As residents across Massachusetts begin getting their income tax filings in order, a Boston-based nonprofit is offering up to $35,000 in prizes as an incentive to encourage people to set aside part of their refund for savings.
The Doorways to Dreams Fund, based in the city’s Allston neighborhood, is giving 101 taxpayers the chance to take home cash, including a $25,000 grand prize, for setting aside just $50 of their refund into a savings account.
“Setting aside money for the future is a key and necessary component to achieving the American dream,” said Congressman Rubén Hinojosa, D-Tx., co-chair of the Congressional Financial Literacy Caucus which is supporting the program, in a statement. “Many Americans don’t realize that tax time is their key moment to save. Up to 80 percent of Americans will receive a tax refund and for many people, that money is about 20 percent of what they will earn all year.” [….] Click here to read more.