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 Laws

    Federal and state legislation that shields individuals, nonprofit ...
  2. Offer In Compromise

    A program offered by the IRS to taxpayers who are unable to pay ...
  3. Tax Liability

    The total amount of tax that an entity is legally obligated to ...
  4. Proportional Tax

    A tax system that requires the same percentage of income from ...
  5. IRS Publication 1

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

    An amount of money that a taxpayer is able to subtract from the ...
Related Articles
  1. Taxes

    Places To Find Free Help For Taxes

    Are you in need of free tax help? If so, here are some of the best places to look
  2. 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.
  3. Retirement

    What Retirees Should Know Before Volunteering

    When volunteering involves expenses, did you know they may be tax-deductible? Here's the scoop.
  4. 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.
  5. 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.
  6. Taxes

    Start Over With The IRS

    If you're struggling to pay back taxes, try a fresh start with the IRS. They really can help.
  7. Retirement

    Retirement Programs That Help Low Income Seniors

    Plans and strategies for building a healthy and satisfying life, even if your retirement income isn't as high as you wish it could be.
  8. Personal Finance

    The Real Cost Of Volunteer Tourism

    Millions of Americans are embracing a new way to travel by doing their part to help communities in developing nations.
  9. Taxes

    Why You Can't Send the IRS Prefilled Tax Returns

    Lobbying by Intuit, H&R Block and others keeps the IRS from sending out prefilled tax returns that taxpayers can review, correct, sign and send back.
  10. Taxes

    Need To Enroll In Obamacare? File Your Taxes

    Taxpayers who need to obtain health coverage under the Affordable Care Act can now do so easily and conveniently when they file their taxes through an eligible preparer.
RELATED FAQS
  1. 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 >>
  2. How do I find out what my tax bracket is?

    Learn the information you need to determine what your tax bracket is. Read Answer >>
  3. How does the marginal tax rate system work?

    The marginal tax rate is the rate of tax that income earners incur on each additional dollar of income. As the marginal tax ... Read Answer >>
  4. Is the marginal tax rate a progressive tax?

    Learn how the marginal tax rate is a progressive tax that takes a higher percentage of income tax from high-income earners ... Read Answer >>
Hot Definitions
  1. Straddle

    An options strategy in which the investor holds a position in both a call and put with the same strike price and expiration ...
  2. Trickle-Down Theory

    An economic idea which states that decreasing marginal and capital gains tax rates - especially for corporations, investors ...
  3. North American Free Trade Agreement - NAFTA

    A regulation implemented on Jan. 1, 1994, that eventually eliminated tariffs to encourage economic activity between the United ...
  4. Agency Theory

    A supposition that explains the relationship between principals and agents in business. Agency theory is concerned with resolving ...
  5. Treasury Bill - T-Bill

    A short-term debt obligation backed by the U.S. government with a maturity of less than one year. T-bills are sold in denominations ...
  6. Index

    A statistical measure of change in an economy or a securities market. In the case of financial markets, an index is a hypothetical ...
Trading Center