MAINE — CA$H Maine has opened their free tax preparation sites statewide to help working families who qualify claim up to $6,044 from the federal Earned Income Tax Credit (EITC).
Additionally, at this year’s CA$H Maine sites, information will be provided about saving for higher educations, including special opportunities for Maine residents.
In 2013, more than $30 million went unclaimed by Maine residents who did not realize they qualified for the EITC. This year, CA$H Maine wants to let Mainers know that there are many under-utilized programs available that can help families reach educational and long-term financial stability goals.
Suzanne McCormick, President and CEO of the United Way of Greater Portland, said, “These programs have the potential to make a big difference to families across the state.”
Children born to low-income but high-saving parents are 21 percent more likely to move out of the bottom income quartile into the middle class over their lifetime.[i]
“We want to empower families with the information and resources to build healthy financial habits they can pass on to their children,” said McCormick.
CA$H Maine put $7.7 million back in the pockets of Mainers in 2013 through a combination of Earned Income Tax Credits, income tax refunds, and savings on tax filing fees. This year they hope to increase the number of people served as well as the number of families aware of and enrolled in these services.
Information about free CA$H Maine sites is available by visiting www.cashmaine.org or by calling 2-1-1.
The expansion of CA$H Maine’s services is made possible through the generous support of the John T. Gorman Foundation.
ABOUT CA$H Maine
CA$H Maine is a collaboration of ten statewide coalitions, comprised of 50 non- and for-profit partners, working together to help low- and moderate-income Mainers make the most of their money. CA$H Maine offers free tax preparation by IRS-certified volunteer tax preparers, and connects residents to financial education resources, including information about funding higher education for children and their families. Last year, CA$H Maine helped more than 4,610 Maine residents save $806,750 in filing fees and claim $2.4 million in Earned Income Tax Credits while getting $6.9 million back in federal income tax refunds. For more information, visit www.cashmaine.org or call 2-1-1.
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[i] Source: Reid Cramer, Rourke O’Brien, Daniel Cooper and Maria Luengo-Prado, “A Penny Saved is Mobility Earned: Advancing Economic Mobility through Savings,” Washington, DC: The Pew Charitable Trusts, 2009, http://www.pewtrusts.org/uploadedFiles/wwwpewtrustsorg/Reports/Economic_….