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Tax Relief in Sight for Hundreds of Families
Tax Relief in Sight for Hundreds of Families
Published 11-07-07
Submitted by Points of Light
WASHINGTON, DC - November 7, 2007 - This upcoming tax season, qualifying individuals and families across the country will benefit from a volunteer led effort that will provide valuable tax credits. Capital One Financial Corporation (NYSE: COF) is partnering with Points of Light & Hands On Network by helping hundreds take advantage of the Earned Income Tax Credit (EITC), a refundable federal income tax credit for low-income working individuals and families. Annually, the tax credit has been responsible for lifting almost 5 million people above the poverty line.
Through a $250,000 grant, Capital One's EITC & Asset Building Initiative will support the efforts of volunteers in 14 communities throughout the United States. The initiative will strengthen EITC outreach by expanding free tax preparation campaigns, and providing education, training and mentoring through Points of Light & Hands On Network affiliates.
The 14 communities are: Bridgewater, N.J., Columbus, Oh., Daytona Beach, Fla., Fairfax, Va., Flint, Mich., Fort Wayne, Ind., Hempstead, N.Y., Houston, Tex., Louisville, Ky., Macon, Ga., Missoula, Mt., New York, N.Y., Santa Rosa, Calif., and Worcester, Mass.
"Capital One is proud to partner once again this year with Points of Light & Hands On Network to educate and connect low-income families to a financial program that will help families and children gain access to additional resources," says Carolyn Berkowitz, Vice President, Community Relations at Capital One. "We recognize that strong families help build vibrant communities, which benefits all of us."
Congress originally approved the tax credit legislation in 1975 in part to offset the burden of Social Security taxes and to provide an incentive to work. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.
The Internal Revenue Service says that more than $40 billion is available for low-income working families, but up to 20 percent of those eligible for this support are unaware of the benefit. In the meantime, millions of taxpayers, including low-income families, spend $2 billion on commercial tax preparers each year.
The EITC has a number of benefits, namely;
"By providing more people across the country with that extra disposable income, we can ultimately generate more jobs and support local economies," added Berkowitz.
Points of Light & Hands On Network is seeking qualified volunteer tax preparers who can help low-income working individuals and families complete their tax returns in order to take advantage of the EITC. To find out how you can participate, go to http://www.pointsoflight.org/programs/eitc
About Points of Light & Hands On Network
Points of Light & Hands On Network inspires and mobilizes people to become engaged, take action and solve community problems. The organization supports a robust network of 370 affiliates, covering 83% of the US market, with eight international locations. Collectively, they mobilize millions of volunteers who partner with thousands of nonprofits, schools and community organizations every year. By cultivating a dynamic network of linked civic hubs, corporate partners, nonprofits, and citizen leaders who engage volunteers in meaningful community change, they are building a change movement - achieving scale and impact by inspiring a culture of service and offering practical tools, new ideas and innovation to the civic space. For more information, visit www.HandsOnNetwork.org or www.PointsOfLight.org.
About Capital One
Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a financial holding company, with 732 locations in New York, New Jersey, Connecticut, Texas and Louisiana. Its principal subsidiaries, Capital One Bank, Capital One Auto Finance, Inc., and Capital One, N.A., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One's subsidiaries collectively had $83.3 billion in deposits and $146.4 billion in managed loans outstanding as of September 30, 2007. Capital One, a Fortune 500 company, trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
Points of Light
Points of Light
Points of Light is a global nonprofit organization that inspires, equips and mobilizes millions of people to take action that changes the world. We envision a world in which every individual discovers the power to make a difference, creating healthy communities in vibrant, participatory societies. Through 145 affiliates across 39 countries, and in partnership with thousands of nonprofits and corporations, Points of Light engages 3.7 million volunteers in 16.7 million hours of service each year, contributing $498.7 million of value in people power into communities around the world. We bring the power of people to bear where it’s needed most. To learn more about Points of Light visit pointsoflight.org.
Partnering with Points of Light means you’ll have the expertise and support you need to mobilize your colleagues and create community impact using all aspects of civic engagement. We've helped companies with a variety of needs including implementing large-scale employee volunteer events, tackling your larger social impact vision, expanding how you engage communities and consumers, infusing new ideas to your annual employee engagement programs, connecting with peers to bring the latest and greatest ideas on impact measurement, and getting company leadership investment and buy-in. Learn more today.
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