Better for You at Tax Time
It’s tax time. How did 2017’s Tax Cuts and Job Act (TCJA) affect your 2018 filing? Are you paying more? Getting a refund? If so, is it bigger or smaller than last year? If you have tax questions, you’re not alone. The IRS reports visits to IRS.gov are up 9.1% over last year, as of February 28, 2019.
Wherever you may find yourself at the end of your filing, your Credit Union can help you make the most of your opportunities.
If you are one of the lucky filers who may have gotten more than you expected, you have several options to maximize the positive impact to your finances.
- Kickstart your next savings goal with a Club Account. You can save for stress-free Christmas shopping or a vacation to get away from it all. You can even customize a Club Account for what matters most to you. Automatic deposits can help you stay on track.
- For a fun way to start small with investing, try a Save to Win Certificate. Each $25 you deposit is not only a step toward building your savings, but is also an entry to win prizes at the local, state and national level. Visit our Save to Win page for more info and to see a list of our most recent winners!
- Have a bit more to invest? A Money Market might be exactly what you are looking for. You can withdraw any time you like and, beginning with a balance of $2,500, you’ll earn higher dividends than you would with a Savings Account.
- We still have lots more Investments options and would be happy to tailor them to your situation. Come visit your nearest Service Center, or give us a call at 800.865.2612.
If a lower refund or a higher tax amount due caught you by surprise, here are tips that may help your situation:
- The IRS provides a withholding calculator to help you perform a “paycheck checkup.” It asks a series of questions to help you determine if you need to make changes to your withholding so that the next tax season is more within your expectations.
- If you prefer to have less taken out of your regular paycheck, but want to be prepared in case you cut it too short, a Club Account can work for this purpose, as well. And, this time next year, if you don’t need the cushion you’ve saved for taxes, you’ll have the ability to invest in your finances as described above.