ITEMS JUST ADDED TO THE DABC WEBSITE:

• DABC Announces 2008 Record-Breaking Accomplishments   details

• DABC Free Tax SuperSite Open by Appointment Only  details

• IRS: Stimulus Tax Payment Information   details

• DABC Releases 2007 Annual Report   details

the DENVER asset building coalition Mission

To provide free tax preparation, financial education, and financial services through accessible sites in Denver to help the underserved build for the future and become economically stable.

HOW DOES THE DABC HELP THE DENVER COMMUNITY?

Please view our additional achievements and accomplishments on our About Us page.

The Purpose of The Denver Asset Building Coalition (DABC)

The Problem: Even with a steady job, many working families are struggling to make ends meet.  They may be stuck in low-wage jobs due to their education status or past work history.  In addition to having limited income, many of these families are not connected to the “financial mainstream.”  Some don’t have bank accounts, others may be in debt or have bad credit, and many don’t own a home.

The Solution: The Earned Income Tax Credit (EITC) is a powerful work incentive and antipoverty tool that has benefited millions of low-income families since its inception.  The EITC is a refundable credit offered through the Internal Revenue Service to working families that, in 2007, earned less than $39,783.

National estimates indicate that approximately 15% of eligible families do not claim the EITC.  Some don’t think they’re eligible.  Some families may feel that since they owe too little to have to file that there’s no benefit to them filing at all.  Education and outreach are crucial to these families.  

The history of the Denver Asset Building Coalition

It is a collaboration that began with three organizations — The Piton Foundation, Denver’s 7 (KMGH-TV), and the Internal Revenue Service SPEC Office — to educate lower-income working families in Denver about the tax benefits and credits for which they may be eligible, and to provide these families with free tax preparation assistance.  The coalition has grown to include US Bank, the Denver Mayor’s Office of Economic Development, the Anschutz Foundation, the Rose Community Foundation, and all of our partners listed on the Current DABC Partners page.

Why Was The DABC Created?

The City and County of Denver loses an estimated 9 million dollars per year in unclaimed Earned Income Tax Credit for its residents (according to year 2006 federal tax returns filed).  The DABC is interested in helping working families claim this money and save it for the future.

Many families that apply for the EITC pay someone to complete their tax return. This can cost $175 or more. Getting a "quick tax refund" or "Refund Anticipation Loan" that comes back in a few days often costs hundreds more. Paying for tax preparation and loans takes away from the value of the EITC. In several Denver zip codes, over 40% of the individuals claiming EITC in 2006 paid to have a Refund Anticipation Loan and their tax return prepared. 

The DABC wants to prevent customers from paying these high loan and preparation fees, allowing residents to keep their full tax refund.  To assist with this process, the DABC has created locations where low-income workers, making less than $40,000, can get free help with tax preparation and receive free financial services including opening free checking accounts, purchasing bonds to start towards a savings goal, and attend free Tax Dollars and Sense classes. 

In 2008, the DABC will begin to work with low-income self-employed business owners (without employees) to educate them on their filing and other tax responsibilities.  We are also in the process of developing a one stop resource center for other organizations in Colorado to receive support and training on properly establishing and running a free tax site in their community. 

How Can I PARTNER WITH The DABC?

Visit our Partnership Programs page to learn how you can partner with the Denver Asset Building Coalition.