Tax Time Savings
Tax Time is a great opportunity to start a savings account or build up your savings! Many times, a tax refund is the largest amount of money that families receive in a single check each year.
Now it is easier than ever to save at tax time since individuals and families can split their refunds into 1, 2, or 3 accounts through Direct Deposit.
It is a good opportunity to save even if an individual or family doesn't have an account, because everyone has the option to purchase U.S. Savings Bonds to start to save for the unexpected events or for a short- or long-term goal.
Tax-Time Pilot Project
From 2011-2015, RAISE Texas and CPPP partnered to develop and fund the Tax-Time Savings Project, which helped Texas VITA filers increase household savings and reduce asset poverty by encouraging them to save a portion of their tax refund in either a savings bond or a matched savings account.
Our partners used different incentives- $50 U.S. Savings Bonds, Supermarket Gift Cards, ,Fast Food Gift Cards, and Tote Bags- to encourage VITA site filers to purchase U.S. Savings Bonds. Click here to read the entire report.
This project enabled us to learn some of the challenges and best practices in getting VITA sites to promote savings at tax time. These learnings are still applicable today and we hope local VITA sites will continue to integrate tax-time savings into their VITA work.
Tax-Time Savings Resources
Texas Saves at Tax Time 2011: Best Practives to Operating a Tax-time Savings Project
IRS: Now you can buy U.S. Series l Savings Bonds for anyone with your tax refund
Tax Time Savings Bonds: Saving Is Hard Bonds Make It Easy