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Top Tips for a Stress-Free Tax Season

Mar 15, 2023

Top Tips for a Stress-Free Tax Season

Tax season. For many, these two words alone are enough to increase stress levels. If this sounds like you, never fear! We’re here with some great tips on how to make your tax season as stress free as possible.


Tip #1

Select an experienced tax preparer. 

Unless you’re planning to file your own taxes, you’ll need to find a reputable tax professional to prepare your taxes for you. Check with friends and family members for recommendations, and make sure the preparer has a PTIN (Preparer Tax Identification Number).

If your tax situation is complex, take some time to research the credentials, qualifications and educational background of the various preparers you’re considering. Lastly, ask about each preparer’s fees so you can compare and know what to expect.


Tip #2

Stay organized!

Keeping all your ducks in a row will help make tax time more like relax time! Your preparer will need a variety of documents and personal details in order to file your taxes. Gather them ahead of time and keep them in one spot.

Here's a brief checklist of items you will typically need:

  •  Info about you and your income
  •  Social Security numbers of you, your spouse and your dependents
  •  Forms W-2 for you and your spouse 
  •  Forms 1099-INT, -DIV, -B, etc., for interest and investment earnings
  •  Additional items would include any income from tax refunds, alimony received, business or farming profit/loss, IRA/pension distributions, rental property income/expense, Social Security benefits, etc. 

Adjustments to your income

  •  IRA contributions, energy credits, student loan interest, alimony paid, self-employed pension plans and more can all help reduce the amount of your income that is taxed.
  •  Include documentation for any taxes already paid such as real estate taxes and state and local income taxes. 

Itemized deductions and credits

  • Common deductions include Advance Child Tax Credit payment, childcare costs, education costs, adoption costs, home mortgage interest paid, charitable donations, medical and dental expenses and qualifying employee expenses.

For a more detailed checklist, check out this PDF from TurboTax®!

Don’t forget to grab your Honda FCU account number and our routing number to ensure you get your tax refund quickly! You can find our routing number (322275746) at the bottom of every page on our website as well as on any Honda FCU checks you have.


Tip #3

Make the most of your tax refund. 

Think ahead about where you would like to put your refund. Though having a responsible plan for your tax refund might not alleviate your tax time stress, it will certainly alleviate your overall financial stress. Consider using your refund to pay down high-interest debt, start an emergency fund, save for retirement or invest for your child’s college education. Your future self will thank you for it later!