Money. JPMorgan Chase Detroit-based Community Managers Provide Financial Literacy Workshops

By Rasha Almulaiki

As part of JPMorgan Chase’s $30 billion commitment to racial equity, the firm has hired a team of experts focused on addressing the racial wealth gap among Black, Hispanic and Latino communities.

The community managers, Gail Taylor and Stacie Hunter, are lifelong Detroiters who are connecting to residents and small businesses providing access to tools and services to assist with overall financial stability, business growth and home ownership.

“Our roles are really to listen to build relationships and trust and provide financial help to the community,” said Hunter. “We are working in the city of Detroit and are concentrating on impacting the youth, our regular working community and our seniors.”

Since October 2020, JPMorgan Chase has hired 150 community managers across the country, all positions filled by community residents who can speak and connect to each location’s needs. The new firm’s community-based liaisons will focus on the financial well-being of underrepresented communities of color while identifying possibilities for partner- ship and programs that cater to local needs.

Taylor and Hunter have offered programs that emphasize small businesses, credit growth, homebuyer education and budgeting and savings. Working along with local stakeholders, nonprofit organizations, schools and small businesses, the program offers workshops and link individuals to opportunities that foster generational wealth and economic empowerment. Residents are also encouraged to reach out to the Corktown Community Center where they regularly hold workshops.

The financial literacy workshops are based on demographics and are tailored to the needs of spe- cific groups There are three different types of workshops, including ones for K-12, college students and senior residents. All workshops are available at no cost to the participants.

Other topics include budgeting, savings, building credit, homebuyer education and assistance in sustaining small businesses.

In 2022, the community managers held over 236 financial wealth workshops with 170 organizations and reached over 4,400 adults in the Detroit and Flint area.

Taylor and Hunter have conducted workshops with local schools and reached over 5,000 students, those attending including Jalen

Rose Academy.

“Credit is the most requested topic across the board,” said Taylor. “It’s from teenagers, even seniors. Credit has always been a mystery number. How do you get it? How does it work? You need to learn how it impacts you getting a house and other important things throughout life.”

The pair have also worked with graduating doctors at Wayne State University’s medical school and found that basic financial budgeting was also requested “even among the most educated people.”

“The overarching goal is to build these skillsets in the community. We hope people become more educated about finances and not be afraid of words like ‘budget.’ We want them to be stewards of their finances, really understand how credit works, and for business to learn how to get access to financial tools that are available around them to help take the pressure off meaningful decisions in everyday life.”

If anyone is interested in requesting financial literacy workshops, contact the JPMorgan Chase Bank, Corktown Branch in Detroit.

Mayor Duggan Launches 2023 Tax Credit Campaign

Mayor Mike Duggan and a coalition of community partners announced this year’s push to encourage all Detroiters to access every dollar of federal tax credits by scheduling an appointment for no-cost expert tax preparation. Through last year’s coordinated outreach in the City of Detroit, thousands of Detroit families were able to take advantage of the Earned Income and Child Tax Credit, bringing millions into their homes.

Mayor Duggan was joined by Accounting Aid Society, United Way for Southeastern Michigan, Wayne Metropolitan Community Action Agency, University of Michigan’s Poverty Solutions and Community Development Advocates of Detroit, as he kicked off the 2023 income tax season today and outlined efforts to urge residents to claim their credits.

“There is a lot of money Detroit families are entitled to that they can use to save, invest, buy a car or fix their home, but you have to file your taxes to receive the refunds,” said Mayor Duggan. “The City and its partners are going to make sure every Detroiter has the help they need to file their taxes, especially if they haven’t filed in the past.”

As a result of the coalition’s work in 2022, Detroiters claimed more than $260 million in EITC refunds alone in 2022, plus many millions more in Child Tax Credits. Prior to 2017, EITC-eligible Detroiters left an estimated $80 million of potential tax refunds unclaimed each year.

There are several cash payments available to Detroit families, including the Earned Income Tax Credit and the Child Tax Credit, but you’ve got to file your taxes to claim these credits. Even if you don’t typically file your taxes or didn’t earn much in 2022, you may qualify for these payments.

• CHILD TAX CREDIT – Who is eligible?

• Children under age 17 living in your home.

• Earned at least $2500 from working in 2022.

• Children must have a valid Social Security Number (adults may have an ITIN).

• If you are the child’s primary caregiver, you are likely eligible. You don’t need to be the child’s biological parent to qualify.

“This is an important time of year for households who are working hard to make ends meet,” said H. Luke Shaefer, the Hermann and Amalie Kohn professor of social justice and social policy and faculty direc- tor of the University of Michigan’s Poverty Solutions. “Tax refunds help families pay down debt, invest in car repairs, and all the other things they need. We all benefit when families can access these resources.”

This year, the amount of the Child Tax Credit will return to 2019 levels, which will be between $1,500 to $2,000 per dependent.

