Tax season is upon us, and it’s the perfect time to get organized and make sure you’re maximizing your return. Check out these key tips to help you navigate this year’s tax season with ease!
1. Gather Your Documents Early
Make sure you have all necessary documents in hand before filing your taxes. These may include:
- Form 1099 for any interest or dividends earned.
- Form 1098 for mortgage interest.
- W-2 for employment income.
- Statements from retirement accounts or investment income.
If you're missing any forms, contact your employer or financial institution as soon as possible to avoid delays.
2. Maximize Your Tax Refund
If you are expecting a refund, now is the time to plan for it wisely. Consider using your refund to:
- Pay down high-interest debt.
- Start or contribute to an emergency savings fund.
- Contribute to your retirement accounts, such as an IRA, which may even reduce your taxable income for this year.
3. Review Your Tax Withholding
Is your withholding still in line with your financial situation? Now is a great time to check your W-4 to ensure you are not overpaying or underpaying in taxes throughout the year. Adjusting your withholding can help you avoid a big tax bill next year or give you a larger paycheck each pay period.
4. Don’t Forget About Tax-Deductible Expenses
Certain expenses may qualify for deductions, including contributions to retirement accounts, student loan interest or even costs related to your home office. Make sure you are taking advantage of all eligible deductions to lower your taxable income.
5. Access Your Tax Documents with Ease
As a member of Campus Federal, remember that you can access your account statements, forms and tax-related documents through online banking. If you need help locating your documents, feel free to reach out to our team—we are here to assist you!
6. Filing Made Easy
Consider using tax preparation software or consulting a professional if you have more complex tax needs. Filing early can help you avoid last-minute stress and ensure you get your refund sooner.