With tax-filing season right around the corner, let’s discuss some items to have prepared when it’s time to do your taxes. Whether you’re hiring a tax preparer or planning on tackling the task yourself, check out these 7 tips to help you prepare your taxes.
Plus, you’re eligible for a Free Mortgage Checkup. See how you can start saving today with a better home loan.* If you are in the market to buy a home, get a loan pre-approval so you can shop with confidence to get the home of your dreams.
What to Gather Before Filing Your Taxes:
Personal Information
Almost every form will need a social security number for yourself, spouse and dependents. Be sure to have it handy if not already memorized.
Income
Collect documents that state any money you have received in the past year. These can include W-2 forms, which are issued by your employer either electronically or through the mail, and 1099 forms, which are needed to report any non-employment-related income such as but not limited to self-employment earnings, government payments, interest and dividends.
Deductions
There are many deductions you can claim to help reduce your taxable income. Gather these documents for evidence and to remind you or your tax preparer what to claim. Some common tax deductions are mortgage interest, private mortgage insurance, property taxes, state and local taxes, retirement account contributions, charitable donations, school tuition and fees, and medical bills.
Credits
A tax credit is a dollar-for-dollar reduction in taxes owed. If you have children, paid for childcare or higher education, or made contributions to a retirement plan, you may be eligible for a credit.
Payments
When filing your taxes, you’ll need to report any federal estimated tax payments you’ve made in the previous year. Have the amount readily available to share.
Last Year’s Return
If you’re planning on filing your taxes yourself, it may be helpful to take a look at last year’s tax return to see which forms you used and review the items that require extra attention.
Bank Routing And Account Numbers
There are a few ways to receive your tax refund. One option is to get a direct deposit of your refund to your checking or savings account. If you choose to receive your refund this way, you’ll need to provide your bank routing and account numbers.
Looking for more savings this year? Let’s upgrade your mortgage and put money back in your wallet with a new Purchase or Refinance Loan.*
5 Money-Saving Tips To Start Today:
Lower Your Interest Rate
Reduce your monthly mortgage payment for real savings that add up over time.*
Pay Off Your Loan Sooner
Switch to shorter loan terms to save on interest.*
Lower Your Monthly Payment
Refinance with longer terms, so more money stays in your wallet.*
Consolidate Debt
Cash-out to reduce high-interest credit card debt.
Pay For Larger Expenses
Invest in your home with updates that will yield a higher return should you decide to sell in the future.
If you are interested in learning more about how a refinance or new home purchase loan can benefit you, just give us a call at 877.715.9908 or get your instant rate quote here.
Imagine The Possibilities With Your Better Home Loan!
*By refinancing, your total finance charge could be higher over the life of the loan.
