2021 Tax Loan

For many, tax season is a stressful time, and today, we could all use less stress in our lives – not more. LIAFCU’s tax loan is a worry-free way to borrow up to $3,000.00 at an interest rate 2% lower than our current personal loan rate. Take advantage of this low rate and say goodbye to tax season stress, today. 

Use the funds to pay down higher interest debt, take on a home project, or treat yourself to something special — we make it easy. Contact Sanaz Liana Marashi for more info and to apply.

Here are some other ways to reduce stress come tax time:

7 Tips for a Stress-Free Tax Season

 

  • Keep taxes in mind year-round. Rather than wait until the tax time rush, make sure you are thinking about your tax situation throughout the year. Changed jobs? Bought a home? Knowing the impact of these and other decisions can save time and reduce headaches come April 15.
  • Be organized! Create a simple filing system – either a digital folder to hold scanned receipts and other documents or a physical folder – and organize the contents into income, expenses, and business income info if applicable. 
  • Review previous year filings. Even if you are electronically filing with an online provider that you used in previous years, it’s helpful to take a look at your return from last year and prior years and have it at the ready for reference. 
  • Be sure to know all of your income. Started freelancing in 2020? You have to file an income tax return if your net earnings from self-employment exceed $400. 
  • Know your deductions and review transactions for missed expenses that may give you a tax break. Take a look at your transaction summaries from credit cards and bank accounts, and look for potential business or non-reimbursed employee expenses that might be deductible.
  • Fully take advantage of qualified retirement plans. If you haven’t maximized the allowable limits for your IRA or SEP account, you have until April 15. Annual contribution limits depend on your age, but don’t miss out on this often overlooked last-minute tip for tax savings.
  • Prepare for next year. Forecast your income situation for the next year. If you owe, look into adjusting your withholding with your employer. Look, also, beyond your withholding to additional ways to reduce your tax liability, such as participating in flexible spending accounts for health care, child care, or commuting expenses.