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KeyBank & Parachute credit counseling to offer free tax preparation services in Niagara County


Wed, Feb 8th 2023 08:15 pm

Partnership will help eligible families and individuals file for Earned Income Tax Credit

KeyBank is partnering with Parachute Credit Counseling (formerly Consumer Credit Counseling Service of Buffalo) to provide free tax preparation services in Niagara County, helping low- to moderate-income individuals and families determine their eligibility for the Earned Income Tax Credit (EITC).

Volunteers from KeyBank and Parachute will be available at the following locations, days and times:

•Lockport Public Library Community Room, 23 East Ave., from 3-6 p.m. every Tuesday through April 4.

•Pinnacle Community Services Community Room, 1522 Main St, Niagara Falls, from 3-6 p.m. every Wednesday through April 5.

All tax filers are welcome to attend. The individual does not have to be a KeyBank customer to participate.

“We are excited to team up with Parachute Credit Counseling to support our community with free tax preparation services,” said Michael McMahon, KeyBank Buffalo market president. ”These events provide critical assistance to individuals and families, and are central to KeyBank’s purpose of helping the communities we serve thrive.”

KeyBank quoted the IRS in noting the EITC is a benefit for working people with low to moderate income. To qualify, workers and families must meet certain requirements and file a tax return, even if they do not owe any tax or are not required to file. EITC reduces the amount of tax owed and may provide a refund.

A press release noted, “Each year, thousands of qualifying Americans do not claim the EITC on their federal income tax returns, meaning billions of dollars in much-needed refunds goes unclaimed. ‘Super Refund Saturday’ is a cost-effective way for tax filers to navigate the potentially confusing tax preparation process and ensure they are getting their full return.”

According to the IRS, to qualify for the EITC earned income must be less than:

√ $53,057 ($59,187 if married and filing jointly), with three or more qualifying children

√ $49,399 ($55,529 if married and filing jointly), with two or more qualifying children

√ $43,492 ($49,622 if married and filing jointly), with one or more qualifying children

√ $16,480 ($22,610 if married and filing jointly), with no qualifying children

Income tax return filers should bring these documents:

√ State-issued photo ID

√ Social Security card (for you, your spouse, and each child and/or dependent)

√ W-2 forms

√ 1099 forms (interest, earnings as an independent contractor)

√ Unemployment forms (if applicable)

√ Proof of child care payments

√ Other IRS forms as appropriate

√ Last year’s tax return (if available)

√ Bank account and routing number for direct deposit (if applicable)

If filing jointly, bring all applicable documents for you and your spouse.

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