Wal-Mart Foundation to Fund Program for Free Tax Preparation

Bentonville, Ark. The Wal-Mart Foundation said Tuesday it will make a $3.6 million grant to fund a program to provide free tax preparation and filing services to individuals who earn less than $56,000 per year.

The program will be carried out in conjunction with the Volunteer Income Tax Assistance campaign, sponsored by the United Way and with online tools supplied by One Economy Corp., a nonprofit organization that seeks to help low-income Americans enter the economic mainstream.

Wal-Mart said the Internal Revenue Service estimates that approximately 20% of eligible individuals and families are unaware they qualify for income-tax credits, which means the grant has the potential to return $300 million. Besides the online service, the program will  include mobile tax-center vans in Wal-Mart parking lots and other sites through April 11.