Tax time will be here before you know it! Eastex Credit Union wants to help you achieve financial success, so we’ve prepared a few tips to help you reduce stress and stay organized this tax season. Whether you plan to file sooner than later, or wait until the deadline, here are some practical reminders to help get you started.
Start gathering your 2016 tax documents, such as forms W-2, 1099, 1098, 1095 and others. Have a designated place to store these important documents, and find out which forms you’ll need save as you start receiving them. A good resource to make sure you are prepared for tax time is the Tax Form Checklist on the IRS website.
Consider Your Filing Options
You’ll need to decide if you will work with a professional to file your taxes or if you will file them yourself. If you plan to file them yourself, and if your annual adjusted gross income is $62,000 or less, you’re eligible to use the IRS Free File program, a free tax filing option. If you decide to hire a professional, get a quote beforehand to make sure it falls within your budget.
Make Sure to Choose Direct Deposit
To get your refund faster and also prevent your refund from possibly being stolen from the mail, take advantage of direct deposit from Eastex Credit Union. Simply provide the IRS with your savings or checking account number and the Eastex Credit Union Routing Number, which is 313189087. If you need help determining your account number, please contact a member service representative.
If you haven’t already made your 2016 IRA contributions, you have up until the April deadline to make contributions for the previous year. Depending on your tax situation, you might benefit by contributing to a Traditional IRA. Contributions to these retirement accounts can possibly reduce your taxable income. Please contact a tax advisor, accountant, or financial planner to see if you can reduce your taxes by contributing to an IRA.
Tax Time Loans Available
If you’ve completed your taxes and discovered you owe more than anticipated, we’re here to help! Eastex Credit Union offers Personal Loans with low interest rates, easy terms, and affordable payment options. Contact a member service representative or apply online today!