Tax Time Tips

Tax Time 2016 is almost here, so it’s important to begin thinking about filing your tax return! But something most don’t consider when filing, are if mistakes are made. If you make a mistake on your tax return, it usually takes the IRS longer to process it, and they may have to contact you about that mistake before your return is processed, causing a delay in the receipt of your tax refund. And nobody likes that!

Here are a couple of tips to avoid common mistakes when filing:

1.      Tax season opens January 19^th, 2016- You can begin filing your tax returns immediately on this date!

2.      Deadline is April 18^th, 2016- Taxes are due this day. However, if you failed to do so, don’t fret- you can still file and receive your refund! If you are not due a refund and instead owe, the sooner you file, the less your late filing penalty fee will be.  The fee could be anywhere from 5% to 25% of your unpaid balance per month! If for some reason you can’t file right away, immediately file for a tax extension. This way, you have until October 15^th to file without penalties.

3.      When filing online, install anti-virus and firewall protections on your computer and encrypt tax files- This ensures thieves won’t get your personal information, and end up stealing any money you may be due!

4.      Remember to sign it!- Missed signatures are more common than you think, and this qualifies as an incomplete return- meaning it will be returned to you for a signature and the process will be delayed.

5.      Double check your social security number entry, name, & financial institution routing number/your account number, calculations (these are all simple but common errors). And, if you misspell, have a typo, or otherwise, your return will be returned to you and the process will be delayed.

If you are going to be e-filing your tax return, Honor Credit Union can help! Once tax season opens, we’ll have a link to TurboTax, an e-filing tax service, right on our website homepage for your convenience! AND if you decide to e-file with TurboTax through our website, all Honor Credit Union members will receive a discount- up to $15 off! For more details, visit honorcu.com.

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu! 

The Three "T's" of Tax Time

After the New Year’s resolutions have been made and the grand plans for 2015 have been laid out, it’s time to get down to business.  One of the first line items for many is getting those taxes filed!  Employers will be sending out W-2’s over the next couple of weeks, and if you’re eager to find out what your tax return might be you might be one of those early filers that is able to check your taxes off your list early!  Before you jump right in, make sure you know the three “T’s” of tax time to get you started!

1.  Take Your Time!  Filing your taxes is definitely not something that you want to feel rushed doing.  Gather all the documents that you will need before you sit down and make sure you have the time you need to start and finish all at the same time.  You don’t want to miss something or make a mistake because you got interrupted half way through!

2.  Tally Your Deductions!  Even if you are using a tax professional to help you, do some of your own research and tally the deductions you think you qualify for in advance.  This will help make sure you have the supporting documents for those deductions ready and available.

3.  Take Advantage…of your resources, that is! If you’re approaching filing taxes without the help of a certified tax preparer, take advantage of programs that will help you along the way, like TurboTax!  You can find a discount and link to TurboTax from Honor’s website, and here’s some inside information….follow the link through Honor’s website to get to TurboTax and not only will you receive a discount when you file, but you will also be entered to win cold hard cash!

Did you catch Honor's Scott live on the air with 97.5 Y-Country's Wild Bill?  You can listen to their full conversation from Mason Jar Monday about the Three "T's" of Tax Time here! 

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu!