KeyBank and Parachute Credit Counseling to Offer Free Tax Preparation Services in Niagara County, N.Y.

Rhea-AI Summary

KeyBank has partnered with Parachute Credit Counseling to provide free tax preparation services in Niagara County, New York, aimed at low- to moderate-income individuals and families. The initiative includes assistance in determining eligibility for the Earned Income Tax Credit (EITC), which offers substantial tax refunds. KeyBank volunteers will be available every Tuesday and Wednesday through early April at two local community centers. The EITC benefits those with specific income thresholds, and many eligible individuals fail to claim it, resulting in billions of unclaimed dollars.

Positive

• Collaboration with Parachute Credit Counseling enhances community support.
• Free tax preparation service helps low- to moderate-income families access EITC.
• Increased community engagement and brand visibility for KeyBank.

Negative

• None.

BUFFALO, NY / ACCESSWIRE / February 16, 2023 / 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, Lockport, NY 14094 - Every Tuesday through April 4^th from 3:00 p.m.-6:00 p.m.
• Pinnacle Community Services Community Room - 1522 Main St, Niagara Falls, NY 14305 - Every Wednesday through April 5^th from 3:00 p.m.-6:00 p.m.

All tax filers are welcome to attend and 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."

The Earned Income Tax Credit 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. (Source: IRS)

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 childcare 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, please bring all applicable documents for you and your spouse.

ABOUT KEYBANK

KeyBank's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $189.8 billion at December 31, 2022. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com.

Contact Info:

Spokesperson: KeyBank
Website: https://www.3blmedia.com/profiles/keybank
Email: info@3blmedia.com

SOURCE: KeyBank

View source version on accesswire.com:
https://www.accesswire.com/739612/KeyBank-and-Parachute-Credit-Counseling-to-Offer-Free-Tax-Preparation-Services-in-Niagara-County-NY

FAQ

What is the Earned Income Tax Credit (EITC) and how does it help individuals?

The EITC is a tax benefit for low- to moderate-income working individuals and families, reducing tax owed and potentially providing refunds.

Where can I get free tax preparation services from KeyBank?

Free tax preparation services are available at the Lockport Public Library and Pinnacle Community Services every Tuesday and Wednesday through early April.

Who is eligible for the free tax preparation services offered by KeyBank?

All tax filers are welcome; you do not need to be a KeyBank customer to participate.

What documents do I need to bring for tax preparation at KeyBank?

You should bring a state-issued photo ID, Social Security card, W-2 and 1099 forms, proof of childcare payments, and last year's tax return, among others.