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 Events
CASH IN Saturday helps low income families to increase their assets by providing financial and other community resources in one place for one day, as a kick off to the tax season. On this day, to be held at the Buffalo Convention Center on Saturday, January 26, 2008 from 10 a.m. to 3 p.m., over sixty organizations ranging from human service agencies to government offices to financial institutions will provide advice and other assistance to low and moderate income families.
Services available at CASH IN Saturday include:
- Free Tax Preparation
- Ask the Financial Experts
- Open Bank Accounts
- Free Credit Reports
- Health-Related Services
- Benefits Eligibility Screening
- Credit Repair
- Prescription Assistance
- Human Service Information
- Fun for the Kids
- Food, Prizes, and Much More!
The primary goal of CASH IN Saturday is to help low-to-moderate families identify specific, individualized asset-building strategies to improve their financial well-being.
Objectives include:
- Increasing access of Earned Income Tax Credit, which can give families up to $5,700 in extra income;
- Saving families more than $130 in tax preparation fees by providing this free service;
- Helping families to identify income support eligibility for government benefits; and
- Increasing the number of low-to-moderate income people that have a checking or savings account.
More info: Download the program flyer. (pdf file, size 000kb)
The Earned Income Tax Credit, or EITC, is a refundable credit offered through the federal tax system that is available to low and moderate income workers with children in the household regardless of their tax liability. IRS statistics show that in 2004, $43 million in tax credits went unclaimed in Erie County and in 2004; over 9,500 eligible taxpayers in the City of Buffalo did not apply for this credit. Moreover, approximately 20,000 (45%) EITC eligible taxpayers in Buffalo use the services of paid preparers that offer high interest refund anticipation loans, depleting the size of refunds substantially.
CASH IN Saturday participants will be able to have their federal & state tax return electronically filed – saving them more than $130 in service fees and ensuring that eligible persons receive up to $5,700 in federal and state tax credits. After filing their taxes, participants can also have their funds placed into a new checking or savings account opened on-site by a local bank/credit union. Last year, approximately 100 families filed their returns on site, with an average return of $2,000.
The Economic Self-Sufficiency Calculator and Seedco’s Earn Benefits program are web-based tools that screen for nineteen government benefits, including Temporary Assistance to Needy Families (TANF), Food Stamps, HEAP, WIC, Medicaid, and Medicare. Last year, 95 families were screened using the Economic Self-Sufficiency Calculator, identifying eligibility for 466 units of federal/state assistance that totaled $389,638 in projected benefits.
At CASH IN Saturday, participants will be able to print a free credit report on site and talk to counselors about credit repair and household budgeting. Information on obtaining a car or home loan will also be presented. In addition, three financial education videos produced by CASH will be viewed– including workshops titled: “Paying for What We Buy,” “Where the Money Goes,” and “Using a Checking Account.”
A person’s ability to pay for medical costs can deeply affect their economic and overall well-being. Our plan is to greatly expand educational offerings regarding health-related matters for the 2008 CASH IN Saturday. This will include information on free or low-cost medical clinics, affordable options for health insurance, medical screening to secure a free $20,000 life insurance policy, and other services determined by Kaleida Health as helpful to this population.
The first CASH IN Saturday was held on January 20, 2007 in conjunction with Mayor Byron Brown’s Office of Community Services. At the event, individuals and families with incomes less than $39,000 per year accessed a wide range of services including free tax preparation and information about income support eligibility.
Nearly fifty organizations ranging from human service agencies to government offices to financial institutions were on hand to offer advice and other assistance to the 550 people in attendance. Participants learned about banking services, health and life insurance, utility and food assistance, and other self-sufficiency programs, with many able to have their income taxes prepared and filed at no charge as part of the CASH Free Tax Preparation Program.
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