Get your taxes prepared for free with Newark Now VITA. Get your refund fast with Refund Now for free.
The Program Offers Local Residents a Chance to Get Ahead at Tax Time
NEWARK, N.J., January 14, 2010 – Today at a Newark City Hall Rotunda press conference, Newark Now President and CEO Edgar C. Izurieta joined with Mayor Cory A. Booker, Newark Municipal Council members, Newark Asset Building Coalition, TD Bank and TD Charitable Foundation, the Internal Revenue Service, Citi Foundation, dignitaries, and members of the community to kick-off Newark Now VITA, a multifaceted free tax preparation program now in its seventh year. VITA provides free tax preparation services for local families with a combined household income of less than $49,000 a year, as well as individuals with no dependents earning $25,000 or less per year. In 2009, Newark Now VITA prepared over 3,000 returns and had an impact of over $7 million in the local economy.
This year there are two major additions to Newark Now’s VITA program. First Newark Now has teamed up with the Center for Economic Progress and Citi to become the first and only organization in New Jersey to offer Financial Aid U. The Financial Aid U program helps students realize their college dreams by helping them complete their tax return and Free Application for Federal Student Aid (FAFSA) for free. Secondly, Refund NOW, a program in its third year developed with partner TD Bank, offers qualified filers access to Newark’s only free rapid anticipation loan program. Refund NOW is an asset-building initiative for families and individuals that offers a free alternative to costly Refund Anticipation Loans (RALs).
“TD Bank has always been a strong proponent of financial literacy which is why we are proud to continue our partnership with Newark Now and assist in facilitating the Newark Now and VITA Programs,” said Nick Miceli, Market President, Central NJ,TD Bank, “Saving money leads to healthy financial habits and healthier lives.”
According to the 2009 report of the National Consumer Law Center (NCLC) and the Consumer Federation of America (CFA) on RALs, 8.7 million American taxpayers spent “$833 million in loan fees, plus over $68 million in other fees” at tax time. The reports conclude that although EITC recipients make up only 17% of taxpayers, they are nearly two-thirds of all RAL borrowers.
“If you are eligible for EITC you are eligible for Refund NOW,” says Newark Now President Edgar C. Izurieta. “In 2006 over 5 million low and moderate income tax payers spent nearly $600 million on a service we and TD Bank do at no cost with Refund NOW!”
While the national economy recovers and New Jersey’s unemployment rate is holding at a record 9.7%, local residents can benefit from a larger than usual tax refund that is received fast.
VITA helps residents understand that tax season is a chance to get ahead,” said Mr. Izurieta. “For seven years Newark NOW has helped residents get more of their money back at tax time. Now the program has even greater economic impact with the 3rd year of offering Refund NOW, the addition of Financial Aid U, and the added impact of conducting benefits screenings for those who qualify for additional services like free healthcare, prescription benefits, and childcare support.”
Financial Aid U is the newest service for Newark Now’s VITA program. Financial Aid U connects students to government grants, scholarships and loans in a unique two-step process. First the student’s 2009 Federal and State tax returns are prepared by VITA. Then the professionally prepared tax forms are used to complete the FAFSA.
“Figuring out how to pay for a college education and applying for federal financial aid are two of the biggest obstacles low-income students face in pursuing a college degree,” noted Pamela Flaherty, President and Chief Executive Officer of the Citi Foundation. “Given that a postsecondary degree is one of the keys to increasing a young person’s earning potential, Citi Foundation is pleased to support Newark Now’s participation in the Financial Aid U program which helps low-income students and their families understand their financial aid options and complete the necessary financial aid forms . Through Financial Aid U, Newark Now will be helping students turn their college aspirations into reality. ”
“It’s no secret that education is key to making a living wage, but without a way to pay for school, many aspiring first-generation students miss out on that chance,” says David Marzahl, Executive Director of the Center for Economic Progress. “Financial Aid U is so important because it knocks out the two most confusing pieces of financing a college education-the tax return and FAFSA-and shows students that their dreams are possible.”
Newark Now VITA Locations and Hours
Newark City Hall, 920 Broad Street, Room B29, Newark, NJ 07102
Starts January 15. Hours: Mon. – Fri. 3pm – 8pm, Sat. 10am – 2pm
Newark Now Financial Empowerment Center, 103 Bloomfield Ave., Newark, NJ 07104
Starts January 15. Hours: Mon. – Fri. 3pm – 8pm, Sat. 10am – 2pm
One Stop Career Center, 990 Broad Street, Newark, NJ 07102
Starts January 19. Hours: Mon. – Fri. 10am – 2pm
Essex County Department of Citizen Services, 50 South Clinton Street, 1st Floor, East Orange, NJ 07018
Starts January 20. Hours: Wed. – Fri. 10am – 2pm
Rutgers Business School Newark, 1 Washington Street, Newark, NJ 07102
Starts January 20. Hours: Monday and Tuesday 10am – 2pm
FOR ESSEX COUNTY COLLEGE STUDENTS ONLY
Essex County College, (EOF Area) 303 University Ave, Newark, NJ 07102
Starts January 19. Mon., Tues., Thurs. and Fri. 10am – 2pm, Wed. 3pm – 7pm
About TD Bank, America’s Most Convenient Bank®
TD Bank, America’s Most Convenient Bank, is one of the 15 largest commercial banks in the United States with $142 billion in assets, and provides customers with a full range of financial products and services at more than 1,000 convenient locations from Maine to Florida. TD Bank, N.A., is headquartered in Cherry Hill, N.J., and Portland, Maine. TD Bank is a trade name of TD Bank, N.A. For more information, visit www.tdbank.com.
TD Bank, America’s Most Convenient Bank, is a member of TD Bank Financial Group of Toronto, Canada, a top 10 financial services company in North America and one of the few banks in the world rated Aaa by Moody’s.
About Newark Now’s Volunteer Income Tax Assistance (VITA)
In 2009, Newark Now’s VITA program prepared over 3,000 income tax returns that resulted in an economic impact of over $7 million on the local economy. Newark Now’s Voluntary Income Tax Assistance (VITA) program exists to encourage people in urban areas to take advantage of the earned income-tax credit. Other partners in this effort include the City of Newark, the County of Essex, New Jersey Treasury Department’s Division of Taxation, and the Newark Asset Building Coalition. For more information or to volunteer with Newark Now VITA please call 973-624-FREE (3733) or email taxes@newarknow.org.
Media Contact: Kimberlee S. Williams, FEMWORKS, 973-494-9705, or
or Anthony Santiago, Newark Now, 973-733-3460 x 113
Source: Newark Now
###
ComeUnity Wire is a service of FEMWORKS LLC. Issuers and not FEMWORKS LLC are solely responsible for the content, facts and accuracy of all information submitted by them for transmission or posting by ComeUnity Wire. FEMWORKS LLC does not warrant or make any representations concerning the content, accuracy, likely results or reliability of the use of the materials it transmits or posts.
Tags: Center for Economic Progress, Citi, Cory Booker, FEC, Financial Aid U, Financial Empowerment Center, Free Tax Preparation, Newark Now, Refund Now, Taxes, TD Bank, VITA, Volunteer Income Tax Assistance
I REALLY enjoyed your post and blog! It took me a tiny bit to hit upon your site…but I bookmarked it. Would you mind if I placed a link back to your site? I have a Political Blog site of my own at White Rabbit Cult. Peace!
Sure you can do that.