Make the Most of Your Tax Refund -- and don't get ripped off!

It's tax season again ... beware of the tax-prep vultures! Many for-profit companies will offer to file your taxes for free, in hopes of selling you a costly Refund Anticipation Loan. They call it "fast cash" with no out-of-pocket fees, but what they don't tell you is that the fees deducted from your tax return amount to totally exorbitant interest rates – usually ranging from 40% APR to 1000% APR! That’s predatory lending.

Here are three tips for a money-smart Tax Season.

1. Get help that’s REALLY free.

There are many places in the Syracuse area where you can get free tax prep help, through the Volunteer Income Tax Assistance (VITA) program as well as other opportunities. Here are just a few.

Cooperative Federal Northside Office

Volunteers from LeMoyne College will be running a site at our credit union's North Salina Street Office.

Where: 800 North Salina Street (Assisi Center)
When: Saturdays, 9 am - 1 pm, starting January 21 thru April 14 (except CLOSED March 3 and March 10). Walk-ins welcome.
Bring: Your tax documents, a photo ID, and account information (if you want direct deposit of your refund).

1199 SEIU

This year, the Syracuse Office of 1199 SEIU is opening up their Tax Prep site to the entire community.

Where: 250 South Clinton Street, Suite 200 (NEW Office)
When: 4 days per week, including daytime and evening hours, by appointment only. Call (315) 424-1743 for schedule, appointments, and more info.

More...

For a list of free tax prep sites in your area, call 1-800-906-9887 or visit the IRS Tax Prep Help Page.

2. Don’t pay for your own money.

If you e-file with direct deposit, your refund will arrive in just 1 to 2 weeks! No fees, no interest, no baloney.

At Cooperative Federal, you can arrange a direct deposit into your checking OR savings account.

If you really can’t wait 2 weeks for your refund, you may want to consider applying for a small loan or line of credit – at regular interest rates, not predatory rates. Call 315-473-0242 to speak with a credit specialist at Cooperative Federal.

We also offer credit advising, budgeting help, and other financial counseling to help you stay on track and reach your financial goals. Call our education & counseling department at 315-476-1451.

3. Make the most of your refund.

Tax refund time is the best time to save toward your financial goals – like a home, a business, or higher education. With the Matched Savings program at Cooperative Federal, you can double or even quadruple your savings through special “matching grants.”

First-time Homebuyers (those who haven’t owned a home in 3 years) can get matching grants of $7,500 to $9,500 when they save $1,875 to $2,000.* The money can then be used toward down payments, closing costs, or other approved purposes.
Small Businesses can get matching grants of $1,000 to $2,000 when they save $1,000.* The money can be used for any expenses associated with business start-up or expansion.
If Higher Education is your goal, you can open a Matched Savings Account for education expenses like tuition, books, supplies, or even living expenses while you are in school. Get a matching grant of up to $1,000 to $2,000 when you save $1,000.*
Cooperative Federal members can also open a Matched Saving account to purchase a Vehicle if necessary for school or work.* When you save $1,000, you get another $1,000 in matching grants.

*Income limits and other eligibility criteria apply.

Call Kira Crawford at 315-473-0211 to learn more or apply. Space in the Matched Savings program is limited - so apply soon!