City of Charleston leaders hosts Financial Empowerment Town Hall

CHARLESTON, S.C. (WCBD) – City of Charleston leaders partnered with local financial experts in hosting the first Financial Empowerment Town Hall. Leaders say they want to make sure people in the Lowcountry are up to date and informed on how to use their tax return money wisely this year.

“We need to help our citizens and empower them to get the most they can from their return and use it wisely,” says City of Charleston Mayor John Tecklenburg.

Financial experts from all across the Lowcountry are making sure taxpayers are prepared this year by informing about programs like volunteer income tax assistance or “VITA,” and who are eligible for the program.

“Households that make less than $58,000 dollars a year are eligible for the VITA program, people with disabilities, and non-English speaking immigrants,” says Otha Meadows, the CEO of the Charleston Trident Urban League.

Even for those who aren’t eligible, financial leaders went over ways families can receive money through earned income tax credit which is for families with children or who make low income.

“If you are married or single it’s a big help. It can add thousands of dollars to your tax refund. Over the years, we have seen tax refunds in access of $8,000,” says Paul Binion, with Increasing H.O.P.E.

Local nonprofits like Origin SC say it’s important people learn how to establish financial goals with tax return money.

“Establish a savings or maybe your goals is pay down debt could to purchase a home. Once you establish what your goals are, you set those plans,” says Tavia Watson, with Origin SC.

City leaders say informing the public about how to use tax return money wisely helps people invest in their future.

“It’s important to do financial literacy, raise awareness on how to improve and increase our financial stability,” says Mindy Sturm, the Director of the Mayor’s Office for Children Youth and Families.

Experts say you can start accepting and processing your tax returns now and tax returns are due this year by April 18.