Tax Season has arrived, and for most people, the filing deadline to submit 2021 tax returns, an extension, or pay the tax owed, will fall on Monday, April 18, 2022. With that date quickly approaching, now is the perfect time to get started on organizing your tax documents. Usually by the first week of February, you should have received your W-2s, interest and dividend statements, and other tax documents you’ll need to complete a return. Check out the tips below to help calculate and understand your taxes!
How much you owe in taxes is determined by many factors, but your tax bracket and status will likely have the biggest impact.
Filing a tax return starts by taking your gross income and subtracting your adjustments to get your Adjusted Gross Income (AGI), then subtracting your exemptions and deductions to find your taxable income.
Did you know, you can reduce the tax you owe by planning ahead?
Speed up your refund by choosing Direct Deposit and filing electronically. In need of a bank account? Noble Credit Union has you covered! Set a Virtual Appointment to open one today!
Want a deeper understanding of tax concepts? Check out “The Hows of Taxes” modules from the IRS!
Don’t forget, the IRS has a variety of free options available to help taxpayers. Search online for free assistance at Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) locations across the country, as well as the IRS Free File program. Visit IRS.gov for more information or talk to a Certified Public Accountant regarding your situation.
Even though we can’t help you file your taxes, Martin is available to help you set up direct deposit, open a new account, answer questions about where to find your Noble account 1099-INT tax form, and more!