Helpful Tips To Simplify Filing Your Taxes

Tax time can be stressful for some, and you may be wondering if or how you can save on taxes. That depends on many factors, including when you file, how much you make, and what financial goals and plans you have for the year. These seven strategies may help alleviate some stress and help you keep more of your hard-earned money.

1. Contribute to retirement accounts

   • Making a deductible contribution will help you lower your tax bill this year. Plus, your contributions will compound tax deferred. It’s hard to find a better deal. You have until the tax return filing due date to contribute. 

2. Organize your records for tax time 

   • For many, the biggest hassle at tax time is getting all of the documentation together. Don’t forget important items such as last year’s tax return, this year’s W2s and 1099s, receipts and so on.

3. Itemize your tax deductions

   • It’s easier to take the standard deduction but you may save a bundle if you itemize, especially if you are self-employed, own a home or live in a high-tax area.

4. Provide dependent taxpayer IDs on your tax return 

   • Be sure to plug in Taxpayer Identification Numbers (usually Social Security Numbers) for your children and other dependents on your return. Otherwise, the IRS could deny any dependent credits that you might be due, such as the Child Tax Credit.

5. File and pay on time

   • If you can’t finish your return on time, make sure you file Form 4868 by April 15, 2024. Form 4868 gives you an extension of the filing deadline until October 15, 2024.

6. File electronically

   • Electronic filing works best if you expect a tax refund. Because the IRS processes electronic returns faster than paper ones, you can expect to get your refund three to six weeks earlier.

7. Decide if you need help

   • If you are concerned about preparing your own return, there are many services that you can purchase that will give you added confidence and peace of mind. If you are a First Source Member, you have access to discounts through Turbo Tax and H&R Block.

Remember these important steps when filing:

1. Use caution when setting up the direct deposit of your tax refunds. The refunds are deposited solely based on account number, not by name. 

2. Make sure you use your full 9-digit routing number and 14-digit account number. (not your short account number) 

3. Do not add or delete any zeros.

4. Double and triple check before submitting your account information. 

Live Smarter

Navigating tax season doesn't have to be daunting. With careful planning and smart decision-making, you can take control of your taxes and keep more of your hard-earned money in your pocket.

For any other financial inquiries, feel free to reach out to one of our friendly Financial Service Representatives by calling ​ 315-735-8571 or by scheduling an appointment today.

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