Just in time for tax season, the Volunteer Income Tax Assistance Program (VITA) is providing students with help completing their taxes. Students and faculty can utilize the program for free-of-charge tax preparation and advice.
VITA opened its doors on Jan. 31, and worked through 12 appointments on opening day. The program is offered every Tuesday from 12:30 p.m. to 4:30 p.m., and will run through the tax season until April 17. Each week, up to 16 appointments can be seen during operating hours, and individuals must book in advance.
Since VITA caters to low-to-moderate income individuals, the income ceiling for Madison College students and faculty who wish to use the service is around $50,000.
The program consists of seven student tax-preparers that have completed both the Income Tax course and the required VITA training. Tax returns are prepared and e-filed with the IRS, with most refunds arriving in seven to ten days. There is no cost to those utilizing the service.
Helping to oversee the program are experienced tax professionals who review all of the completed returns before submission.
“Our program gives student preparers real-life work experience. It’s a win-win situation when people get free returns. It’s a very wonderful service,” said William Padley, lead accounting instructor. Padley also has 25 years of experience teaching taxes.
The symbiotic relationship of benefits that both the student preparers and clients get from each other is one of the key points of sustaining and growing the program.
In 2011, VITA completed about 180 tax returns over the course of the season. VITA has set a goal of either equaling that or surpassing that number.
“We want to get the word out; this is a great deal,” he said.
Mike Rortvedt, a second-year Accounting student and VITA tax preparer, chimed in. “It’s rewarding to give community service that will provide professional benefits to someone,” he said.