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Tips To Prepare For Tax Season

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Tax season is here and it’s important to get the task of filing your taxes checked off your to-do list before the April 18 deadline! Before you visit your tax preparer or log on to your computer to submit your tax return, follow these tips for a smoother tax-filing process.

Gather Your Documents

Make sure to collect all of the important tax information that pertains to you and your taxes. Collect your valid photo ID, original Social Security cards for you, your spouse or your children, and wage and earnings statements from all employers, including W-2s,1095-As, 1099s1095-A  and 1098s. Don’t miss any other pertinent information such as charitable donation statements, student loan statements, child care statements, retirement statements and savings account statements.

Have Your Account Numbers Ready

If you have multiple bank accounts, determine which checking or savings account you will want your funds deposited into. Make sure that you have the correct routing and account numbers and select the correct box on your tax return so that there are no delays with your deposit.

Update Your Information

If you’ve had any recent changes in your life like getting married, having a child, getting divorced, or buying a home, make the necessary updates to your documents before you start your tax filing. This will also determine how you will be filing your taxes, such as married filing jointly or head of household, and if you are eligible for certain tax credits and deductions.

Learn About Available Tax Credits

The IRS has many tax credits that are often overlooked by taxpayers. Before you file, take some time to research online to look for tax credits that you may be eligible for to reduce the amount of tax that you owe. You can start your search by looking up the Earned Income Tax Credit, the Recovery Rebate Credit and the Child and Dependent Care Credit. Make note of the credits that you think you qualify for and ask your tax preparer to verify your eligibility to claim them on your return.

GECU’s VITA program can help you file your taxes free of charge!* Visit one of our sites throughout the El Paso community. Find more information and a VITA site near you at freetaxeselpaso.org.

*For qualifying households.

GECU

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