For many families, a tax refund is one of the single largest payments they will receive all year. Tax time is particularly important for low-income families, as it presents an opportunity to increase family income by accessing public benefits like the Earned Income Tax Credit (EITC) as well as financial education and asset building tools.

However, taxes can be confusing for many Americans, and often families fail to receive the credits to which they are entitled simply because they are not aware of their options. Other families become overwhelmed and end up spending money to have others prepare their taxes for them, using dollars that they cannot afford to lose. Low-income families pay an average of $160 to have their taxes completed.

However, Bank of America volunteers have offered a solution through education to enable families to receive the benefits for which they are eligible. Through Bank of America’s Volunteer Income Tax Assistance (VITA) providers, low-incomes families can receive free, accessible consulting in order to claim their full refunds.

“Education is the best tool you can supply to a person, and that’s what this program provides,” said Bank of America associate and VITA volunteer Shenea Ryans. “It’s not only a free service to prepare taxes, but helps them to understand how to add to their income each year.”

Shenea, a Bank of America associate in Phoenix, has been involved with the VITA program for six years. She is now a Site Coordinator and has logged more than 2,400 hours of volunteer time for VITA. In addition to recruiting other new VITA volunteers, Shenea has worked with IRS and City of Phoenix to coordinate the donations of funding and supplies and also teaches the class to certify new volunteers.

“As a volunteer, I make a personal connection with the community. That’s what keeps them and me returning year after year.”

In 2008, Bank of America associates helped people file claims and gain access to financial education across the nation, logging a total of 3,500 volunteer hours. The overall effort resulted in more than $162 million in EITC refunds back into the hands of working families and returning war veterans.