DEFINITION of 'Volunteer Income Tax Assistance - VITA'

An IRS program that utilizes volunteers to help provide free tax preparation services to low-income taxpayers. These services are provided at a variety of public locations such as libraries, schools and shopping malls, in certain high-need areas. Additionally, many locations offer free electronic filing services to qualifying taxpayers.

BREAKING DOWN 'Volunteer Income Tax Assistance - VITA'

While many low income-tax payers are fully capable of filling out a basic tax form, many lack an understanding of the complex rules for certain tax credits that can aid lower-income tax payers. The Volunteer Income Tax Assistance Program has been instrumental in helping these households receive thousands of dollars in additional refunds. The VITA program is always in need of volunteers and can be contacted at 1-800-829-1040. In addition to the VITA program, the IRS also offers another volunteer-staffed program aimed at helping the elderly (age 60 or older) receive free tax assistance.

RELATED TERMS
  1. Volunteer Protection Act Of 1997

    A federal law authorized by President Clinton that limits the ...
  2. Volunteer Protection Laws

    Federal and state legislation that shields individuals, nonprofit ...
  3. Tax Benefit

    A tax benefit is an allowable deduction on a tax return intended ...
  4. Offer In Compromise

    A program offered by the IRS to taxpayers who are unable to pay ...
  5. IRS Publication 1

    A document published by the Internal Revenue Service that identifies ...
  6. Proportional Tax

    A tax system that requires the same percentage of income from ...
Related Articles
  1. Personal Finance

    People Who Benefit The Most From Volunteering

    From parents to students to retirees, volunteering can be of great benefit to a lot of people. Here are people who volunteering benefits the most.
  2. Managing Wealth

    The Best Ways To Volunteer

    The most beneficial type of volunteer activity depends on your goals for volunteering.
  3. Personal Finance

    6 Volunteer Opportunities For Finance Professionals

    Here are six ways financial professionals can volunteer their expertise and possibly advance their careers along the way.
  4. Personal Finance

    Pros And Cons Of Volunteering In Your Career Field

    Here are some positives and negatives of volunteering in the same area you work in.
  5. Taxes

    6 Sources For Free Tax Help

    From community-based services to free software, there are many free resources to help with your taxes.
  6. Taxes

    Tax Tips For First-Time Filers

    Here is a quick rundown on what you need to know if you're filing your taxes for the first time.
  7. Taxes

    Top Software to Prepare Taxes Free by April 2017

    A place that fills out and files your taxes free of charge? It's no myth, as long as you have a simple return. Read on to find the top preparers.
  8. Retirement

    Programs That Give Cash-Strapped Seniors a Lift

    Dozens of federal and state programs can help seniors who are struggling to pay their bills on a fixed income to better afford their most basic needs.
  9. Taxes

    What's IRS Form 1040 For?

    Most U.S. taxpayers will be familiar with the 1040. By the end of filling it out, you'll know how much tax you owe, or what your refund is.
  10. Taxes

    6 Cheap Alternatives to a Tax Refund Advance

    Tax-preparation companies offer tax refund advances to get customers in the door and collect fees on other services. Here are 6 cheap alternatives to them.
RELATED FAQS
  1. What aids will help me file my own tax return?

    Most of us will shy away from doing our own tax returns, especially if it involves reporting capital gains or losses, education ... Read Answer >>
  2. How do I use the IRS Free File tax forms?

    Free File is a way for taxpayers to prepare and file their federal taxes online for free. The service is available to individuals ... Read Answer >>
  3. What’s the difference between IRS Forms 1040 and 1040EZ?

    Though very similar, the differences between the 1040 and 1040EZ Forms are significant when it comes to filing your tax return. ... Read Answer >>
  4. What's the difference between a tax rate and a tax bracket?

    These two terms are often incorrectly used interchangeably. Find out the difference between your tax rate and your tax bracket. ... Read Answer >>
Hot Definitions
  1. Book Value

    1. The value at which an asset is carried on a balance sheet. To calculate, take the cost of an asset minus the accumulated ...
  2. Dividend Yield

    A financial ratio that shows how much a company pays out in dividends each year relative to its share price.
  3. Fixed-Income Security

    An investment that provides a return in the form of fixed periodic payments and the eventual return of principal at maturity. ...
  4. Free Cash Flow - FCF

    A measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow (FCF) represents ...
  5. Leverage Ratio

    Any ratio used to calculate the financial leverage of a company to get an idea of the company's methods of financing or to ...
  6. Two And Twenty

    A type of compensation structure that hedge fund managers typically employ in which part of compensation is performance based. ...
Trading Center