“Get it quick or get it all” is State Rep. Darrin Williams’ advice to working families who may be thinking about getting a Refund Anticipation Loan, also known as a “rapid refund.” Make no mistake about it, Fast Cash and Rapid Refunds are loans and you will pay to borrow your own money. AACF estimates that Arkansas’s working families and communities are losing an additional $100 million every year due to the high cost of tax preparation services and the ultimate tax season rip off–refund anticipation loans. For eligible families there is another way to get it all, click here for a list of Volunteer Income Tax Assistance sites in your area.
Friday, January 29 is National EITC Awareness Day. Most Volunteer Income Tax Assistance (VITA) sites are gearing up for this year’s tax filing season and there will be a large number of families that now qualify for the Earned Income Tax Credit (EITC) than ever before. The EITC is available to working families with low- or moderate-income and supplements wages and encourages work. The average EITC refund is $1,950 per eligible taxpayer and can be up to $5,657. This money in the pockets of working families can pay for basic necessities like food, rent and utilities or can be used for savings. In order to receive the credit, taxpayers must file a tax return and can do so for free at 80 VITA sites around the state. Click here for more information on EITC eligibility.
News Media Coverage
Arkansas Democrat-Gazette (subscription required)