federal and state refunds for clients while saving an estimate $350,000 in tax preparation and filing fees.

Families who make less than $50,000 and individuals with less than $25,000 in income per year are eligible to have their taxes prepared through the program. Volunteers review all documents and are often able to find valuable credits, including the Earned Income Tax Credit (EITC) that many people miss when going it alone. EITC Refunds alone accounted for $1.1 million of the refunds this year. They can also assist people in filing prior year returns when needed. In addition to preparing returns, volunteers educate families on methods of building financial capacity and promote direct deposit refunds, which encourages savings rather than quick spending.

"This program would not be possible without Elgin-area volunteers stepping up and providing over 1,700 hours of free tax prep services from January to April," said Lynne Bosley, United Way of Elgin president. "With the program's average client earning just under $17,000 per year, every dollar of their refund is critical to make ends meet, cover unexpected expenses, and start building savings."

Still, Lynne added, many families cannot be served due to space restraints.

"While our number served has grown by over 50 percent in the past five year, we are maxing out on our capacity to get to everyone. Our goal for next year is to recruit enough volunteers to prepare at least 1,600 returns."

United Way of Elgin provides funding for the program, recruits volunteers, and does program outreach. Volunteers complete an online training module that certifies them by IRS standards as a tax preparer, a skill they can use beyond the Free Tax Preparation Program.

Volunteers commit to at least 30 hours of service during tax season.

If you are interested in volunteering for the 2016 tax season, call United Way of Elgin at (847) 741-2259.

Volunteer registration and training will begin in November.