Be Ready for Tax Season!
Tax season will soon be upon us, and if you want to learn more about the process and some of the tax processing terms, the Consumer Financial Protection Bureau is a great resource.
On their site under Consumer Education, you will find their “Guide to filing your taxes in 2024”. Here, you will find that most Americans have a filing due date of April 15th, 2024 (so mark your calendar!).
Did you know you can file for an extension? However, if you believe you owe taxes, you must pay the estimated amount due when you file your extension form. However, you can file a late return without an extension if you do not owe taxes or expect a refund.
If you go to the link below, you can learn about the earned income tax credit (EITC) and the child tax credit (CTC). You can also read about free tax preparation resources such as Volunteer Income Tax Assistance (VITA) and how to use this service. Some requirements for utilizing VITA services include income limits, age, and disability. In-person and online services are available.
I am grateful to you and your family if you are a service member. Thank you! You can also find information here about MilTax, where you can prepare and file your tax return for free.
If you choose to pay a tax preparer, learn the fees. Beware of added fees should you consider a Refund Anticipation Check (RAC). This may allow you to avoid preparation fees upfront, but is it worth the added costs? Another option is a Refund Advance Loan (RAL). This would allow you to receive a portion of your refund in advance. Beware, this is a LOAN! You will generally be charged a percentage of your estimated refund.
You have multiple options when it comes to tax preparation and completing your tax return. If you think you may receive a refund, electronic filing and choosing direct deposit is the fastest way to get your refund.
Furthermore, watch for tax scams! Do not let IRS impersonators trick you into divulging personal information.
Scammers use all types of communications to reach consumers and utilize scare tactics and false promises.
The IRS DOES NOT initiate contact with taxpayers by email, text messages, or social media channels to request personal or financial information. Visit the link below to learn how to recognize scams and help safeguard you and your family.
Are you anticipating a refund this year? Keep the money from disappearing once those funds arrive! As a financial coach, I can help you create a budget, plan to pay down debt and save for future needs. Be intentional with those refund dollars and have a plan BEFORE the refund arrives!
Moreover, if you find you are owing this year, let’s talk. With a new money plan for 2024, you can be more prepared for the next tax season and reduce or eliminate tax stress!
Click here to access Consumer Financial Protection Burau’s Guide to Filing Your Taxes.
Click here to schedule your Personal Financial Coaching session.
Lisa Atkinson
TFCU | Personal Financial Coach
As a Personal Financial Coach, I do not provide legal or tax advice. Tucson Federal Credit Union does not guarantee that this service will achieve any particular objective or outcome. For any legal advice, please seek the advice of an attorney or tax professional.
