Liberty Bank

10 Tax Tips:

 

Don't let taxes catch you by surprise.  Tax time is right around the corner, and it can sometimes be overwhelming.  Staying organized, and allowing yourself sufficient time can ease the process and alleviate stress.  To help you out, we offer you a few helpful hints:

  1. Start gathering any documents or forms you’ll need when filing your taxes: receipts, canceled checks, and other documents that support an item of income or a deduction you’re taking on your return. It's never too early to start.  Also, be on the lookout for W-2s coming soon from your employer and 1099s coming from your financial institutions.  Liberty Bank mails 1099's by January 31st each year.  If you have any questions contact our Customer Service Department at 1.877.305.7070.
  2. All IRS forms and publications can be downloaded at the IRS website www.IRS.gov.
  3. Do a little research by checking out Publication 17 on the IRS website.  This publication provides you with a collection of information highlighting everything you need to know when filing your return.
  4. There are many options to choose from when filing taxes.  Whether you prepare your returns yourself, or use a tax preparer, there are many things to consider.  Take your time and find the solution that suits your needs.
  5. Most mistakes happen when you rush to get things done.  Allow yourself enough time to double-check your work, and you will be less likely to overlook an error.
  6. The IRS states that the most common mistakes occur with Social Security Numbers and math calculations.  Mistakes will slow down the processing of your return, so let your computer complete the calculations for you and be sure to review your information before sending.
  7. Consider filing your returns electronically.  When you e-file, your refund will arrive in about half the time it takes when you file a paper return.
  8. Why wait for your refund in the mail?  Consider having your refund sent directly to your Liberty Bank account by signing up for direct deposit.
  9. Looking for forms, tips or updates?  The IRS website is a great tool for finding everything you’ll need to file your tax return.
  10. The IRS provides customer support through their website www.IRS.gov, or by calling 800-829-1040.


To find this information and for more frequently asked questions, visit the IRS website at  www.IRS.gov

 

 

*Since these questions and answers were obtained from public websites and since Liberty Bank does not offer tax advice, we do not attest to the accuracy of this information.  We recommend that you contact your tax advisor before taking any action.