Preparing for Tax Time
April 6, 2023
The deadline for filing your taxes is right around the corner, so make sure you are ready by April 18, 2023. Don’t stress if you’ve been putting off doing your taxes or don’t even know where to start. Whether you’re filing taxes for the first time or have years of experience, keep these points in mind as you prepare.
Getting Started
The first step is to figure out how you want to file your taxes. There are three common ways to do this: File yourself, use an online tax service, or pay someone to prepare your taxes. It’s important to figure out which is the right choice for you, your needs, and your budget. Hiring a tax professional can be costly, so if you’re not willing or able to spend the money, using an online service might work better for you. You can file for free or for a low cost with some of these services.
If you are an OUCU member, you can take advantage of exclusive, member-only savings on TurboTax and H&R Block online products that will make filing your taxes easy and less stressful. With TurboTax, you can save up to $20 on federal products when you file electronically. New clients at H&R Block will save $25 whether they file online or use one of the company’s tax professionals at an office. For full details visit, https://taxservices.lovemycreditunion.org.
Look Out for Tax Scams
According to CNBC, there were close to eight million reports of suspicious activity related to income tax filing and identity theft in 2022. Since the pandemic, tax-related identity theft reports are up 45%. It’s important to make sure you’re looking out for these scams during tax season.
If you decide to hire someone to prepare and file your taxes, make sure they are verified by the IRS. Fraudsters send emails and phone calls claiming to be from the IRS to try to get people to reveal personal information. The IRS does not contact taxpayers through email, text message, or phone — only by mail. However, it is still important to verify all mail you receive is legitimate.
OU Credit Union Can Help
If you end up owing money when you file your taxes but don’t have the money on hand, OUCU can help. The Credit Union offers a low-rate 1040 EZ Loan, which has no application fees or prepayment penalties. For more information, visit http://www.oucreditunion.org, stop by one of our branches, or call (517) 333-2424.
In addition, you could have a chance to win $1,000 this tax season. Just elect to have your IRS Tax Refund direct deposited into your OUCU checking account by April 30, 2023, and you will be automatically entered to win. https://www.oucreditunion.org/specialoffers/taxrefund
Tags: Taxes, Tips and Tricks