Business, Legal & Accounting Glossary
Volunteer Income Tax Assistance is an IRS-sponsored program in which volunteers provide free tax preparation advice to taxpayers who earn under a certain income threshold (e.g. $49,000 per year in 2010). Over 12,000 Volunteer Income Tax Assistance program sites were available across the U.S. in 2010. Schools, libraries, and shopping centres were among the facilities that hosted the Volunteer Income Tax Assistance program. Many Volunteer Income Tax Assistance program locations also offer free e-filing services. The IRS trains volunteers with the Volunteer Income Tax Assistance program to help taxpayers determine if they qualify for any of several tax credits, including the Child Tax Credit, the Earned Income Tax Credit, and the Credit for the Elderly. For taxpayers who are 60 or older the IRS has established a variation of the Volunteer Income Tax Assistance program called the Tax Counseling for the Elderly program. For military personnel, the IRS and U.S. military have partnered to establish the Armed Forces Tax Council, another variation on the Volunteer Income Tax Assistance program.
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This glossary post was last updated: 5th February, 2020 | 0 Views.