Tax season can be daunting, especially if you are preparing and filing your own income tax return. Thankfully, with online services and e-filing, the task has become much easier. Companies like HR Block, Turbo Tax, and Tax Act Online are great resources that guide you through the return and prompt you to fill in your information for each step.
While online services make it easier to file on your own, being prepared with what you need before you file can make the process go much smoother. At GHS, we are here for you through all of your financial needs, and wanted to provide you with some basic information for filing this year’s taxes.
- The income tax return has four major steps: personal information, dependent(s) information, income, and deductions. Never miss a chance to save money, or receive more money refunded back to you with our Tax Prep Checklist.
- E-filing: E-filing can sometimes require you to set-up your tax return refund to be sent via direct deposit. You will need a checking or share account with a routing number and account number to do this. *If you aren’t already signed up for Online or Mobile Banking now is a great time to do so. These conveniences offered by GHS provide you access to your account information and allow you to keep tabs on when your refund is deposited or your tax payment is taken out of your account from anywhere, anytime.
- When you owe: Sometimes we owe money back to either the federal or state government. This could be because you might not have the correct withdrawals out of your income if you owe a significant amount. Ask your employer if you can review your W-4 contributions form, and possibly redo it to adjust your contributions and avoid owing in the future.
- When/how you pay: Often times, you can set the date when you pay back any amount you owe to the IRS. For example, if you owe on your state taxes but not your federal, you cannot automatically pay the state amount with your federal refund. It has to be paid by direct deposit or by mailing a check. The amount must be paid before April 15th, or you can request an extension.
GHS Federal Credit Union is here to help with your tax preparations. Your tax information from GHS is mailed out in late January, but if you missed it in the mail, give us a call to have new documents mailed to you – 800-732-4447.
PAY YOUR TAXES ON YOUR TERMS
If you find that you owe money back on your taxes but you do not have the cash on hand, consider a GHS Personal Loan to cover the difference. A Personal Loan from GHS gives you the advantage of time to pay back the loan and not have to worry about filing and following through on an extension request.
Apply quickly and easily online now!