Tax season is upon us, but that doesn’t mean you have to stress! With the help of Ephrata National Bank, we have some tips to make this tax season a little bit easier and stress-free whether you are filing for yourself or your small business. Following these steps now will help you get everything done before April 15th and help you put measures in place to better prepare for next year.
One of the best ways to ensure your taxes are finalized correctly and on time is to begin the filing process early. In addition, if you qualify for a tax refund, it also means that you will receive it earlier. Employers, institutions, and vendors are legally obligated to mail your W2 and 1099 forms by January 31st, so once you have all your relevant tax information on hand, you are ready to file!
Another way to expedite your filing and refund is to file electronically, as digital returns are not subject to mail delays. Additionally, electronic files are sent through the secured IRS online system, which safeguards your personal information. Returns filed digitally also tend to have fewer errors than paper returns which causes fewer processing delays, and your refund could hit your account weeks faster than if you file by mail.
Your tax forms have a lot of personal information on them, and around this time of year, there is an uptick in email, phone, or texting scams trying to get ahold of your private information. Per the Internal Revenue Service (IRS), the IRS will always initiate first contact by mail. The IRS will never contact taxpayers by email, text messages, or social media channels asking for personal information. Therefore, if you are contacted by someone claiming to be the IRS, never give out your personal information. The IRS provides tips for determining whether or not the person who is contacting you is impersonating IRS officials.
Work With a Professional
If your taxes are complicated, you may want to look into hiring an experienced tax specialist, especially if you are running a small business. A Certified Public Accountant (CPA) or bookkeeper can help you avoid costly mistakes and is worth the investment. Luckily there are several local businesses that can help you prepare and file your taxes. Here are just a few options located in the borough:
If you make below $63,000 per year, you are eligible for FREE high-quality tax preparation with the Volunteer Income Tax Assistance (VITA) program. From now until April 15th, all eligible citizens can schedule an appointment to meet with the VITA professionals at the Ephrata Community Commons. You should bring with you a photo ID, all relevant tax forms, and bank account information for the anticipated tax refund. Learn more via our website.
Stay Organized Year-Round
If you struggle to manage and keep track of your important files, now is a great time to consider getting organized for 2022! If you are running a small business, this can include setting up systems to save receipts and keep track of your deductions. If you are filing for yourself or your family, you can set up a digital or physical folder to keep all of your forms and information in one place when tax time rolls around again next year.
Are you looking for more tax tips and banking advice? Visit the Ephrata National Bank website to browse their blogs posts and learn more about all of the financial services they offer.