Helping You Be Your Best During Tax Season

Woman looking at mail

At Allegacy Federal Credit Union, we will always do the right thing for your wellbeing. And that includes doing our part to help alleviate some of the stress that comes with filing taxes. Here’s what to do now to get organized: As tax forms start to trickle in from financial institutions where you have accounts, businesses you’ve worked for and states you’ve lived in, use this filing system to stay organized.

Here’s what to do now to get organized:

Throughout the month of January, tax forms from financial institutions where you have accounts, businesses you’ve worked for and states you’ve lived in will fill your mailbox. As all of your forms start to trickle in (they must be mailed to you by January 31 so be on the lookout!), you need a filing system to stay organized.

You’ll need at least 3 folders to help keep the different forms separated by category.

INCOME – This folder should include all of your sources of income such as:

  • W2’s from all your employers
  • Interest or dividend income from investments (Form 1099-DIV or 1099-INT)

DEDUCTIONS – This folder should include all of your eligible deductions such as:

  • Property taxes
  • Charitable giving
  • Mortgage interest (Form 1098)

MISCELLANEOUS – This folder should contain other items you might need such as:

  • Sale of your home (Form 1099-S)
  • Education expenses (Form 1098-T)
  • State and local tax refunds (Form 1099-G)

Review all your tax documents

Just because you have your filing system established doesn’t mean you should simply throw your forms into the folders and forget about it.  Review each document as it comes in.  Is everything correct? Any discrepancies? Know that getting a corrected 1099 or W-2 can take a while, so don’t delay if there are errors.

Take advantage of all credits and deductions

Chances are, you’re confused. After all, it seems like the tax laws are constantly changing every year with some provisions expiring and others being added. This is where a program like TurboTax can really help.  Plus, it will help you avoid making simple math mistakes that could be costly.

File early!

Once everything is together and you’re ready to file, file electronically.  E-filing is the quickest way to get your refund–it’s yours in as few as 14 days; 10 if you use direct deposit. Furthermore, electronic returns have 13% fewer mistakes than paper returns.

Plus members of Allegacy Federal Credit Union are eligible for a discount when they use Turbo Tax available through their WebBanking login. Get started today!

1Gibbons, V. (2011). Getting organized for tax time. The Turbo Tax Blog. Retrieved from: http://blog.turbotax.intuit.com/tax-tips/getting-organized-for-tax-time-5069/

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