4 Tips to Make Tax Season a Breeze

It’s here — another tax season! Whether you’re looking forward to receiving a refund or just want to get through tax time stress-free, a little planning and preparation can go a long way.

Check out these tips to make tax season a smoother experience:

#1: Don't Wait Until the Last Minute

Tax Day is April 15, but there are plenty of good reasons to file your tax returns before then:

• First, by filing early in the season, you can beat scammers to the punch and reduce the risk of tax-based identity theft.
• If you’re expecting a tax refund, filing early allows you to get your money sooner. The IRS typically issues refunds within 21 days after being processed.
• If you’re not expecting a refund, filing early gives you more time to figure out how much you owe and prepare your budget accordingly.

#2: Get Organized

Filing your taxes early also gives you more time to organize your forms and paperwork. Some examples of the forms you might need include:

• Last year’s tax return
• W-2 forms 
• 1099 forms 
• Student loan interest statements 
• Mortgage interest statements 
• Receipts for medical or business expenses 
• Receipts for tax credits or deductions, such as charitable giving or childcare costs

#3: Choose a Tax Preparer Carefully

If you’re working with a tax preparer, do your research. While there are many reputable professionals, watch out for scam artists who promise large refunds or charge fees based on a percentage of your return. Checking online reviews can help you find the best fit for you and your budget.

#4: Make a Plan for Your Refund

It can be tempting to spend your tax refund right away, but before you do, consider these smart ways to put it to good use: 

• Pay ​high-interest debt down (or off!)​
• Pad your emergency savings account for added peace of mind. 
• Put it towards your long-term savings goals, such as a down payment on a home, a new or used car, college tuition or retirement savings.

Not sure where to start? Don’t worry — We’re With You! Meet with one of Wright-Patt Credit Union®’s Financial Coaches at your nearest Member Center​ for help prioritizing your financial goals and making the most of your tax refund.