In case you aren’t aware, tax season ends on April 18th. While the deadline is still a few weeks away, we highly recommend using the time that’s left to get ready to hopefully get a little something back once it’s all over. We know that preparing for tax season can be daunting and time-consuming, but rest assured it’s not as hard or nerve-racking as it seems. Follow our tips below to make the entire process a breeze!
Have Your SSN Ready
Before even thinking of filing your taxes, you’ll need the social security number of everyone that will be listed on your return. This includes children, a spouse and any other dependents. If your child is quite young and still hasn’t received their social security number, we’d recommend focusing on that first since it could keep you from getting a nice refund.
We also recommend opting for the direct deposit option since it’s faster. Ask us about our STAR Checking Accounts that include free bill pay, travel perks and free online banking. Once your refund has been deposited, a quick sign-in to your account will inform you when your refund is available.
Collect All Required Documents
Begin by gathering all documents that show how much you earned in 2016. Remember to include your spouse’s documents as well if you are filing jointly. If you still have the same job from last year, then you’ll only need a W-2 from your employer. However, you may need a different one if you happened to work as a freelancer or were contracted by an employer. The form you’ll need in this case is the 1099-MISC. If you collected unemployment, then you’ll need a 1099-G form. This is the time to start reaching out to employers to ensure that you have all important documents!
Find Last Year’s Return
One of the reasons to have last year’s return handy is that, unless your life changed drastically over the last year, you’ll more than likely have the same deductions, such as property taxes, mortgage interests and charitable contributions. You can always request a copy from the IRS if you’re having trouble finding it.
Which Deductions Can You Get this Year?
This is the part where you start looking into which deductions you can claim this year. The possibilities are always huge, but you need to make sure to have proper documentation of them all. Double check the IRS’s itemized deductions page for a rundown of which refunds to look out for.
How Will You Get Your Refund?
One of the most convenient ways to get your refund is through direct deposit (as we mentioned above), and the IRS allows you to split it up to three different accounts. Filing electronically is another speedy process that will get you your refund in at least eight business days instead of the normal three to five week-long period. If your goal this year is to increase your savings, consider our savings accounts that offer great rates and dividend yields; a perfect combo for those New Year money-saving resolutions.
Services for Your Refund
We know how tax season can be overwhelming, but if you start getting organized early, you can get your refund quicker and with less stress involved. Having financial services that are going to complement your refund, whether it’s a savings account or convenient mobile app, is very important. Call or visit our credit union in Harlingen today to ask how we can help make this your best financial year yet!