NEWS
Contact: Janet S. Loew Communications / Public Relations Director Office: 330.744.8636, ext. 110 Cell: 330.509.0548 jloew@libraryvisit.org
305 Wick Ave., Youngstown, OH 44503
Public Library in Partnership to Boost Area Economy
Free Tax Preparation Brings Money into Mahoning County
MAHONING COUNTY (For Release August 6, 2008) -- A record number of tax returns were filed and refunds received when the Public Library of Youngstown and Mahoning County (PLYMC) again hosted a free tax preparation service during tax season for low-income residents and senior citizens at several of its locations as a service to the community. The Library is a partner in the Mahoning Valley Economic Opportunity Coalition, along with the AARP, Youngstown State University and MYCAP. Sites throughout the county offered this service through the IRS Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs. The goal was to provide free tax preparation for low-income taxpayers and to increase the number of Earned Income Tax Credit (EITC) filings. The EITC is a refundable federal income tax credit for low-income working individuals and families. This year’s free tax preparation service at all Mahoning County locations was a success, having a substantial positive economic impact on our community. Cheryl Johnson, Internal Revenue Service, said of Mahoning County’s results, “The impact to the community and those most in need has been tremendous, totaling nearly 2.18 million dollars in refunds and fee savings.” The IRS reports that 2,487 returns were prepared through VITA and TCE in Mahoning County, bringing over $1,682,357 total net refund dollars into the area. This includes $639,610 Earned Income Tax Credit EITC dollars, plus an estimated tax preparation savings of $497,400. The IRS estimates $200 per return in tax preparation, based on preparation fees and e-filing fees. It also factors refund-anticipation loan fees that many EITC taxpayers are charged when trying to get a speedier refund. Through the VITA/TCE program, well-trained community volunteers help taxpayers file their returns and are knowledgeable about special credits, such as EITC, Child Tax Credit, and Credit for the Elderly. Many returns were filed using free e-filing services.
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NEWS
Contact: Janet S. Loew Communications / Public Relations Director Office: 330.744.8636, ext. 110 Cell: 330.509.0548 jloew@libraryvisit.org
305 Wick Ave., Youngstown, OH 44503
Mahoning County tax sites included Austintown Library, Boardman Library, Canfield Library and Struthers Library, along with the Mahoning County Multi-Purpose Senior Center, Mahoning/Youngstown Community Action Partnership (MYCAP), and Youngstown State University. Total number of returns prepared at both TCE and VITA sites was 2,487, up 22% from last year’s 2,037. This year, the number of returns prepared at AARP/TCE sites was 1,397, an increase of 25% over last year, and the number of returns prepared at VITA sites was 1,090, an increase of 18% over 2007. VITA sites, YSU and MYCAP, had a dollar impact of $1,405,468 in refunds and fee savings, according to an IRS report, up 19% from last year’s $1,179,397. AARP/TCE sites, which were the libraries and Senior Center, had a dollar impact on the community of $712,889, up 36% from last year’s $523,618. The Library has participated in free tax counseling services for over 18 years and plans to continue to offer this service. “Hosting free tax preparation service is another example of how libraries have a positive impact on our community’s economy, in ways that may not be readily apparent,” said Library Director Carlton A. Sears. The Library recently received a Smart Investing @Your Library grant with a focus on financial literacy. This is a partnership between the American Library Association and the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation to help build public libraries’ capacity to provide effective, unbiased investor education and protection needs in the communities they serve. The “Baby Brilliant Goes to College” grant will support initiatives to improve the financial stability of area residents. The grant is just one component of the Library’s new “Smart Money” program, which provides information and financial literacy programming for all ages. A new section of the Library’s website has been dedicated to the Smart Money project and provides a comprehensive point of entry to financial information for all ages with links to area organizations also offering services: www.libraryvisit.org/smartmoney.htm. ###
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