Volunteer Income Tax Assistance (VITA) is a great tax preparation service provided to lower income families. The IRS set up this service as a way to provide free tax work for those who generally could not afford to have their taxes prepared professionally. I’ve even offerd this service at the Muncie Ivy Tech location for the past 3 years.
The IRS expenses to run this service includes sending out all the training materials (which consists of a large text book plus other booklets), any forms each site may need, contracting out a professional tax software company to provide the software as well as many other costs. One would think if the IRS put this much money into a free service, they would expect quite a windfall of taxes to come in. However, just the opposite generally happens. During the first day we were open, I prepared about 7 returns and estimated the refunds of those to be about $20,000 in total. Why do you think the IRS goes to the trouble to provide this free service when most lower income individuals receive a refund?
Replay :250 words
Class : ACCT 105 income tax
WHY VITA ??? Volunteer Income Tax Assistance (VITA) is a great tax preparation service provided to lower income families. The IRS set up this service as a way to provide free tax work for those who generally could not afford to have their taxes prepared professionally. I’ve even offerd this service at the Muncie Ivy Tech location for the past 3 years. The IRS expenses to run this service includes sending out all the training materials (which consists of a large text book plus other booklets), any forms each site may need, contracting out a professional tax software company to provide the software as well as many other costs. One would think if the IRS put this much money into a free service, they would expect quite a windfall of taxes to come in. However, just the opposite generally happens. During the first day we were open, I prepared about 7 returns and estimated the refunds of those to be about $20,000 in total. Why do you think the IRS goes to the trouble to provide this free service when most lower income individuals receive a refund? Replay :250 words Class : ACCT 105 income tax
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