With $709,580 Returned to Latino Taxpayers, Common Wealth Charlotte Achieves Remarkable Growth in VITA Latino's Third Year

For those facing economic difficulties and financial instability, tax season can add extra pressure, stress, and financial strain. Although preparing taxes is an annual necessity, the associated costs can be overwhelming to many and a barrier to filing. Understanding the need to alleviate this burden for many in Charlotte's Latinx community, Common Wealth Charlotte (CWC) introduced the VITA Latino tax filing program in 2022. Since this program was launched just two years ago, it has grown exponentially and has had a powerful, positive impact on the financial lives of its recipients.  

Launched by the IRS on a national scale in 1971, the Volunteer Income Tax Assistance (VITA) program aids low- to moderate-income individuals, individuals with disabilities, seniors, and those with limited English proficiency in filing their taxes for free annually. In Charlotte and surrounding cities, VITA Latino focuses on serving a segment of our community that has historically encountered obstacles in tax preparation due to financial and language barriers. 

VITA Latino is a component of CWC’s Spanish initiative, Buenas Finanzas Carolinas (BFC). This program delivers a comprehensive range of financial literacy and capability services while being tailored through a culturally sensitive approach to more effectively serve Charlotte’s expanding and underserved Latinx community. 

This year, VITA Latino saved $155,700 in tax preparation costs, and returned $709,580 to Latino taxpayers, more than doubling the amount from 2023. This achievement is particularly significant because the tax season provides clients with access to extra funds, positively impacting their overall financial well-being and future planning.  

This achievement was hard won by Buenas Finanzas Carolinas, as David Arcia, Buenas Finanzas Carolinas Manager, explained. “After 11 intense weeks, 32 tax preparation days, and especially thanks to the effort of our volunteers and staff, we were able to double our number of tax preparations, refunds, and tax payments to the IRS. “ 

Additionally, VITA Latino served a total of 964 clients and prepared 519 tax returns, more than twice the impact of last year’s program. Those who filed paid $296,499 in tax liabilities, or money owed to the government. These liabilities include Social Security and Medicare, two programs that many of the participants will not be able to use, due to their immigration status.  

As one client shared, “Every year I come to do my taxes with VITA Latino. Everybody is nice and helpful, and there is no cost. Buenas Finanzas Carolinas is always helping the Latino community, and I am grateful for the help and their support.” 

These incredible results were made possible by the support of this year’s corporate sponsors, Bank of America, Duke Energy, and The National Association for Latino Community Asset Builders (NALCAB), as well as the 23 community partners who both provided space for clients to meet with tax professionals and assisted with marketing to further enhance the reach of the program and its offerings. 

Depending on volunteers with tax preparation expertise is a critical factor for VITA Latino’s success. By ensuring proper tax filing, securing annual refunds, and reducing fees, Buenas Finanzas Carolinas’ volunteers are committed to helping clients navigate the tax process, identify previously overlooked tax deductions, and educate them about income tax procedures. In 2024, over 70 volunteers were trained for the VITA Latino program and, collectively, contributed hundreds of hours of free tax preparation services.  

Ada, a Buenas Finanzas Carolinas Financial Counselor who has worked with VITA Latino in prior years shared her experience working with the participants. “This year has been a highly successful year for Buenas Finanzas Carolinas! We have been able to help many families with their finances and it has been a blessing to be part of VITA 2024. As a financial counselor it has been an eye-opening experience to see how many of our Latinx community needs guidance and support with their finances. It has been a blessing to be able to help them.” 

VITA Latino also gives Buenas Finanzas Carolinas staff and volunteers insights to their clients' broader needs, enabling referrals to additional services such as legal aid from Charlotte Legal Advocacy or assistance with food and job resources. This approach supports clients in their journeys to gain financial success. Buenas Finanzas Carolinas aspires to extend its support beyond tax preparation, becoming a key part of the community's path to financial literacy and development. 

“VITA Latino has been well received by the community because of its need and impact. Everyone needs to do their taxes, and that includes our immigrant communities.” Shared Yuly Rodriguez, Buenas Finanzas Carolinas Program Director. “They want to contribute and do their part as members of the community, but it is still a difficult and overwhelming system. Due to this, VITA Latino helps address this need, but it also provides support, guidance, and becomes an ongoing ally in the client's financial literacy and capability journey.” 

For Buenas Finanzas Carolinas, achieving financial stability, generational wealth, and upward mobility begins with meeting clients where they are, understanding their background and history, and helping them identify the long-term financial solutions, support, and resources needed for financial independence and security. Buenas Finanzas Carolinas is proud to be a trusted partner within the Latino community and is committed to expanding the VITA Latino program for its Latinx clients.  

We celebrated the end of this year’s VITA Latino Program through our May 4th, 2024 Event: “Despertando el Sueño Americano: Primer Encuentro de Prosperidad Latina.” This event was a day of workshops and resources—all completely in Spanish—with the goal of enriching the financial well-being of its participants. You can get a complete recap here.  

The event is best summarized by Maria Fernanda Robles. “I am at this conference because I am very interested in advancing my business and the options, advice, and connections with companies and non-profit organizations willing to help businessmen and entrepreneurs, who have a long road to travel. As immigrants who do not know the system, they give us the necessary advice to undertake, to achieve our dreams, and to know how this system works. If we do not have knowledge or support, they teach us how we can fulfill our dreams.”  

To learn more about the VITA Latino program and how you can be a partner in providing economic stability and free tax preparation to the Latinx community, visit VITALatino.org or https://www.commonwealthcharlotte.org. 

Photo Credit: Ernesto Moreno Photography.