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Tips for a Seamless Tax Season

As the curtain rises on a new year, we welcome you to a stage where financial preparedness takes the spotlight. In this blog, we’ll guide you through five invaluable tips, each designed to make your tax-filing experience not only seamless but also an integral part of your journey towards financial success in 2024. From organizing documents, to leveraging deductions, our aim is to ensure that this tax season is a breeze.


Organize Your Documents and Financial Records

Organizing your tax paperwork and financial records may be one of the more difficult tasks when filing. Many times you have to collect  documents, print items, and wait for statements to be posted. However, gathering as many of these documents, as early as possible, will help you in the long run. You can also use last year’s tax return as a starting point. Using your previous return helps ensure you’ll have the required documentation to prepare your tax return this year. Don’t have a copy of your previous tax return? You can request a copy through the IRS online portal or by logging into the tax software provider you used last year.

Everyone’s tax situation is different. Below is a list of common tax forms and records you’ll want to assemble prior to filing your tax return.


Who Tax Forms and Documents


Interest Income (1099-INT)

Dividend Income (1099-DIV)

Sale of Property (1099-S)

Partnership or S-Corporation Income (Schedule K-1)

Rental Income (1099-MISC)

Employees Wage and Tax statement (W-2)
Self-employed & freelancers Income for Non-Employee Compensation (1099-NEC)

Payment Card and Third Party Network Transactions (1099-K)

Unemployed people Certain Government Payments (1099-G)
College students and graduates Tuition Statement (1098-T)

Student Loan Interest Statements (1098-E)

Homeowners Mortgage Interest Statement

Real Estate Taxes

Charitable donors  Charitable receipts
Retirees Social Security Benefit Statement (SSA-1099)

Distributions From Pensions, Annuities, Retirement, etc. (1099-R)

Table provided by Forbes (2023)


Find Ways to Save While Filing

Being a member of Legacy Credit Union has its perks. One of those benefits is saving money while filing taxes through Intuit TurboTax and H&R Block. Members who file their taxes through our secure portal can save up to 20% on federal products. 


Plan for an Extension Now if You Need One

For individual and self-employed filers the deadline to file your taxes is Monday, April 15, 2024. However, some may need to file an extension in order to gather all the proper documents. Others may need to file because of major life events, such as losing a loved one, moving, or getting married before the deadline. Whatever your reason may be, you can file for an extension until October 15, 2024. Filing for an extension also helps avoid penalties if you file after April 15.


Keeping Up with Credits & Deductions

Before you file your taxes, it is important to know if you are eligible for specific credits or deductions. Before we figure out what deductions and credits you can claim, it’s important to know why they are useful.

According to the IRS, deductions can reduce the amount of your income before you calculate the tax you owe. As for credits, they can reduce the amount of tax you owe or increase your tax refund. Additionally, certain credits may give you a refund even if you don’t owe any tax.

For a full list of credits and deductions that are available for individuals, you can visit the IRS website.


Get Your Refund Sooner

For many people, a tax refund allows them to plan a vacation or do home renovations. For others, it means saving for a rainy day or paying off debt. Whatever you are going to use your tax refund for, getting it in your bank account sooner with direct deposit can make a huge difference. In addition to getting it sooner, it is also safer and more reliable than waiting for a check in the mail. 


At Legacy, we’re not just about finances; we’re about empowering your financial journey. So, as you prepare to file your taxes this year, may these tips serve as your guiding light toward financial success and a prompt refund. Here’s to a seamless tax season and a year filled with financial achievements!

To learn more about Tax Season sign up for our financial webinar, Life Lessons on January 16th from 2-3pm CST. Click here to register for our webinar.

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