Gear Up for Tax Season | St. Johns Bank
It’s beginning to look a lot like tax season! While Tax Day (which is April 18 this year) might seem like forever away, you know the date will appear sooner rather than later.
As a result, our team at St. Johns Bank wants you to be as prepared as possible for tax season so that the stress doesn’t get the best of you and your finances. Start here:
Get Your Documents in Order
As you are probably well aware-of now, filing your taxes comes with a lot of documentation. Go ahead and gather up all the documents you need now for later.
Create a folder to organize all your tax documents in as you receive them via snail mail or print them out. Be on the lookout for your W2s and 1099s, which could be delivered electronically or physically via the mail or at work.
Along with the aforementioned documents, you want to make sure you also include in your tax folder any documents that show what you have spent on health care, education and child care throughout the year. Mortgage statements and investments should be included in your folder, along with any other receipts that can be used to show deductions or credits when filing your taxes this year.
Be sure to also make note of any charitable contributions you have made throughout the year that can help to lower the amount you owe come April.
Be Prepared to Pay
While some people might be waiting for a tax return this year, other people will owe taxes this season. If you are going to be one of the people who owe taxes, start getting set up financially for when Tax Day arrives.
You might have started a savings account last year in order to keep money safe for taxes until they are due.
If you are worried about not having the full amount of funds saved for taxes by Tax Day, research the process for making payments to the IRS.
Stay Up-to-Date on Tax News
With another year of the pandemic behind us, it’s clear that the only thing constant is change. At times during the pandemic, deadlines for tax payments were delayed in order to give people more time.
You never know what could come of this tax season, so be sure to watch out for any announcements that might come from the IRS in terms of payments, refunds and anything else related to filing taxes this season.
If you need help getting your finances in order for tax season, get in touch with us! We have a variety of accounts and personal loans designed to help you get ahead. Contact us today for info!