In a move that underlines the University at Buffalo School of Management’s commitment to community service, IRS-certified accounting students from the University at Buffalo School of Management are set to offer a boon to low and moderate-income families and individuals in Buffalo, N.Y., with their annual free tax preparation service. This initiative, targeting those with an annual income of $73,000* or less, is a practical response to the economic disparities affecting the region.
The program, staffed by students who are part of the IRS-sponsored Volunteer Income Tax Assistance (VITA) program, along with members of the UB chapter of Beta Alpha Psi and the UB Accounting Association, aims to provide a critical financial service to those who need it most. By offering these free services, these future accountants are not just honing their skills but actively contributing to the community, especially aiding low-income taxpayers in applying for earned income tax credits. These credits, often overlooked, can significantly boost annual income by reducing or even eliminating income taxes through the refund of taxes already withheld from wages.
This service, which the IRS estimates saves taxpayers between $100 to $300 in preparation fees, is available on a first-come, first-served basis at the South Campus (100 Allen Hall). The dates span from mid-February to early April, providing ample opportunity for those eligible to avail themselves of this service.
The impact of this student-led initiative is not negligible. In the past eight years, these student volunteers have prepared over 10,000 tax returns, funneling nearly $13 million in tax refunds back into the community. Of this, approximately $2.7 million was from the Earned Income Credit, directly benefiting families in urgent need of financial support.
While this initiative marks a significant contribution to the Buffalo community, it is also a reminder of the broader societal issues surrounding income inequality and access to financial literacy and resources. The students’ efforts underscore the importance of such community-engaged programs in universities, not only as a means of practical education but also as a crucial avenue for social impact.
Residents and students in the Western New York area who fall within the specified income bracket are encouraged to take advantage of this opportunity, with details and a list of required documents available on the university’s website. However, it’s important to note that tax preparation for nonresident aliens, which requires special processing, falls outside the scope of this program. For these individuals, the university suggests using Sprintax, a service tailored for nonimmigrant visa holders.
Lead image: Photo by Kelly Sikkema.
* Correction earlier version of this article listed the income cap at $60,000. It’s been corrected to $73,000.