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Welcome to the CA$H Maine Newsletter
Free Tax Preparation!

If you earned less than $56,000 in 2019 you can get your taxes done for free by IRS trained and certified volunteers at one of CA$H Maine's free tax sites. 

In 2019, tens of thousands of IRS-certified volunteers working at more than 3,700 Volunteer Income Tax Assistance (VITA) sites across the country prepared over 1.5 million tax returns, all while achieving a 98%  accuracy rate—the highest in the tax preparation industry. In 2019, over 3,500 individuals in Maine claimed refunds equaling nearly $5 million without worrying about hidden fees or unexpected charges at CA$H Maine tax sites..

High Quality Service

The volunteer tax preparers at CA$H Maine sites go through extensive training and are certified by the IRS. We make sure you get high-quality service by trained volunteers who are equipped to identify tax refund opportunities for customers. Our goal is to help you get your maximum refund and claim all the credits that you have earned.

More than Tax Filing Help 

Tax season can be a great time to start saving money and thinking about your financial future.  CA$H Maine volunteers will also connect you to savings programs, free classes, and other community services to help you reach your goals!

Find a CA$H Maine tax preparation site near you.

EITC Helps Family Make Ends Meet and Save for the Future

As a single mom of two teenage boys, every penny makes a difference for Lisa Clark. Last year she visited Aroostook County CA$H’s free tax preparation program for the first time.

“The program has not only reassured me that I am filing our taxes correctly, but that there is no cost. In the past, I was paying $200 to file our taxes which was an added expense for my family. At CA$H, I was also shown ways to save money, develop a household budget that works, and make the most out of my refund.”

With her refund, she covered the costs of her son’s driver’s ed course, college dorm expenses, and her education program. Most importantly, she didn’t have to use money budgeted for household expenses. She even set aside money for the upcoming winter’s heating expenses.

“I’m relieved not to have to figure out which bills can be put off another month or two to cover any additional expenses. My worse fear is that I will have an unforeseen home or medical expense that I am unable to cover. The Earned Income Tax Credit (EITC) allows me to plan for the unexpected.”

Read more of Lisa's story here.

Looking for an easy way to save money? Make it automatic
By Liane Fiano, Aug 26, 2019, on the Consumer Financial Protection Bureau website.

Building towards your savings goals can take time and dedication, but regularly putting money into savings—even small amounts—is the best way to see your money grow. One of the easiest and most consistent ways to do this is to make your savings automatic. Here are a few ways to get started now. 

How to save automatically through your bank or credit union

If you already have checking and savings accounts, your financial institution may offer programs that allow you to move money from checking to savings. Below are a few of the most common programs to automate this process.

Reoccurring account transfers 
Many banks and credit unions allow their customers the opportunity to set up reoccurring transfers where you choose the amount and the date—often weekly or monthly—when you want to automatically move money from your checking account to your savings account. 

Saving your change
Some financial institutions and companies have programs designed to help you save by rounding up the change from everyday purchases. For example, if your grocery bill is $87.45, your institution would automatically move an additional $0.55 directly into your savings account. 

How to save automatically through your employer

Many people have their employers electronically deposit their paychecks directly into their checking account. Direct deposits tend to be one of the safest and fastest ways to receive your paycheck each pay period. Rather than having your full paycheck delivered to just your checking, you may be able to arrange for a portion to be automatically deposited into your savings account. This option helps ensure money is put aside for savings goals, especially if you’re prone to spending down most of your paycheck before your next payday. 

Regardless of whether it’s through your bank or credit union, employer, or other savings applications, setting up an automatic saving program can be one of the easiest and most effective ways to get started with a new savings habit. Consistently putting money aside—even in small amounts—will add up over time. 

Read the full article here..
Tax Tips for Survivors of Domestic Violence

By Jen Fletcher, 2017 Get It Back Campaign Intern

Leaving an abusive partner can be a difficult decision, especially when exacerbated by financial insecurity and economic hardship. Fortunately, survivors of domestic violence can safely file their taxes and take steps towards financial independence with support. Here are four things to know about tax time.

File a tax return even if you don’t have a filing requirement

Filing a tax return is important to help establish financial stability. Even if you earn less than the income amount required to file a tax return, you may benefit by filing and receiving a tax refund if you qualify for tax benefits like the Earned Income Tax Credit (EITC). For free tax preparation in Maine, find a  CA$H Maine tax site near you. 

Check if your state has an address confidentiality program

If you are concerned that an abuser could find you through the address on your tax return, there are protections to help maintain your safety. Applying for an address confidentiality program allows you to establish an alternate mailing address (often a post office box) and other privacy safeguards that can protect your tax return and public documents.

Find out if you are eligible for special tax relief

Many abusive partnerships involve some degree of financial control. You may have signed a joint tax return without fully knowing or understanding its content. Different forms of tax relief are available if you have a tax-related concern that involves an abusive spouse or former spouse.

Get Help

There are additional resources that can help you establish economic security beyond tax time. Many VITA sites and community organizations, such as New Ventures Maine, offer programs to help with budgeting, saving, wealth-building, and career development. These programs can provide critical tools for building financial independence.

Read the full article here. 

Contact the Maine Coalition to End Domestic Violence to learn more about services and advocacy to stop domestic abuse.

CA$H Maine is a statewide collaboration of ten coalitions, comprised of 50 non- and for-profit partners, working together to help empower Maine individuals and families to achieve long-term financial stability. Since 2003, we have offered free tax preparation to qualified filers during tax season and educated hard-working families and individuals about programs in the community that can increase their incomereduce debt, and build savings. CA$H Maine is a year-round resource, providing outreach and education about ways you can make the most of your money.

To find a coalition near you click here.

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