Maximizing Your Refund – A Simple Guide to Filing Your Taxes

1. Gathering your paperwork

One of the first steps in preparing your tax return is gathering the necessary documents. This includes your W-2 form from your employer, 1099 forms if you are self-employed or have other sources of income and any other income-related documents such as interest earned from savings certificates or investment income.

You will also need to gather documents related to any deductions or credits you plan to claim. This includes receipts for charitable donations, medical expenses and any business-related expenses if you are self-employed. If you have a mortgage, you will need to gather documentation related to interest payments and property taxes.

If you bank at St. Anne’s Credit Union, we will have your tax forms mailed to you annually at the beginning of February. In the event that February passes and you haven’t received your forms, we can assist you at 1-877-STANNES. If you have a mortgage or multiple mortgages with us, a portion of your monthly payment is put into an escrow account to automatically cover your property taxes when they are due.

It's important to note that the specific documents you will need to gather will depend on your individual tax situation. For example, if you are a student, you may be eligible for education-related deductions or credits, and you will need to gather documentation related to your tuition payments.

Taking the time to gather all necessary documents in advance can make the tax-filing process much smoother and less stressful. Keeping organized records throughout the year and storing all necessary documentation in one place can also help streamline the process.

2. Preparing your return

Once all of the necessary paperwork has been gathered, the next step in preparing your tax return is to actually fill out the forms. For many individuals, the easiest way to do this is to use tax software, which can guide you through the process and help ensure that you don't miss any important information or calculations.

TurboTax^® and H&R Block^® are two of the most popular tax preparation software options on the market. Both offer a user-friendly interface, step-by-step guidance and the ability to import tax information from previous years. TurboTax has a more comprehensive support system, including access to live experts, while H&R Block offers in-person tax preparation at their retail locations. If you bank at St. Anne’s Credit Union, you can even redeem special discounts for either of these services as part of our rewards program.

Regardless of whether you choose to use tax software or fill out the forms manually, it's important to double-check all information for accuracy. Even small errors or typos can cause delays in processing your return, or even result in penalties or fees.

One thing to keep in mind is that there are many deductions and credits available that can help reduce your tax liability. This is why it's important to take the time to review all possible deductions and credits, and ensure that you are taking advantage of everything that applies to your individual tax situation. For example, if you have made charitable donations throughout the year, you may be eligible for a deduction that can help lower your tax bill.

Once your return has been completed, it's important to review it one final time before submitting it. This can help ensure that all necessary information has been provided and that everything is accurate.

3. Submitting your return

After you have gathered all necessary documents and filled out your tax return, the final step is to submit it to the appropriate government agency. There are several different ways to submit your tax return, including electronically, by mail or through a tax preparation service.

One of the most popular ways to submit a tax return is electronically, either through tax software or directly through the government's e-file system. This method is generally fast, efficient, and secure. If you are due a refund, you can choose to have it directly deposited into your bank account, which is faster and more secure than receiving a paper check in the mail.

If you choose to submit your return by mail, it's important to ensure that you are sending it to the correct address and that you have included all necessary documentation. This can include any additional forms or schedules that may be required based on your individual tax situation.

If you choose to use a tax preparation service, such as a tax professional or online service, they will generally handle the submission process for you. This can be a convenient option if you are unsure about how to complete your return or simply want the peace of mind of having a professional handle the process.

Regardless of which method you choose, it's important to ensure that your tax return is submitted by the deadline. The specific deadline can vary depending on a variety of factors, including your individual tax situation and where you live. In general, however, the deadline for most individuals is April 15th, although this date can be extended in some cases. Once you've submitted your return, it's a good idea to keep a copy for your own records in case you need to reference it in the future.

If you find that you owe any money on your taxes, you can access your funds easily at St. Anne’s Credit Union’s 24-hour free ATM services and fully-insured basic checking, senior checking or student checking accounts.

Tips for Last-Minute Filing

Filing taxes last-minute can be stressful, but with the right strategy and some help from your local banking institution, it is possible to get it done in time. Here are six steps to help you file your taxes last-minute:

1. File electronically: Electronic filing is the fastest and most secure way to file your taxes. It also allows you to track the status of your return and receive your refund more quickly. Make sure you provide accurate banking information to ensure that your refund is deposited quickly and securely.
2. Prioritize your deductions: If you're short on time, focus on the deductions that will have the biggest impact on your tax bill, such as charitable donations, mortgage interest, state and local tax payments, medical expenses and retirement contributions. Donations to qualified charitable organizations can be deducted from your taxable income. The more you donate, the bigger the deduction! If you own a home and have a mortgage, the interest you pay on that mortgage can be deducted from your taxable income. This can be a significant deduction, especially if you have a large mortgage or a high interest rate. If you paid state and local taxes during the tax year, you may be able to deduct those taxes from your taxable income. This deduction can be especially valuable if you live in a high-tax state. Medical expenses that exceed a certain percentage of your adjusted gross income can be deducted from your taxable income. This deduction can be especially valuable for those with high medical expenses or who have experienced a major medical event during the year. Contributions to retirement accounts, such as traditional IRAs and 401(k)s, can be deducted from your taxable income. This deduction can be especially valuable for those who have contributed the maximum amount allowed.
3. Double-check your math: Simple math errors can cause big problems with your tax return, so it's important to double-check all of your calculations before submitting your return.
4. Don't rush: While it's important to file on time, it's even more important to file accurately. Take the time to review your return and make sure that all of your information is correct.
5. Get an extension: If you're still struggling to file your taxes on time, you can request an extension. To request an extension, you can file Form 4868, which is the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return electronically using tax preparation software or through the IRS website. Be sure to request your extension by the tax filing deadline. Once you submit your request, you’ll receive a confirmation from the IRS indicating whether your extension has been granted and the new deadline to file your return. Please note that you will still need to estimate and pay any taxes you owe by the original filing deadline to avoid penalties and interest. Requesting an extension will not increase your chances at being audited, and it can give you more time to ensure that your return is accurate and complete before you submit it.
6. Seek digital and professional help: If you're feeling overwhelmed or unsure about how to file your taxes, consider seeking the help of tax software or a tax professional. They can guide you through the process and help ensure that you file an accurate return. TurboTax and H&R Block are both reliable options for individuals looking to file their taxes last-minute, as they offer efficient and accurate tax preparation assistance. 

Filing your taxes may look like a complicated process, but it doesn't have to be. By following these simple steps and taking advantage of St. Anne's Credit Union’s deposit products, friendly service and discounts on tax software, you can save time and money while ensuring that your taxes are filed accurately and on time.

If you haven’t filed your taxes yet or if you’re not satisfied with your current tax preparation method, now is the perfect time to try out TurboTax or H&R Block.

Don’t miss out on your chance to save big this tax season – redeem your exclusive discounts for banking at St. Anne’s today!