Council launches Save Smart

Wednesday, April 8, 2009

Through funding received from the Rural Maryland Council's Strengthening Rural Maryland Families grant, the project was developed to strengthen the economic stability of Southern Maryland families by helping them develop the financial skills they need to save money and increase their knowledge and understanding of the financial management practices that can help them overcome barriers to economic success.

"Tax season provides a great opportunity to begin the discussion of saving. Many families receive tax refunds equivalent to a month's salary. We want to encourage families to save a portion of that money in support of their future financial goals," Ellen Flowers-Fields the project's coordinator, said in a press release.

Many families in the area are still not filing tax returns and are unaware that they may be eligible to receive Earned Income Tax Credit. The EITC is an income tax benefit for people who work. Payments vary based on income and family size. Through the Save Smart Community Project, there are Internal Revenue Service-certified community volunteers providing free tax preparation in Southern Maryland. To be eligible for this service applicants must have a valid social security number, must be at least 25 but younger than 65 as of Dec. 31, a full-year Maryland resident and earned income must be less than $38,646 ($41,646 for married filing jointly) if they have more than one qualifying child, $33,995 ($36,995 for married filing jointly) if they have one qualifying child or $12,880 ($15,880 for married filing jointly) with no child. With collaboration from other nonprofit agencies in Southern Maryland two sites have been established to provide information and access to EITC and other financial independence information and resources.

Go to www.tccsmd.org.

Individuals may access services, by appointment only, at LifeStyles of Maryland or the Three Oaks Center. LifeStyles is at 612 E. Charles St., La Plata, across from Civista Medical Center; call 866-293-0623. Three Oaks Center is at 46905 Lei Drive, Lexington Park, off Route 235 one block past Tulagi Place; call 301-863-9535.