How to Navigate Tax Season

by Lauren Southards

Marketing Specialist

1.31.2024
|
Articles

As the new year unfolds, so does tax season, bringing with it a flurry of paperwork and financial considerations. Navigating through the complexities of taxes might seem daunting, but fear not – we’re here to guide you through the process and help you make the most of this annual financial responsibility.

Understanding the Basics

Let's start with the basics. Whether you're a college student, recent graduate, or young professional, understanding the fundamentals of tax season is crucial. Our aim is to empower you with knowledge so that you can approach tax season with confidence. Here are some folders that we suggest to help you stay organized:

INCOME – This folder should include all of your sources of income such as:

  • W2’s from all your employers
  • Interest or dividend income from investments (Form 1099-DIV or 1099-INT)

DEDUCTIONS – This folder should include all of your eligible deductions such as:

  • Property taxes
  • Charitable giving
  • Mortgage interest (Form 1098)

MISCELLANEOUS – This folder should contain other items you might need such as:

  • Sale of your home (Form 1099-S)
  • Education expenses (Form 1098-T)
  • State and local tax refunds (Form 1099-G)

Deductions and Credits – Unleashing the Power of Savings

One of the key aspects of tax season is identifying deductions and credits that can maximize your refund or minimize your tax liability. As a member of our credit union, you might be eligible for specific tax advantages. For instance, did you know that contributing to certain retirement accounts can result in tax benefits? Learn about Coastal’s IRAs or schedule an appointment to discuss with an Coastal representative.

TurboTax & H&R Block Offer

To streamline the tax-filing process, we have partnered with TurboTax and H&R block to offer our members an exclusive discount. By visiting lovemycreditunion.org, you can save up to 20% on TurboTax federal products or save up to $25 on H&R block, making the tax preparation experience not only easier but also more cost-effective. We understand the importance of saving money, and this collaboration is designed to provide you with valuable resources during tax season.

Financial Planning for the Future

Tax season is an excellent time to reassess your financial goals and plan for the future. Whether you're saving for a down payment on a home, planning a dream vacation, or looking to build an emergency fund, Coastal offers a range of services to support your financial aspirations. Take advantage of this season to reflect on your financial journey and leverage the tools and resources available to you.

As tax season unfolds, remember that Coastal is more than just a financial institution – we're your partner in financial well-being. From understanding the basics of tax filing to exploring exclusive offers like TurboTax, we're here to make this process smoother for you. Embrace the opportunities for savings and financial growth, and let this tax season be a stepping stone toward a brighter financial future

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