CLEVELAND – KeyBank and the Cleveland Housing Network are kicking off the tax season this Saturday, January 29, with a free tax preparation event for people whose households earned $35,000 or less last year. The “Super Refund Saturday” event, which will be held from 9:00 a.m. to 3:00 p.m. at the Cleveland State University Cole Center at 3100 Chester Avenue, is expected to put upwards of $500,000 in the pockets of more than 300 city residents, many of whom will receive their tax refunds within a two to three weeks through electronic filing.
The national average for earned income tax credit claimed is $1,700, with the maximum credit being $4,300, based on earnings and family size. Last year, $22 million went unclaimed in Cuyahoga County, according to the local IRS. Awareness is important, but it goes far beyond that, says KeyBank Greater Cleveland District President Elizabeth Oliver.
“Many taxpayers are unaware of the earned income tax credit and/or they don’t know how to access the funds,” says Oliver. “Based on IRS statistical averages, more than 14,000 Cleveland households lost out on dollars they were eligible for during the 2003 tax season. That’s a significant hit to our local economy.
“‘Super Refund Saturday’ is entirely a volunteer effort and reflects the increasing number of tax preparation events Key is underwriting and coordinating within our markets, including Buffalo and Cincinnati. It’s becoming a signature effort aligned with our philosophy of helping people and communities achieve economic self-sufficiency.”
Forty-five IRS Tax Law Certified student volunteers from the Case Western Reserve University MBA program and Law School will prepare the tax forms. Volunteers from KeyBank, Cleveland Housing Network and local nonprofit agencies will host financial education sessions covering topics including saving and investing, home buying, retirement planning; and reducing debt.
To qualify for free tax preparation, residents must bring the following items to the event:
Residents may qualify for the earned income tax credit if they:
Free initial assessments will be provided for residents who are uncertain if they qualify.
Cleveland Housing Network:
Since 1981, Cleveland Housing Network has generated more than $285 million in capital investments in Cleveland neighborhoods, developing 3,300 homes and delivering energy conservation/home repair services to 60,000 households across Northeast Ohio. This organization currently produces about 300 homes annually and provides weatherization and home repair services to more than 5,000 households each year. Over the past two decades, Cleveland Housing Network has built highly effective and ongoing programs and funding partnerships with a host of individuals and organizations throughout the community. This well-established network of 23 member community development corporations, government agencies and officials, banks, corporations, foundations and academic and religious institutions helps sustain the organization and maximize its benefit to the greater Cleveland region.
KeyCorp
Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $91 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.
Note to Editors: For up-to-date company information, media contacts and facts and figures about Key lines of business, visit our Media Newsroom at Key.com/newsroom.
