Tax season arrives every year, but it still has a way of sneaking up on us. Whether you file on your own, use tax software, or work with a professional, getting organized early is the best way to reduce stress and avoid delays.
At SRFFCU, we’re here to support you through every financial season, including tax time. This expanded guide will help you prepare everything you need before you file.
1. Gather All of Your Income Forms
Your tax return begins with accurate income reporting. Missing or incomplete forms can delay your filing or lead to corrections later.
Be sure to collect:
- W‑2 forms from each employer
- 1099 forms, such as:
- 1099‑INT for interest
- 1099‑DIV for dividends
- 1099‑NEC for freelance or contractor income
- 1099‑K for income through online platforms
- 1099‑G for unemployment or state refunds
- K‑1 forms for partnership, trust, or estate income
These forms are also sent to the IRS, so your return should match what they have on file.
2. Collect Supporting Tax Documents
In addition to income statements, several financial documents may impact your deductions, credits, or overall filing.
Helpful documents include:
- Mortgage interest statements (Form 1098)
- Interest statements from financial institutions
- Student loan interest forms
- Retirement contribution records, including IRA and employer‑sponsored plans
- Investment account summaries and capital gains reports
These records ensure your filing is accurate and complete.
3. Keep Receipts and Records for Possible Deductions
If you plan to itemize deductions, organized documentation is essential.
Keep receipts for:
- Education expenses, including tuition and required materials
- Charitable donations of cash or goods
- Medical and dental expenses that meet IRS guidelines
- Childcare or dependent care costs
- Business expenses if you are self‑employed
- Energy‑efficient home improvements that may qualify for credits
Proper documentation helps you claim every deduction you’re eligible for.
4. Have Last Year’s Tax Return Available
Your previous tax return is a valuable point of reference.
It helps you:
- Confirm personal and financial information
- Identify documents you needed last year
- Compare year‑over‑year changes
- Speed up filing if you use tax software
Keep both digital and printed copies stored securely.
5. Use SRFFCU Online Banking to Stay Organized
Your SRFFCU online banking tools can make tax preparation easier.
With online access, you can:
- Download account statements anytime
- Review interest earned and income received
- Track transactions that may support deductible expenses
- Access eStatements without waiting for mail delivery
If you are not enrolled in eStatements, your tax forms have been mailed to you. Ensure you have opened the any mail from SRFFCU.
6. Double‑Check Your Banking Information Before Filing
Accurate banking details help ensure that your refund is deposited without delays.
Confirm that you have:
- The correct account number
- The correct routing number
- Accurate interest totals for all accounts
- Matching legal names on your tax forms and your SRFFCU account
Simple errors can result in delayed or returned refunds.
7. Be Aware of Tax‑Season Scams
Fraud attempts increase during tax season, and scammers frequently pose as the IRS.
Watch for warning signs such as:
- Unexpected emails, texts, calls, or social media messages
- Threats involving legal action or arrest
- Promises of unusually large refunds
- Requests for personal or financial information
Stay safe by:
- Reviewing current scam alerts on the IRS website
- Learning how the IRS contacts taxpayers
- Reporting suspicious activity
- Taking immediate steps if you suspect identity theft
Protecting your information is essential during tax season.
8. Prepare Early and File with Confidence
With the right preparation, tax season doesn’t have to be overwhelming. Gathering documents early, staying organized, and using SRFFCU’s online tools will help you file smoothly and confidently.
As your credit union, SRFFCU is committed to supporting your financial well‑being. If you need help accessing statements or using online banking, our team is here to assist.