3Rivers Blog

Tax Return Refresher + Resources

Posted on Wednesday, January 18, 2017

In light of the oncoming tax filing season, here's a refresher that includes some tips and resources to help ease the stress that comes with it.

Image source: Shutterstock.com / Artist: IhorL

Get a Head Start

For starters, if you are typically the type of person who is scrambling to find the right documentation when the tax filing deadline is looming, start early. Take some time to gather all the information you’ll need for your tax return, such as statements detailing income, prior tax payments, deductibles or credits, and interest or dividend income. And, consider checking out the IRS website for all sorts of info, answers, forms, and helpful publications.

3Rivers members looking to get an early jump on filing, before the forms needed to file arrive, can get the basic information to start filing via Online Account Access. Simply follow the steps below:

  1. Log-in to your Online Account.
  2. Once you've signed into your account, click the account in question.
  3. Then, click the "Account Details" link in the upper right of the screen.
  4. A pop-up window containing several lines of account information will appear - including "Interest Paid Last Year."

Trouble logging into your Online Account Access? Contact us at 1.800.825.3641 for assistance!

Consider TurboTax

Next, consider utilizing TurboTax for your tax filing needs. As in year’s past, we provide this service to members (and our community.) You can save up to $15 on TurboTax federal products by filing through TurboTax from our website. Plus, you can take comfort in knowing your taxes will be done right. No tax knowledge is needed because TurboTax uses simple questions about your life to put your information in the right places for you. It even double checks as you go and is with you every step of the way.

Think About an IRA

Before you file, though, consider an Individual Retirement Account (IRA).

An Individual Retirement Account (IRA) is a personal savings plan that offers specific tax benefits. They can be a powerful retirement savings tool, even if you are already contributing to a 401(k) or similar plan. The benefits include deducting the contributions from your taxes, deferring taxes on your investment income, and more. Even better, you can open an IRA and make a contribution to it for a tax year up until the due date (without extension) of the tax return for that year.

That means you can make an IRA contribution for 2016 all the way to April 15, 2017. Click here to discuss setting up an IRA.

Stay Safe

Finally, tax filing can be stressful enough without the added burden of getting taken advantage of by someone when our guards are let down. Unfortunately, tax scams happen every year, so be alert to potential scammers. Practice caution and take quick action if you do fall victim. Click here to learn more about preventing and responding to identity theft.