EARNED INCOME TAX

CREDIT – Who is eligible?

The EITC is available to working families and individuals who meet certain income requirements. The amount of the refund depends on income, filing status, and number of qualifying children claimed on tax returns. For example, a single individual with no children who works and makes less than $16,480 could get back as much as $594. A married couple with three or more children who files a joint return, with a combined income of less than $59,187 could receive the maximum EITC of $7,351.

If you worked at all in 2022, you may be eligible for the Earned Income Tax Credit. The Earned Income Tax Credit provides extra income to workers with low to moderate incomes, up to $60,000. Adults and children must have a Social Security Number to apply for the EITC.

EXPERT TAX PREP AVAILABLE AT NO COST:

All residents with income less than $60,000 qualify for an expert tax preparation appointment at no cost to them. For the 2023 tax season, Accounting Aid Society and Wayne Metro are returning to primarily in-person tax prep services. Drop-and-go and all-virtual appointments will also still be available.

Finding Savings Where You’re Already Spending

(Statepoint) At a time when Americans are keeping a closer eye on their expenses, finding more value where they are already spending on the essentials is more important than ever.

In a recent study from Morgan Stanley, 64% of Americans said they plan to cut back on overall spending in the next six months as inflation continues to rise and impact wallets. And while many are making cuts in their everyday life, wireless shows no sign of being scratched from the monthly budget. With more than 60% of households having cut the cord to their landline, Americans increasingly rely on their mobile connectivity. This may be why that when it comes to prioritizing monthly bills, the same Morgan Stanley study showed that wireless was top ranked alongside other life essentials, with respondents saying that keeping their connectivity was nearly neck in neck with paying their mortgage.

Another survey, by opinion analytics and research firm CivicScience, had Americans weigh the importance of their wireless service compared to other popular out-of-pocket expenses.

When asked whether they’d rather give up wireless or a video streaming service, 77% said they’d give up streaming and continue binging their mobile connectivity. When it came to choosing mobile service over a food delivery service, 93% said they’d sacrifice food delivery. Even America’s favorite pastime was no match against reliable connectivity, with 86% saying they’d gladly give up attending a sporting event rather than part with their wireless service.

How to Maximize the Value and Timeliness of Your Tax Return

(StatePoint) Research shows that if you’re dreading tax season, you’re not alone.

According to the Pew Research Center, 47% of Americans say they are bothered a lot by the complexity of the federal tax system. Other taxpayers stress out over getting the details right. In a Credello survey, 22% of respondents say not maximizing their refund is their biggest fear around doing taxes, while another 22% said their biggest fear is making a mistake.

“Many Americans rely on their tax refund to make ends meet. Accessing those funds should be fast and easy,” says Chad Prashad, president and CEO of World Finance.

To help you get a handle on your taxes, World Finance is drawing on its 26 years of filing expertise to offer these timely tips:

• Get ready early. As soon as your employer provides your W2, you can file your taxes. Having all other documentation and receipts ready to go will help expedite the process, which means you will get your tax return faster, too. Collect the necessary materials in one place

Tax Credit

From page A-5

“Our experienced tax preparers allow clients to collect every dollar that is owed to them, so they can build financial stability for themselves and their families,” said Priscilla Perkins, President and CEO of Accounting Aid Society. “Paying rent, putting food on the table, or saving for a child’s education - clients can use that money to invest in the future.”

SPREADING THE

WORD:

This coalition is working to spread the word to those who are at the greatest risk of missing out, such as first-time parents who may not know they are eligible, non-traditional families where the biological parents are not the primary caregivers, families that don’t make much money and don’t normally file taxes, and families with limited English, limited education, and limited connections to social services.

We are working with community-based organizations to meet families where they are with in-person outreach at community events, flyers at community locations, direct outreach to neighborhood residents, and more.

The most important thing to know is that most Detroiters are eligible, thanks to the help of hundreds of staff and volunteers from Accounting Aid Society and Wayne Metro, for expert tax preparation at no-cost. These IRS-certified partners will assist with tax before filing.

• Consider significant life changes. Did you move in 2022? Have a baby? Get married? Change jobs? Each of these monumental life events can have an impact on your taxes, so be sure to disclose these factors when filing or to the professional filing on your behalf.

• Know what’s new. Visit IRS.gov to learn about any changes to tax filings that are applicable to you. A tax services professional can also help you identify relevant updates. World Finance tax pros have yearround training to stay on top of the latest tax filing requirements and are ready to tailor tax services to each tax customer’s financial situation.

• Review and adjust. Once you know what your return is going to be this year, make any necessary adjustments to your W2 to make sure you’re withholding enough during the year. If this is your first year working with a professional tax service, have them review your previous years’ filings as well. You may be able to recover additional refunds if anything was missed. World Finance offers this service for no additional charge.

• Consider a tax refund loan. After filing, you can potentially take out a loan for the amount of your expected refund. This is known as a tax refund loan and an option to consider if you need your refund as soon as possible.

