As spring approaches, so does your deadline to complete and file your taxes. For the 2024 tax year, you’ll have until Monday, April 15, 2025. To help you save time, minimize stress, and reduce your overall tax liability, we’ve put together some easy-to-follow tax tips.
Organize Your Tax Documents
You’ll want to save and/or print a copy of the following documents.
- Form W-2 from your employer(s).
- Form 1099 from Central Willamette Credit Union and other financial institutions. You may also receive one from your retirement fund if you are taking withdrawals.
- Form 1099-K and 1099-MISC if you worked part-time for companies such as Uber or Lyft.
- Form 1099-INT if you received any interest on a savings account.
- Form 1095-A for medical documentation.
- CP01A Notice with your new Identity Protection PIN. Learn more about this identity protection program and how to get yours.
- Digital asset documentation, including stablecoins, NFTs (nonfungible tokens), and Bitcoin.
- Any IRS letters or notifications.
Other documents or information you may need when filing your taxes include rental income and expenses, retirement plan information, grants and scholarships, unemployment compensation, the number of children you can claim as dependents, the amount of money you paid someone to prepare and file your taxes in the previous year, and gambling income and losses.
Choose Your Filing Method
You have plenty of filing options. If you like to save money and are willing to do your taxes online on your own, the no-cost IRS Direct File is ideal, especially if your taxes are simple. If you need help filing your taxes or if you are elderly, the IRS’s free Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs are also available. Finally, you can pay a tax professional in your area to prepare and file your taxes (especially if you have unique deductions or a complicated return).
Consider Your Legal Dedications
When using Schedule A (Form 1040), there are some basic itemized deductions you may be able to claim. The more you can legally claim, the more your overall taxable liability may be reduced. IRS-specific deductions include:
- Medical and dental expenses
- State and local taxes
- General sales taxes
- State and real estate taxes or property taxes
- Home mortgage interest and points
- Gifts by cash or check (including to charitable organizations)
- Casualty and theft losses from a federally declared disaster
Watch Your Return Closely
Once you file your taxes, keep all documentation and communication from the IRS. Those should include whether the return was received, processed, or complete. If you are scheduled to receive a refund from the IRS, watch your account closely for the money. If you don’t see it in a few weeks, call the IRS at (800) 829-1040. If you never get your return, call (800) 366-4484 to report possible fraud.
Get More from Your Return at Central Willamette CU
Earn more interest on your return with a Flex12 CDx from Central Willamette Credit Union. This 12-month NCUA-insured savings vehicle can help your return grow safely and securely. Right now, you could earn up to 4.34% APY* with a low $750 minimum deposit and the option to add funds to the account any time you like. Open yours at any branch, over the phone at (541) 928-4536, or start yours online.
*APY=Annual Percentage Yield. Above is the variable Dividend Rate and variable APY for Flex12 CDx Accounts and IRA Flex12 CDx Accounts. The variable Dividend Rate and APY are effective 01/02/2025 through 03/31/2025. The minimum to open a 12-month term Flex Certificate Account or IRA Flex Certificate Account and earn the stated APY is $750. Subsequent deposits can be added at a minimum of $2500 or more per deposit. The APY is determined by the 3-month Treasury Bill auction investment rate on or about the 26th day of the last month of each quarter. The Flex12 CDx rate will be effective on the first business day of the next quarter. The dividend rate is subsequently calculated based on the indexed APY. Rate is subject to change after account opening. Fees or other conditions could reduce earnings on the account. Substantial penalty imposed for early withdrawal. All accounts are subject to the applicable terms and conditions set forth in the Truth in Savings Disclosure and Account Agreement, Disclosure and Account Agreement for Certificates and IRA Certificates, the Fee Schedule, and any agreement to which the Truth in Savings Disclosure and Account Agreement references.