SESLOC Federal Credit Union - Financial Focus

The Taxman Cometh – Be Prepared

The April 15 tax deadline is not too distant, and although preparing your tax return is probably not your favorite task, you can make it far less burdensome by being well-prepared. The first step is to gather and organize the information you'll need:

Your Social Security number, and if applicable, that of your spouse and any dependents
W-2 forms from all of your employers (you should receive these by
Jan. 31)
1099 forms for dividends, retirement, other income or income tax withholding (these are mailed to you by Jan. 31)
Receipts for expenses for itemized deductions listed on Schedule A. This may include medical and dental expenses, deductible taxes, home mortgage points, deductible interest expense, charitable contributions, casualty and theft losses, miscellaneous expenses, business use of car or home, business travel and entertainment expenses, educational expenses and employee business expenses
Receipts and records for other income or expenses
Your credit union account number
Your credit union routing number for direct deposit (see below)

Online Filing and Direct Deposit
Offer Speed and Security
In 2007, a record 78 million tax returns were filed electronically. If you have a refund coming, filing electronically speeds up your refund. The IRS reports that e-filers can receive refunds in half the time of people who file a paper tax return – usually within three weeks. It's even faster if you direct deposit your check directly to your account.

You'll need:

SESLOC's routing # 3 2 2 2 8 2 7 1 3
Your account number as it appears on your statement.

Filing electronically with direct deposit is also more secure than a paper return and a refund check. Electronic returns and direct deposits cannot be stolen or lost in the mail. Since your tax return contains so much sensitive information, this is an important consideration. If your income falls within certain guidelines, you may qualify for the IRS's Free File program, which allows you to file your taxes electronically, free of charge. Check the IRS website, www.irs.gov, to see if you are eligible.

Avoid Refund Delays
Paying attention to details can help ensure a prompt refund. Watch out for these common causes of delayed refunds:

You change addresses after filing your return. Notify the post office that services your old address if this happens.
The name on the return doesn't match the name on the Social
Security record.
A direct deposit for a joint tax return is sent to an individually held account. (The name(s) on the tax return must be the same as the
name(s) on the account).
The return wasn't signed.
Necessary attachments, such as W-2 forms or schedules, are not included.
Math errors.

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