66.7 F
Los Angeles
HomeBusinessUnlocking Opportunities: Ladder Up's Tax Solutions Drive Economic Transformation

Unlocking Opportunities: Ladder Up’s Tax Solutions Drive Economic Transformation

Metaverse Market size is set to grow by USD 3.92 billion from 2024-2028, Increasing demand for AR and VR technology boost the market, Technavio

CHICAGO, Dec. 18, 2023 /PRNewswire/ — Ladder Up, a Chicago-based non-profit organization dedicated to empowering individuals to achieve economic stability, proudly announces its outstanding outcomes during the 2023 fiscal year.

Since 1994, Ladder Up has returned $1.2 billion to over 750,000 clients, empowering them with deserved tax refunds, financial navigation skills, and support to realize their goals. With a mission to provide hardworking people with the resources needed to ascend the economic ladder, in the 2023 tax season, Ladder Up positively impacted the lives of over 27,000 individuals and their families, contributing to an impressive $45.5 million returned to the communities served.

The organization’s profound ability to tangibly impact lives shines bright throughout Illinois. “Ladder Up’s pivotal services transcend mere assistance; they signify a beacon of hope and empowerment for residents, offering invaluable pathways to financial stability and brighter futures,” details Ladder Up Executive Director Phyllis Cavallone-Jurek.

The Ladder Up Tax Assistance Program, a cornerstone of its initiatives, provided free tax preparation of Federal and State Income Tax Returns to families and individuals earning up to $64,000 per year and individuals earning up to $32,000. This year, the organization assisted over 21,100 individuals and families through this program, completing over 13,500 Federal and State returns. The impact was significant, with an average refund of $1,428, empowering clients to address essential needs such as debt repayment, housing, food and gas.

The organization’s Legal Tax Clinic also played a pivotal role in resolving tax issues with the IRS and/or Illinois Department of Revenue. In 2023, the clinic closed 165 cases, resulting in nearly $611,000 in reduced or refunded tax liabilities. With 650 consultations provided, Ladder Up guided taxpayers in understanding and navigating their challenging tax controversies.

The Financial Capability Program, which focuses on empowering young people and adults through community-based financial education, college access assistance, and financial education workshops, which reached over 3,500 individuals, equipping them with knowledge, skills, and confidence to make informed financial decisions. Ladder Up’s College Success Track program alone assisted 1,720 students in securing an estimated $25.5 million in financial aid and scholarships.

As Ladder Up reflects on the remarkable achievements of the past year, the organization is poised to expand its reach, assisting more individuals and families to achieve economic stability. Digital tax assistance, complementing the 13 in-person tax sites around the Chicagoland area, ensures Ladder Up will continue to meet the diverse needs of its clients during the 2024 tax season.

To visit one of their locations, taxpayers can visit www.goladderup.org/locations/ or call (312) 588-6900 to make an appointment or find a walk-in location near them.

ABOUT LADDER UP
Founded in 1994, when 22-year-old Chicago business analyst and volunteer basketball coach Robert Burke saw how the hardworking families of his west side team were struggling to make ends meet, he took a shot at helping. With the goal of securing unclaimed tax credits for the people of this underserved but deserving community, he recruited 90 colleagues to prepare tax returns at no cost. The efforts paid off, returning over $150,000 in tax refunds to 120 families. Today Ladder Up has returned 1.2 Billion to clients, helping more than 750,000, offering free financial programs to help clients secure the tax refunds they deserve, gain the knowledge to navigate today’s complex financial systems and obtain financial aid to make college dreams a reality.

SOURCE Ladder Up

Originally published at https://www.prnewswire.com/news-releases/unlocking-opportunities-ladder-ups-tax-solutions-drive-economic-transformation-302018095.html
Images courtesy of https://pixabay.com

- Part of VUGA -marketing agency

latest articles

gossip tv free

explore more

free fashion tv