Use tax time to save
Saving for sudden expenses, future purchases, or big financial moves can be hard. So why not save some of your tax refund? You can use it to build an emergency fund or start a nest egg.
Saving for the future
Every little bit helps, and it’s never too late to set aside money for your future. By setting up direct deposit with the IRS you can automatically direct some of your refund to a savings account. You send your refund to one, two, or even three accounts.
- Bring your savings account information to your tax appointment
- Ask your tax volunteer about how to save a portion of your refund
- Schedule an appointment with a Savings Champion to improve your financial health
Our Miami Tax Pros Savings Champion is powered by Capital One in partnership with Branches.
Capital One supports nonprofits, like Branches, to integrate financial capability as part of their VITA operations. Capital One is pleased to support a Savings Champion at Branches to provide support to tax filers on how to use the financial advantage of their tax returns to prepare for the future by engaging VITA clients in conversations about savings at multiple touch points during the tax preparation process. The Savings Champion responds to client questions about savings and uses prompts to help clients focus on a savings goal.
In 2019, 72% of Branches tax filers that met with a Savings Champion created a savings goal and saved part of their refund in a checking or savings account. The Savings Champion also assists VITA staff and volunteers by serving as an additional savings-focused resource, complementing the work of tax preparation volunteers and adding capacity to VITA sites. Savings Champions create a greater focus on financial capability at VITA sites by serving in a function dedicated to promoting and encouraging savings.