Press Conference on Norton Tax Fair's Expanded Financial Services (2/25/2010)
Press Conference on Norton Tax Fair's Expanded Financial Services
WASHINGTON, DC - At her Annual Tax Fair on Saturday, Feb. 27, 10 a.m.- 1 p.m. at the Washington Convention Center, Congresswoman Eleanor Holmes Norton (D-DC) will be joined at an 11 a.m. press conference by residents who have benefitted from tax breaks Norton has gotten for homeowners and businesses, and an IRS representative who will warn residents about incompetent and unethical tax preparers and tax preparation companies that take advantage of low-income communities through high-interest rate rapid refund loans. This year's Fair is greatly expanded to offer across-the-board financial services to help residents get through the deep recession, including mortgage counseling, credit counseling, and assistance completing FAFS forms for college tuition. The Fair is open to District residents only, and they must bring D.C. identification to be admitted.
"This year we are offering a Tax and Financial Services Fair because tax preparation is not enough during ‘The Great Recession," Norton said. "New tax credits mean more money for residents from the government; new problems generated by the recession yield greater need for help; and new tax and financial scams have popped up everywhere. We will be providing across-the-board help to assist residents with their financial package." This year's Tax Fair also will help residents take advantage of the many new tax breaks made available in 2009 through the American Recovery and Reinvestment Act, and help them protect their tax refund and get it earlier. More than 50 IRS-certified tax preparers, including UDC law and business students, will help D.C. tax payers take advantage of the new tax breaks made available through the stimulus package including: the "Making Work Pay" provision that provides up to $400 for working individuals and up to $800 for couples filing jointly; the modified Hope Credit providing an annual credit of up to $2,500 per student for four post-secondary years of education instead of two; an increase in earned income tax credits for taxpayers with three or more children, as well as other tax credits in the stimulus bill.