As the holidays approach, gift cards remain a popular gift option, but they’re also a target for scammers. These fraudsters use tactics like phishing and tampering with physical gift cards to steal funds before they can be used. To protect yourself and your loved ones this season, it’s important to stay aware of these risks.
Having a well-stocked emergency fund is important. But so is saving for retirement. So how do you know which one to focus on? Well, we’ve got you covered. Here’s what you should know.
Halloween is a time for spooky fun, but it can also bring a scare to your wallet if you're not careful. From costumes to decorations and treats, the costs can add up quickly. Here’s how to manage your Halloween budget and keep your spending under control while still enjoying the festivities.
Now is the moment to turn your attention to your tax obligations. With less than 60 days remaining until the tax deadline now is a good time to prepare your documents and file.
Need a smart strategy to save on essential school supplies? Planning your dream vacation or gearing up for the holiday season? With a club account, you can save for essential school supplies, exciting vacations, and joyful holiday celebrations, making your financial goals more attainable and stress-free.
It’s tax season again! Do you dread filing your taxes each year? We don’t have any secrets for making the process more fun, but we do have some tips that will hopefully make it a bit easier.
Before you even think of getting started, gather all the tax-related documents and information you’ll need in a central place. These include:
Surprise– the IRS can help you file your taxes for free! If you earn less than $66,000, you can file for free using the offers available from the IRS here. If you earn more than $66,000, they offer Free File Fillable Forms and instruction guides to help you through the process. Consider using a service such as TurboTax to help calculate your taxes. As a member of MVCU, you can save money on TurboTax through Love My Credit Union Rewards.
Determine how you will be filing. If you’re married, are you planning to file jointly, or separately? If you’re not married, are you filing as single or head of household? Head of household is a great option if you’re a single parent – it has a lower tax rate and a higher standard deduction!
Set aside some time when you won’t be disturbed, make some coffee or tea, and sit down with your paperwork, a pencil, eraser, pen, and calculator. Choose a quiet spot away from TV, noise, and distractions. After you finish your taxes, do something fun to celebrate! Walk away from your tax work for a day or two. Then, go back with fresh eyes and review all the information for accuracy before submitting.
If you find a mistake with tax forms you’ve already submitted, go to the IRS website and get a form 1040-X to correct it. If you ignore your mistake, you might have to participate in an audit in the future and possibly pay penalties or other fees.
If you expect a refund, you should file as early as possible to avoid potential tax identity theft. This type of theft generally starts when a thief accesses someone else’s personal information, files a fake tax return under that person’s name and pockets the refund.