Tips For Filing Your Taxes

Filing taxes can be a difficult process. You have to decide how you want to file and your filing method. There are a lot of tips for taxes that can help make your tax filing easier. 

Arkansas Federal Credit Union has compiled a list of some of our tax filing advice. Talking to a tax professional might be a good idea if you have specific questions about filing your taxes.

If you file your taxes with your tax refund as a direct deposit into your Arkansas Federal bank account, you could have access to your tax return as quickly as a few weeks. Open an Arkansas Federal checking account today for the fastest tax return access. 

The Best Way to File Taxes

If you’re asking what the best way to file taxes is, the truth is there is no one answer that applies to everyone. The best option will be what fits best into your specific financial situation. These are a few tax filing tips that could help you with the tax filing process.

Gather Documentation

An important first step in filing your taxes is to be prepared to file. Before you start the filing process, you should gather all your important tax documents. This includes W2s, 1099s, and any other forms that report types of income or tax deductions.

Filing your taxes without one or any of these documents could make more work for you. You could end up having to go back and amend your tax filing in the future if you file with incomplete financial information.

Attention to Detail

There are a lot of things that can impact how you file your taxes. It’s important that you’re aware of any of them that apply to you throughout the filing process. Changing jobs, opening a new savings account, selling stocks or mutual funds, and paying college tuition or student loan interest could all impact your tax filing. In different ways, these types of things can impact your taxable income or your eligible tax deductions.

File an Extension

If you’re struggling with filing your taxes or need more time, you can file a tax extension. This pushes back the due date for your tax filing until October to give you more time. 

Charitable Contributions

Documenting and keeping track of your charitable contributions could significantly impact your tax filing and the size of your tax return. You could be eligible for a tax deduction if you’ve had a certain amount of charitable contributions throughout the year.

Deductions and Credits

There are a lot of different tax deductions and tax credits. Eligibility is based on your income, eligible dependents, and student loans or college tuition payments. Applying deductions or credits that you’re eligible for could impact your tax filing and the size of your refund. If you think you might be eligible for tax deductions or credits, it’s a good idea to look into all of your potential options before you start the filing process.

Filing Options

There are a lot of different filing options available. You may be eligible for free filing programs depending on your yearly income, if you’ve served in the military, or a few other factors.

The IRS has a Volunteer Income Tax Assistance (VITA) program. If you earn below a certain income, have a disability, have limited English skills, or are over the age of 60, you could be eligible for free in-person tax preparation through VITA or other similar programs.

You could be eligible for remote free tax preparation through certain services. If you don’t qualify for the VITA in-person program

Military One Source offers free tax filing for service members. This is available for active duty service members and active and reserve members of the National Guard. Retired and honorable discharged service members can use this service within 365 days of their discharge. Designated family members and eligible survivors can also use this service, as well as a family member managing the affairs of a deployed service member.

If your income is under $73,000, you may be eligible to prepare and file federal income tax returns online using guided tax preparation software through IRS Free File. The IRS Free File program is a free program that provides two options for filing taxes: through guided tax preparation or through free file fillable forms. If you choose this filing option, make sure you access it through the IRS site to be sure you’re getting the free tax filing option.

You can always choose to file your taxes through any of the paid tax preparation options.

For more complicated taxes, you could choose to work with a tax professional, like a CPA. You do have to pay a CPA to work with them, but aside from gathering your tax documentation, you won’t have to worry about any of the other parts of filing.

File Your Taxes Today

There are a lot of different options that can help you file your taxes and increase your tax return. It’s a good idea to review all of your expenses for potential tax deductions or credits and your options for filing your taxes. 

Before you start the process of filing your taxes, you should consider all of your options. This can help save you time and stress later, so you’ll be prepared.
Get your tax return deposited directly into your Arkansas Federal checking account to get access to your tax return as soon as possible.