• Work with a professional. Filing your taxes with a software program is a low-cost option, but only if you have time to dedicate to the task, and the know-how to get your biggest possible tax return. Working with a reliable, trusted tax preparation service can help ensure your taxes are filed correctly, and your return is as substantial as it can be. Look for a service that offers transparent pricing, flexible filing options and same-day Tax Advance Loans, such as World Finance. For more information, visit loansbyworld.com/taxes. Tax season doesn’t need to create headaches, fears, or anxieties. By gathering important tax documents in advance and understanding your filing and refund options, you can have confidence that you’ve maximized the value and timeliness of your tax return.

So, we know people would sacrifice spending on some of life’s little luxuries to stay connected, but do they really have to?

Inflation can be deflating, but you don’t need to be powerless against it. Simple money saving techniques can make a difference, and as it happens, if you have the right wireless service, you may not need to slash spending after all.

Designed to get the most for your money, T-Mobile offers an unlimited wireless plan, Magenta Max, featuring unlimited talk, text and premium data—so your smartphone data won’t slow down no matter how much you use—nationwide 5G coverage, a dedicated customer service team and more. The savings don’t end there. T-Mobile customers get $225 each month in extra stuff on the Magenta MAX plan with two or more lines. For the 94% of Americans concerned about inflation, having Netflix , Apple TV+, inflight Wi-Fi and data in 215+ countries, plus a year of AAA on us, and Scam Shield protection all included can mean some serious savings.

In a time of increasing sacrifice, you can be selective about your wireless phone provider, especially when it offers benefits your family can’t afford to live without.

VA Loan

From page A-5 house and buy a new primary residence. You must have enough income and entitlement to qualify for this.

Permanent Change of Station Orders preparation in person, virtually, and at “drop & go” locations. These efforts receive additional funding and support through the generosity of partners at the Skillman Foundation, Kresge Foundation, Ballmer Group, and the W.K Kellogg Foundation.

An officer can be assigned in an area that would require their relocation, perhaps due to the duration of the assignment or distance. An officer may need to take another VA mortgage loan in such an instance.

Is It Possible to Get a VA Loan after a Foreclosure?

“Our goal is to help families get the most out of their tax returns and put that money back into the household budget,” said Louis D. Piszker, Wayne Metro Chief Executive Officer. “It’s important to work with a certified preparer to maximize tax credits such as the home heating credit and dependent care. During your tax appointment, we can also talk about your property taxes, water, and energy assistance, along with financial counseling, debt reduction, and credit repair.”

Through its extensive network of community resources, United Way will again lead this coalition - making sure Detroiters are connected to the help they need.

“As financial challenges continue for so many households due to inflation and economic volatility, the Child Tax Credit and the EITC are helping families bridge gaps in their monthly budgets by putting more money back in their pockets. For many teetering on the brink of financial stability, these funds are a lifeline,” said Dr. Darienne Hudson, president, and CEO, of United Way for Southeastern Michigan. “Along with our community impact partners at the city, Accounting Aid Society, Wayne Metro, and others, we are working to help everyone access the maximum refund they are owed.”

Residents can call 2-11 or visit www.getthetaxfacts.org to learn more and schedule an appoint-

As much as a foreclosure would be considered damning, it doesn’t mean that you have lost your ability to get another VA loan. The only issue is that you may have a reduced VA loan entitlement, given that the Department of Veterans Affairs suffered a loss on loan. Following the foreclosure, a veteran will have to undergo the foreclosure waiting period now (usually two years). Even then, the waiting period could increase to more than three years if the foreclosure resulted from another government-backed product like a USDA loan. Lastly, even after the two-year waiting period following a foreclosure, borrowers must still meet the lenders’ credit requirements to qualify for a loan. For instance, lenders have to determine how much entitlement may be left. q 50 years of age or older q Cancer q Chronic kidney disease q Chronic liver disease q Chronic lung diseases q Cystic fibrosis q Dementia or other neurological conditions q Diabetes (type 1 or type 2) q Disabilities q Heart conditions q HIV infection q Immunocompromised condition or weakened immune system q Mental health conditions q Overweight and obesity q Physical inactivity q Pregnancy q Sickle cell disease or thalassemia q Smoker, current or former q Solid organ or blood stem cell transplant q Stroke or cerebrovascular disease q Substance use disorders q Tuberculosis

If you are eligible, a VA loan is a great option. VA hasn’t established a DTI (debt-to-income) ratio limit, but most lenders will take a closer look at borrowers with higher ratios. VA doesn’t have a minimum credit score however; lenders are allowed to set their own minimums typically a 580 FICO. You can purchase a home with no down payment, a higher debt-toincome ratio, and no private mortgage insurance. That’s awesome!

The list above does not include all possible conditions that put you at higher risk of severe illness from COVID-19. Learn more at CDC.gov.

When it comes to severe illness from COVID-19,