Groups join CA$H Maine to help with taxes, saving

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PORTLAND — To help stimulate college savings in Maine and help young families develop good financial habits, the John T. Gorman Foundation and Harold Alfond Foundation are joining forces to help CA$H Maine further its mission of helping Mainers attain long-term educational and financial stability goals.

Also joining CA$H Maine in this effort is the Finance Authority of Maine, which will have representatives on-site to offer one-to-one counseling on educational savings at 9 a.m. March 1 at the Lewiston Armory.

CA$H Maine, a collaboration of statewide coalitions made up of 50 non- and for-profit partners, helps families start on the path to savings by ensuring they claim tax refunds and earned income tax credit dollars to which they are entitled.

It will once again offer free tax preparation by IRS-certified volunteer tax preparers at sites across Maine and connect people to financial education resources, including information about funding higher education for children and their families.

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“We know that families who have good savings habits — no matter what their income level is — have children who are far more likely to graduate from high school, attend and complete college,” Suzanne McCormick, president and CEO of the United Way of Greater Portland, said.

National studies show that children born to low-income but high-saving parents are 21 percent more likely in their lifetimes to move out of the bottom income quartile and into the middle class.

Families with low to moderate income are eligible to receive free tax preparation services from CA$H Maine. To find the nearest CA$H Maine location and schedule an appointment, call 2-1-1 or visit www.cashmaine.org.

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