In partnership with United Way of Metropolitan Nashville, NAFI's goal is to help working individuals and families to “Earn It. Save It.” We know that assets are the key to long-lasting financial independence. Assets are what financially stable families use to stay afloat during unexpected financial crises. For many families, tax time may be one of the only chances they have each year to put some m
oney into savings, which is a critical step towards achieving greater financial stability and independence. To increase the lump sum refund available for asset building, NAFI conducts a city-wide campaign promoting the Earned Income Tax Credit (EITC). The EITC is one of the most effective anti-poverty tools in America. No social program or combination of social programs lifts more children out of poverty than the EITC (Brookings Institute). Yet, the IRS estimates that 20 percent of EITC is left unclaimed each year. United Way Volunteer Income Tax Assistance (VITA) sites are our vehicles to help working families claim the EITC and receive these asset building resources. VITA sites provide free tax preparation for households earning $57,000 or less and ensure that they claim all their eligible tax credits. With the average cost of tax preparation being $200, our sites are already helping working families to keep their hard earned money. There are two types of FREE VITA sites: Traditional and MyFreeTaxes. A Traditional VITA site allows clients to come in to a designated facility and sit down with an IRS-certified volunteer who prepares your taxes for you. Individuals and families who have earned up to $57,000 in 2012 qualify for this service. A Beehive VITA site allows clients to come in and prepare their own taxes using tax preparation software on the VITA site computers, with assistance available from an IRS-certified volunteer. Individuals and families who have earned up to $57,000 in 2012 have the option of using the Beehive VITA sites. In addition, we work with our partners to provide financial education year-round. NAFI also comes alongside organizations and companies interested in improving or implementing a financial education program. Through our partners, we are able to provide technical assistance, free training, and new products and services to enhance existing financial education efforts.