Get ready to file your taxes
5 tips to make the most of tax season.
A new year means tax season is here. Whether you expect a refund or not, it’s important to be prepared to make the most of your return.
Here are some tips to help you save money and make the best use of your refund this year:
1. Avoid for-profit tax preparers if possible. If you make less than $60,000, you may qualify for free filing or free tax preparation assistance. Go to https://irs.treasury.gov/freetaxprep to find services near you.
2. Avoid “instant refunds” and “quick cash” offers. Most of these offers are loan products with high interest rates and fees, which could greatly reduce the amount you get for your refund. If you direct deposit your refund into your bank account, it can come as soon as seven to 10 days after you file, so it’s worth the wait.
Bonus tip: Have the Veridian routing number and your account numbers handy when you file so you can set up direct deposit for your refund.
3. Build your savings. Unexpected expenses seem to pop up at the worst times. Having savings put aside can help you be prepared.
Bonus tip: A Veridian CD can help you grow your savings faster with a higher interest rate than many traditional savings accounts.
4. Pay down your debt. Focus on current bills first, then older debt. If you’re trying to improve your credit score, making on time payments is critical, even if it’s the minimum due.
Bonus tip: Some types of debt fall off your credit report after seven years of inactivity. If something
is about to expire, let it. This only applies to certain kinds of debt, so be sure to get financial advice first.
5. Ask for advice. This stuff can be confusing, but our staff can help you create a spending plan, prioritize your debt and set goals. We’re here for your successful financial future.
If you don’t have a social security number, you may need an Individual Taxpayer Identification Number (ITIN) to file your taxes. If you need one, we can help you complete an ITIN application for free.
If you want to learn more about planning and setting goals for tax season and the year beyond, visit our Financial Education page. To schedule an appointment to discuss your financial future with our Community Inclusion Department, fill out the form below and someone will reach out to you.