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How to Navigate Tax Season

Posted February 10, 2025 in Articles
Photo of Lauren Southards
by Lauren Southards
Marketing Specialist

As the new year unfolds, so does tax season—a time filled with paperwork and financial considerations. While the process may seem overwhelming, there’s no need to stress. With the right guidance and tools, you can navigate tax season confidently and make the most of this annual financial responsibility.

Understanding the Basics

Whether you’re a college student, recent graduate, or young professional, staying organized is the foundation of a smooth tax season. Start by creating folders for key documents:

Income

Include all sources of income, such as:

  • W-2 forms from employers
  • Interest or dividend income (Form 1099-DIV or 1099-INT)

Deductions

Track eligible deductions, like:

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

Miscellaneous

Save additional items that might be needed, including:

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

Having these documents ready will streamline the filing process and help you avoid unnecessary delays.

Maximizing Deductions and Credits

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 a Coastal representative.

Exclusive TurboTax & H&R Block Discounts

We’ve partnered with TurboTax and H&R Block to make filing your taxes easier and more affordable. Through  LoveMyCreditUnion.org, you can:

  • Save up to 20% on TurboTax DIY and live online federal products.
  • Receive up to $25 off H&R Block in-office tax prep services (new clients) or $10 off for returning clients.

These exclusive discounts help reduce the cost of tax preparation while simplifying the process so you can focus on what matters most.

Financial Planning for the Future

Tax season is also a great time to evaluate your financial goals. Coastal offers a wide range of services and resources to help you achieve your aspirations, whether you’re:

  • Saving for a home or dream vacation
  • Building an emergency fund
  • Investing in retirement
  • And much more!

Don’t hesitate to reach out to us so that we can help you meet your goals.

Your Partner in Financial Success

At Coastal, we’re more than just a financial institution—we’re your partner in financial well-being. From helping you understand tax basics to offering exclusive discounts on filing services, we’re here to make this tax season smoother and more rewarding. Embrace the chance to save money, plan for the future, and turn this tax season into a stepping stone toward financial growth.