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CNM’s TAX HELP New Mexico program began 33 years ago at Central New Mexico Community College (CNM) as a practical means of giving accounting students work experience in tax preparation while serving a community need.
The free tax return preparation service prepares and files tax returns electronically for those whose annual household income is less than $39,000 or who are age 65 or older. According to recent numbers, 70 percent of New Mexicans are eligible for the program, yet only 6.5 percent take advantage of it.
DOCUMENTS TO BRING TO THE SITE
In order to have your taxes prepared at a Tax Help New Mexico location, you must have the following documents: Social Security cards for yourself, your spouse and your dependents; birth dates; Form W-2 wage and tax statements from your employer; a bank document with routing and account number for direct deposit; a statement from your care provider with the amount paid, address and tax number if claiming child and dependent care expenses; a list of all itemized deductible expenses; and, if necessary, Form W-2G for certain gambling winnings; SSA-1099 Social Security benefits statement; records of all other income received.
BENEFITS TO STUDENTS
Out of their participation in CNM’s TAX HELP, students gain:
• Opportunity and knowledge to apply for Internal Revenue Service (IRS) certification, which many employers prefer when hiring
• “Real world” work experience
• Exposure to careers with the IRS or in the accounting field. Many volunteers have gone on to work for the IRS and the New Mexico Taxation and Revenue Department.
• Opportunity for high school students to earn college credit for their training and learn about service to their community by volunteering
BENEFITS TO LOW-INCOME AND ELDERLY RESIDENTS
CNM’s TAX HELP New Mexico serves the state’s low-income and elderly residents by:
• Providing free tax return preparation
• Educating people about the Earned Income Tax Credit (EITC) — a federal credit worth up to $4,536 for qualified low-to-moderate income workers — and helping them claim the money to which they’re entitled
BENEFITS TO THE ECONOMY
In 2005, $21 million was returned to New Mexico’s economy through CNM’s TAX HELP New Mexico.
With an average return of $1,600 (when both a federal and state return were prepared), the program brings money into the community that goes directly into the hands of the state’s neediest citizens through the EITC. Experts estimate that money returned to the economy from tax refunds is turned over two-to-three times.
STATEWIDE EXPANSION
Cooperation from state and local lawmakers, government agencies — such as the Higher Education Department and New Mexico Taxation and Revenue Department — and other outside agencies has enabled the program to grow quickly, with further growth possible.
Thanks to funding for training volunteers, computer equipment and supplies, and donations of advertising in print and broadcast media — including radio ads in English, Spanish and Navajo — CNM’s TAX HELP New Mexico has doubled its locations and increased the number of residents served. As CNM’s TAX HELP increases its partnerships throughout the state, we anticipate doubling the number of clients served again to more than 52,000 and a financial return of more than $42 million.
