Tax season is here, and you might be feeling a little overwhelmed with organizing all of your information to file. Here are 8 tips to help you get ready:
1. Gather your documents
The first step is to gather all the necessary documents. Depending on your personal circumstances, these can include:
- W-2 forms
- 1099 forms
- Receipts for charitable contributions
- Mortgage documents, including your 1098 form and other mortgage interest statements
- Real estate and personal property tax records
- Investment statements
- Business income and expenses
- Other miscellaneous income
MSGCU members can access their 1099 and 1098 forms through eStatements in Online and Mobile Banking.
2. Organize your finances
Store all of your documents and receipts in a folder, binder, or digital file so you can access them whenever necessary. This will help ensure you don’t miss any deductible expenses.
3. Prepare your personal information
In addition to your income details, you’ll need the Social Security number and date of birth for each dependent you claim. It’s a good idea to have this info ready before you start your return so it’s easily available.
4. Review tax law changes
The tax code changes every year, and some of this year’s modifications may impact your tax situation. Be sure to review the most recent updates so you can take advantage of any new deductions or credits. Visit IRS.gov for any changes you should be aware of, as well as helpful tips for filing your taxes.
5. Determine your filing status
Your filing status determines the tax rates and the standard deductions you’re eligible for. Choose the status that best fits you. The most common filing statuses are:
- Single
- Married filing jointly
- Married filing separately
- Head of household
- Qualifying widow(er)
6. Learn the deadlines
It’s important to be aware of tax filing deadlines and file on time to avoid possible failure-to-file penalties. For most individuals, the deadline to file federal income taxes is April 15.
7. Choose your filing method
Here are options for filing your taxes:
- e-file your return on your own
- File a paper tax return and mail it to the IRS
- Use tax prep software
- Work with a professional tax service
MSGCU members receive exclusive tax services discounts, including 20% off TurboTax federal products and up to $25 off H&R Block professional tax prep. Learn more about the discounts and the chance to win $10,000 through the Tax Time Sweepstakes.
8. Plan for next year
Finally, use this tax season as an opportunity to plan for the future. Consider adjusting your tax withholding to avoid owing large sums at tax time or receiving big refunds. You can also create a list of documents you used this year, making it easier to gather them the next time you file your taxes.
Now you’re ready to file your taxes! If you receive a return, consider starting an emergency savings fund for unexpected expenses or opening an MSGCU CD to grow your money. As always, MSGCU team members are here to assist if you need guidance on making the most of your tax return.
Category: Finance
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