Management students offer free tax prep services

IRS-certified accounting students from the School of Management again will provide free tax preparation services to individuals and families with annual incomes below $53,000.

UB employees and students, and area residents are encouraged to take advantage of this opportunity, which will be held on UB’s North, South and, for the first time, Downtown campuses. The IRS estimates that using such free services can save taxpayers between $100 and $300 in preparation fees.

This service can be especially valuable to low-income tax filers by helping them apply for earned income-tax credits that can provide a needed boost in annual income. The tax credits, which can reduce or eliminate income taxes by refunding taxes already withheld from wages, can mean as much as $5,028 for a family with two children.

Free tax preparation by UB students will be offered from 9:30 a.m. to 5 p.m. on a first-come, first-served basis as follows:

• South Campus, 100 Allen Hall, on Feb. 7, 8, 14, 15, 21, 22 and 28, and March 1.
• Downtown Campus, UB Downtown Gateway, 77 Goodell St., on March 7 and 8.  Enter through UB’s Educational Opportunity Center (EOC) at 555 Ellicott St., and follow the signs.
• North Campus, 106 Jacobs Management Center (The John H. Shellum Room), on March 28 and 29, and April 4, 5, 11 and 12.

Participants must bring the following:

• Proof of identification (government-issued ID for each adult, such as driver’s license, state-issued ID card, passport, military ID card, etc.).
• Original Social Security card for each filer and dependent (not a photocopy).
• Date of birth for self, spouse and dependents.
• Wage and earning statements (Forms W-2 and 1099) from all employers.
• Interest and dividend statements (Form 1099).
• New this year: Forms 1095-A, B or C (Affordable Health Care Act Statements).
• Total paid for day care provider and provider’s tax ID number or Social Security number.
• A copy of last year’s federal and state tax returns, if available.
• Bank routing numbers and account numbers for direct deposit of tax refunds.
• If married filing a joint return, both spouses must be present to sign the required forms.

The tax service is coordinated by the UB chapter of Beta Alpha Psi, an international honors organization for accounting and finance students, with help from the UB Accounting Association.

Frequently asked questions, maps and directions can be found online. For additional questions, send an email to mgt-freetaxprep@buffalo.edu and a student volunteer will reply within 48 hours.

Tax preparation for nonresident aliens requires special processing that is beyond the scope of the services provided by Beta Alpha Psi. F-1 or J-1 students who have been in the U.S. for five years or less and J-1 scholars who have been in the U.S. for two years or less should visit the International Student and Scholar Services’ website for tax filing assistance.