Common Tax Filing Tips

Posted by Excite Credt Union on Mar 11, 2024 4:00:14 PM


Tax season is upon us, and it's essential to approach tax filing with confidence and common tax filing tips. Whether you're a business owner or an individual, there are common missteps that can trip you up. Let’s explore the nuances of business versus individual taxes, any recent changes to the tax code, and the importance of setting up direct deposit for a smoother financial journey.

Business vs. Individual Taxes: One common pitfall is mixing up business and individual taxes. If you're a business owner, ensure that you're reporting your income and deductions accurately. Keep meticulous records of business expenses, and if you're unsure about any tax implications, consult with a tax professional. On the individual side, don't forget to include all applicable deductions, such as mortgage interest, medical expenses, and education-related costs.

Changes to the Tax Code: The tax code is not set in stone, and changes can impact your filing process. Stay informed about any recent updates, exemptions, or credits that might benefit you. For example, recent changes might include adjustments to income brackets, modifications to deductions, or new tax credits. Regularly check for updates from reputable sources or consult with a tax advisor to confirm you're taking advantage of every available benefit.

Direct Deposit: Excite Credit Union Members can streamline their tax filing experience by setting up direct deposit for their refunds. It's a secure and efficient way to receive your tax refund directly into your credit union account. This not only speeds up the process but also eliminates the risk of lost or stolen paper checks. For Online Banking users, you can find your account number by choosing a specific account and selecting Account Details. Excite’s routing number can be found at the bottom of the website.

Common Mistakes to Avoid: Regardless of whether you're dealing with business or individual taxes, common mistakes can lead to delays or issues with your return. Double-check your personal information, including your Social Security number, and ensure all income and deductions are accurately reported. Don't rush through the process – take your time to review each section of your tax return thoroughly.

Filing taxes can seem daunting, but with a clear understanding of taxes, staying informed about changes to the tax code, setting up direct deposit, and avoiding common mistakes, you can navigate your taxes confidently. Remember, the deadline for filing your 2023 taxes is April 15, 2024. Excite is here to support you every step of the way, ensuring a hassle-free tax season. Happy filing!

Topics: Talking About Money, Taxes