Tax Time Made Easier: Tips and Resources from ACU

1/27/2025

It's that time of year again – tax season! For many of us, the thought of filing taxes can be a little daunting. Whether you're a seasoned filer or a first-timer, Aeroquip Credit Union is here to provide you with helpful information and resources to make this process as smooth and stress-free as possible. We understand that navigating tax preparation can be confusing, so let’s break down some key tips and advice for both our valued members and those who are considering joining our credit union family.

 

Why Tax Prep Matters

Before we dive into the nitty-gritty, let’s touch on why getting your taxes right is so important. Filing accurately and on time can help you:

  • Avoid Penalties: The IRS has deadlines, and failing to file or pay on time can lead to penalties.

  • Maximize Refunds: Tax laws can be complex. Understanding them can help you claim all eligible deductions and credits, potentially increasing your refund.

  • Financial Peace of Mind: Knowing you’ve done your taxes correctly can give you a sense of security and confidence.

 

 

Tax Prep Tips

  1. Gather Your Documents: Start by collecting all essential tax documents, including:

    • W-2 forms from your employers

    • 1099 forms for freelance work, interest, or dividends

    • Records of payments for deductible expenses (e.g., student loan interest, charitable donations, healthcare costs)

    • Receipts for business expenses (if applicable)

    • Social Security numbers for you, your spouse, and dependents

  2. Choose Your Filing Method:

    • Online Tax Software: Popular online options offer guided tax preparation tools that can be convenient and cost-effective. Be sure to choose a secure and reputable service.

    • Tax Professional: If you have a complex tax situation (e.g., self-employment, investments, multiple income streams), it may be best to consult a qualified tax preparer or accountant.

    • Volunteer Assistance: Check for free tax preparation programs, such as the IRS’s Volunteer Income Tax Assistance (VITA) program, which provides assistance to individuals with low to moderate income, persons with disabilities, and the elderly.

  3. Understand Tax Credits and Deductions: Explore the various credits and deductions available. Common ones include:

    • Earned Income Tax Credit (EITC): For low-to-moderate income earners.

    • Child Tax Credit: For eligible families with children.

    • Student Loan Interest Deduction: For qualifying individuals.

    • IRA Contributions: Contributions to traditional IRAs might be deductible.

    • Deduction for State and Local Taxes (SALT): For property taxes, and certain other taxes.

  4. Be Aware of Deadlines: The tax filing deadline is usually in mid-April, but it’s good to check for the exact date. Don't wait until the last minute to file!

  5. Double-Check Everything: Review your tax return carefully before submitting it. Mistakes can delay processing or even lead to an audit.

 

Aeroquip Credit Union Resources

As your trusted financial partner, Aeroquip Credit Union is committed to helping you navigate tax season. Here are some ways we can assist you:

  • Financial Check-ups: Our knowledgeable team members are here to help you assess your financial health.

  • Free Educational Resources: Access a wealth of financial articles, guides, and blogs on our website that cover a wide range of financial topics.

  • Savings Options: Plan for next year’s tax season by opening a dedicated savings account or a CD to earn interest and save.

  • Low-Interest Loans If you find yourself needing help paying for taxes this year we have options for you.

 

 

(For Non-Members)

If you're not already a member, we invite you to join Aeroquip Credit Union. Enjoy not only our support during tax season but our full range of financial products and services, including competitive rates, lower fees, and a strong community focus. We pride ourselves on the personalized attention and care we provide.

 

Click To Become A Member

 

Tax season doesn't have to be stressful. With the right preparation and resources, you can file your taxes accurately and efficiently. Aeroquip Credit Union is here to support you every step of the way.

If you have any questions or need further guidance, please contact us or visit our website. We’re here to help you achieve your financial goals.

 

Exclusive Member Rewards for Tax Prep

We’re always looking for ways to help our members save money, especially during tax season. That’s why we've partnered with Love My Credit Union Rewards to bring you special deals on tax preparation software:

  • TurboTax: Through Love My Credit Union Rewards, members can access exclusive discounts on TurboTax products. This can help you save money while preparing your taxes with ease.

  • H&R Block: Similarly, we’re offering special deals on H&R Block products through Love My Credit Union Rewards. Enjoy reliable tax prep services with a member discount.

These partnerships allow you to file with reputable tax services while keeping more of your money in your pocket.

 

Learn More About Member Tax Prep Deals:

 

    

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