As tax season approaches, it’s crucial to prepare effectively to ensure you make the most of your potential tax return. Our local team here at Lineage Bank is here to guide you through this process with helpful tips and strategies.

Organize Your Documents

Start by gathering all necessary documentation. This includes W-2 forms from employers, 1099 forms if you’re a freelancer, investment income statements, and records of any deductions or credits you plan to claim. Having everything in order enhances accuracy and efficiency in filing your taxes.

Understand Your Deductions and Credits

Maximize your return by understanding what deductions and credits you’re eligible for. Common deductions include mortgage interest, charitable donations, and certain medical expenses. Tax credits, like the Earned Income Tax Credit (EITC), can also significantly reduce your tax bill.

Consider Professional Assistance

If your financial situation is complex, consider seeking professional help. A tax professional can provide personalized advice and ensure you’re taking advantage of all possible benefits.

File Electronically and Opt for Direct Deposit

Filing electronically is faster and more secure. Opting for direct deposit of your refund ensures you receive it as quickly as possible.

Invest Your Tax Return Wisely

A smart way to utilize your tax return is by saving or investing it. This ensures you’re taking the next step towards a more secure financial future. At Lineage Bank , we offer several different checking and savings accounts as well as competitive Certificate of Deposit (CD) rates, so you have plenty of options to make the most of your return.

While you should follow these general steps towards a more secure financial future, you can always contact us or come into one of our local branches for more personalized advice!