It’s that time of year! The time has come to fulfill your civic responsibility and pay taxes to the Department of the Treasury. It is a process that may seem complicated, but if you prepare well, it can be easier than you think. Here we give you advise so that you are more than ready to submit your tax filing, avoid mistakes and prepare for the future.
1. Make sure you have all the documents
Before preparing your taxes, verify that you have your W2 forms on your side if you are employed by a permanent contract or the different 480 variants. If you work under the concept of professional services as self-employed. For all forms related to the Department of the Treasury, such as the W2 and the 480, remember that they can be downloaded through the SURI system on the Department of the Treasury website.
2. Check applicable deductions
Looking carefully at the items in which you can save, for example, the number of dependents or work-related expenses could reduce the amount of money you must pay to the Treasury or make your return larger. Consult your accountant for advice on all applicable deductions in your particular case.
3. Open and IRA account
If you want to reduce the taxable amount of your salary, opening an IRA account is an excellent option. Plus, it’s a way to start saving for your retirement and investing in yourself. You can open an IRA for any amount you want, from $250 to $5,000. Also, if you want to invest in the education of your children, nephews, grandchildren or another minor in your family, you can request an Educational IRA, from only $100.
4. Avoid common mistakes
A return with erroneous or discrepant information will take much longer to process. Make sure the information that appears on your withholding receipts matches the information included on the filing: social security number, name, address, etc. If you will receive a return and want to obtain it electronically, remember to include your bank account information. Also remember to sign your return either physically or by checking the electronic signature box if you are filing it digitally, a fairly common error in filing these.
5. Consider a personal loan to comply with the Treasury
If you have to pay this year and you don’t have the money at the moment, request a personal loan* that you can pay comfortably each month.
At Oriental we want to assist you in this time of filing. If you need any product or service to facilitate your process, contact us by calling 787.620.0000 or visit orientalbank.com.
