Louisville Asset Building Coalition receives $30,000 to expand free tax services
Funding through the Intuit Financial Freedom Foundation expands the number of Volunteer Income Tax Assistance sites
The Louisville Asset Building Coalition (LABC) announced today that it is receiving $30,000 in funding from the Intuit Financial Freedom Foundation (IFFF) to support and grow its programs that help low- and moderate-income individuals and families save during tax season.
IFFF is the presenting sponsor of Tax Time Allies, a group of organizations across the country partnering to help taxpayers use tax time to kickstart a new effort to take control of their finances and save more of their hard-earned money.
LABC, which operates the Volunteer Income Tax Assistance (VITA) program in the Louisville area, will use the funding to add an 11th free tax filing site in 2023, and to recruit and train the additional volunteers necessary to staff the new site. VITA IRS-certified tax preparers also help determine if residents are eligible for the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC).
“We’re proud to count the Louisville Asset Building Coalition as a Tax Time Ally and to partner with them in this work for many years,” said Susan Mason, Director of the Intuit Financial Freedom Foundation. “Together we embrace tax time as a powerful opportunity for low- and moderate-income individuals and families to take stock of their finances and set a new direction for their financial future.”
LABC’s VITA program offers a mix of free, in-person and drop-off tax filing options for qualifying households. Last year VITA processed over 7,000 returns for families with yearly incomes below $66,000, adding more than $9 million to the local community.
Free tax prep assistance for 2022 tax returns and locations of next year’s VITA sites will be announced in January 2023. In addition, VITA volunteers will be able to help eligible families prepare past due returns and claim EITC, CTC or stimulus payments for those years, where applicable. Visit labcservices.org for updates about the 2023 tax filing season.
"Tax refunds provide a critical boost to the household budget for many Louisville families, and we’re grateful to Intuit for helping expand the capacity of our local VITA sites," said Mayor Greg Fischer. “For many working families, free help with taxes and guidance in qualifying for the EITC and CTC can be game-changers. That’s money that could be used to start a savings account, buy a car, get braces for a child, pay books and college tuition, or start a college fund for their children."
“LABC is thrilled to once again receive this vital funding from Intuit, and we are proud to be a part the Tax Time Allies network,” said Dr. Tina White, Director of LABC. “We know that access to key financial resources like free tax preparation can make a huge difference for individuals and families struggling to achieve financial stability.”
Through a partnership with Bank On Louisville, VITA also offers an enhanced tax preparation service, which adds banking access as a service component. The banking access component encourages and supports tax filers to get banked with Bank On certified accounts, and to choose direct deposit for their tax refund. Financial Advocates are available to provide additional support for filers as they open bank accounts and learn how to use that account to manage their money.
Bank On Louisville is a collaborative partnership between local government, financial institutions and community organizations that work to improve the financial stability of unbanked and underbanked residents in our Louisville community. VITA also connects filers to additional financial empowerment supports like the new Louisville Financial Empowerment Center (FEC), which provides free financial counseling to city residents. The Louisville FEC launched in July 2022 and has already engaged with over 100 city residents, providing professional counseling related to banking, credit, savings and debt.
For information about Bank On Louisville and to view a list of Bank On certified accounts available in Louisville, visit bankonlouisville.org. Visit the website for FEC and sign up for free financial counseling at https://louisvilleky.gov/government/resilience-and-community-services/louisville-financial-empowerment-center.
The work of the Louisville Asset Building Coalition is made possible by Metro United Way, Louisville Metro Government, the IRS, dozens of other partners, and dozens of volunteers.
For more information about LABC and VITA , visit labcservices.org or contact Dr. Tina White, Director of LABC at [email protected].
About Intuit Financial Freedom Foundation
Intuit Financial Freedom Foundation is Intuit’s charitable foundation dedicated to public/private/not-for-profit partnerships and programs that help bring opportunities to prosper to all, especially those living with lower incomes. Intuit believes citizen engagement in preparation and filing of tax returns is an important, empowering opportunity for Americans to understand and improve their personal financial lives. This is especially true for lower income Americans – and why Intuit has donated TurboTax to millions, founded “Tax Time Allies,” and provides funding and other support to nonprofits that build financial freedom – including savings – for those who need it the most. For more information, visit https://www.intuitempowers.org/.
About Tax Time Allies
Tax Time Allies is dedicated to empowering working individuals and families to take control of their finances and save more of their hard-earned money. Allies deliver free IRS sponsored taxpayer assistance programs -- VITA, Tax Counseling for the Elderly, Free File -- to low- and moderate-income individuals and families. Allies also help families learn how to invest part of their tax refund to increase savings for financial stability. The Intuit Financial Freedom Foundation is proud to sponsor and financially support Tax Time Allies. For more information please visit www.TaxTimeAllies.org.
History of Louisville Asset Building Coalition (LABC) and the VITA program
In 2001, Metro United Way joined with the Annie E. Casey Foundation and several local partners to launch LABC, which works with the IRS and VITA to provide free income tax preparation for families with household incomes up to $66,000. Since taking office in 2011, Mayor Fischer has worked closed with Metro United Way to help grow and support the impact of LABC. That includes embedding LABC as a quasi-Metro agency, with support from Louisville Metro Office of Resilience and Community Services, to expand its emphasis on financial empowerment.