5 Tips To Make Tax Season Less Stressful
To get ahead and make tax season as stress-free as possible for yourself, follow these tips.
SCHEDULE YOUR APPOINTMENT EARLY
Our number one tip? Don’t procrastinate. Sometimes, tax season can be even worse in your mind than it is in reality. Take that first step of scheduling your appointment if you work with a tax professional. It can help to get that checked off of your to-do list so you know you will get your taxes done in time.
TAKE STEPS TO PREVENT SCAMS AND THEFT
Knowing that you’re approaching tax season wisely can help alleviate some stress. Get familiar with the ways you can avoid tax scams and tax theft. To give yourself some peace of mind, make sure you keep your social security number private, use a secure internet connection if filing online, and keep tax paperwork in a safe location. You can also visit the IRS website and get your PIN. Once you have it, no one else can file under your name.
ORGANIZE YOUR TAX DOCUMENTS
Locate all of the documents you need to file your taxes, like your W2 and record of any other income, and dedicate a folder for them. Gather and organize receipts for deductions as well. Having a place for all of your documents can alleviate some stress.
UNDERSTAND YOUR DEDUCTIONS
Set aside some time to learn about the tax deductions and tax credits that can benefit you. While this task might feel overwhelming, you’ll be glad you did it. Many groups of people can benefit from tax credits, such as parents, low to middle-income households, and people pursuing educational opportunities.
TALK TO SOMEONE
More than a quarter of Americans say their financial situation is a major source of stress. During this time of year, those feelings may be amplified. If finances are a source of major anxiety and stress for you, talking it out with someone can help. This time of year can bring up feelings of guilt or shame about spending money or income, and sometimes it’s helpful to just vent with a friend or share with a therapist the ways that money impacts your life. Remember that there are ways to get help with money management, too.
At INOVA Federal, we’re here to support you in making wise financial decisions. We offer HSAs, individual retirement accounts, and more that can help you save your money wisely. We also partner with TurboTax through Love My Credit Union to offer tax services. Members get a bigger discount this tax season with savings of up to 20% on TurboTax federal products.
When you’re ready to open an account, stop in and see us at one of our convenient locations or visit us online.