Monday, Wednesday and Friday, the MU Family Impact Center fills with people armed with tax paperwork and questions. Thankfully, CAFNR’s personal financial planning students are there to help.
Volunteer Income Tax Assistance (VITA) tax preparation lets personal financial planning students take their financial skills from their coursework and apply them to help people in the community. The students take Personal Financial Planning 4187: Tax Planning, where they learn the theory and rules behind tax law, and then complete their 48 hours of tax return practice through VITA.
“They’re applying the technical knowledge they gained in their coursework: what makes a taxpayer compliant, what the requirements are on filing tax returns, and now it’s where the rubber meets the road,” said Tobias Mendelson, associate teaching professor of personal financial planning and VITA Director. “And best of all, they get to sit down with clients, which is what they’ll actually do as financial planners, even immediately after graduation, and here they get to meet with them in all the stages of tax prep. When they take the first course it’s all theory; now they’re helping customers do something better and more effective with their dollar by completing their taxes effectively.”
Mendelson said the community members that come to VITA are extremely appreciative of the students’ help.
“It’s a delight to see these students doing this,” said Brenda Jones, a resident of the Oak Hill retirement home who came to VITA for tax preparation with some of the other residents. “They’re so professional you forget they’re students and they’re delightful and pleasant to speak with.”
Sydney Kile, a senior personal financial planning student, said working with people is her favorite part of the experience.
“I’ve obviously learned how the process of taxes go, but what I love about doing this work is being able to connect with people like Brenda and get a perspective of a life that’s not mine. Really experience is the best way to learn, and this has really solidified my desire to pursue this career.”
Learn more about the personal financial planning degree at Mizzou.
Learn more about the VITA program on the University of Missouri Extension website.