Tip of the Month

February 2008

Seven Ways to Get a Jump Start on Your Taxes

Earlier is better when it comes to working on your taxes. Taxpayers are encouraged to get a head start on tax preparation, especially since early filers avoid the last minute rush and get their refunds sooner.

Here are seven easy ways to get a good jump on your taxes long before the April deadline is here:

1. Gather your records in advance. Make sure you have all the records you need, including W-2 and 2099 forms. Don’t forget to save a copy for your files.
2. Get the right forms. They’re available online at the IRS Website (www.IRS.gov).
3. Take your time. Don’t forget to leave room to take mental breaks when filling out your tax return as rushing can mean making a mistake.
4. Double-check your math and verify all Social Security numbers. These are among the most common errors found on tax returns. Taking care will reduce your chance of hearing from the IRS and speed up your refund.
5. Get the fastest refund. When you choose to have your refund directly deposited into your Service 1 FCU account, you receive your refund sooner than waiting for a check. Remember to include our routing number: 272483264.
6. Avoid calculation errors. E–filing catches math problems, provides confirmation your return has been received and gives you’re a faster refund. You can also receive discounts on Turbo Tax and Jackson Hewitt’s services just for being a Service 1 FCU member. Click here for complete details.
7. Don’t panic. If you have a problem or question remember the IRS is here to help. Try the IRS website or call their customer service at 1-800-829-1040.