What is “Earn It Keep It Save It?”
In concert with United Way of Southern Nevada’s Impact Area of Financial Stability, the “Earn It Keep It Save It” collaborative provides free tax preparation, helping families whose household income is less than $51,000 earn the Earned Income Tax Credit (EITC) and other federal tax credits. Through a general grant from the IRS and matched funding from local partners, United Way supports roughly 34 Volunteer Income Tax Assistance (VITA) sites across the Las Vegas Valley. VITA sites are staffed by IRS trained and certified volunteers who prepare tax returns at no cost to qualifying individuals and families. Families earning this credit use their refund for immediate needs, such as rent, food and bill assistance, yet many put their refund into savings for college, a house, or an emergency fund for the long term.
How did “Earn It Keep It Save It” impact Southern Nevada in 2012?
- 5,641 individuals and families received free tax preparation
- The program saved the community an estimated $733,000 in preparation and filing fees
- $7.2 million in refunds was brought back to the community by hundreds of dedicated volunteers
- 1,428 hard-working, low-income families received $2.5 million in EITC
- Over $3.8 million was brought back in federal tax credits that provided low-income families, seniors and students with a financial boost they desperately needed
What is the Earned Income Tax Credit (EITC)?
- The Earned Income Tax Credit (EITC) is one of the nation’s most effective anti-poverty programs. An EITC refund helps pay the rent, buy groceries, cover utility bills and builds savings for future needs.
- The EITC is a financial boost for hard-working people, particularly those suffering in a recovering economy. However, many hard-hit families may not even know that this vital credit exists when, in fact, millions of workers will qualify for the EITC for the first time this year.
- Nevadans have received an average EITC worth $2,280 for each taxpayer who claimed the credit. The EITC can be worth as much as $5,891 for a family with three children.