Well, 2022 has officially begun. We hope you all had fun bringing in the new year, but now it's time to prepare for tax season, one of the most stressful times of the year. For many, it can be a time of worry or also joy. Depending on certain factors or sources of income you've had over the past year, you can leave April with a refund or a bill. We want to help make this process as least stressful as possible for our members by offering a discount on tax filing services from TurboTax. They make it super simple and can help you wherever you need it. The key is to ensure you have all the necessary documents on hand. Keep reading for a few tips on what to bring to the table!
First thing you should do when you decide to start getting ready to file your taxes, make a new folder every year. As January begins, you will receive tax documents in the mail, and this is the perfect place to gather them. Along with this folder, you should make a list of all the tax documents you will need to finish filing. Checking these off one by one can make sure you file accurately and stay in the good graces of the IRS.
Speaking of information that will be coming in the mail, this is time you need to check each piece of mail for W-2s, Social Security benefits, income from a property sale, or any other forms of income. Be sure to put these in your tax folder, they will be required to file this year and if you plan on buying a home in the near future.
You can also collect income adjustments to impact your refund or amount owed. These factors include student loan interest and MSA, IRA contributions. For a complete list, visit https://intuit.me/3z7jmJC.
The IRS also offers deductions and credits that can help lighten the load on taxpayers. These deductions can include childcare, work travel costs, mortgage interest paid, and many more. Researching available deductions can be very beneficial when it can help you positively affect your return.
Tax season can feel like a whirlwind. First thing you know, you start getting all these documents in the mail, and then all of a sudden, you have to have them reported to the IRS in just over three months. We hope these tips will help you not only get you filed before April 15th but will also enable you to save some money in the process! Don't forget to use your P1FCU membership to get $15 off of TurboTax services!
To learn more, visit https://bit.ly/32Iv8i7