Pile of tax documents

Tax Season is Upon Us

What You Need to Be Ready

This year’s U.S. tax filing deadline is April 18, 2023. Yes, you can wait until the last minute. But why not cut back on some of that stress and possibly get a better return with some pre-tax prep tips. 

Plan Your Filing 

If your taxes are relatively simple, chances are you can use one of the free filing options from the IRS. These free options allow you to prepare and file your federal income tax online with guided preparation. There are even free fillable forms. Of course, you’ll also need to file a return with your state. Oregon has a long list of free and income-based tax filing options. That includes an online version called Free File

Are your taxes a bit more complicated? Be sure to shop around and read customer reviews before choosing a tax preparation service. A little research could save you thousands (yes, thousands). 

Start a Stack of Documents

The first thing you’ll need is your W-2 from every employer. Other items you may need when filing your taxes include:

  • Social Security numbers
  • Rental income and/or expenses
  • Unemployment compensation (if applicable)
  • 1099 forms for properties, investments, or financial accounts
  • IRS child tax credit payments 
  • Retirement plan details
  • Business income (outside your daytime job)
  • Deductions such as childcare expenses, educator expenses, medical or dental bills, mortgage interest, student loan interest, and more
  • Credits, including education credits, family and dependent credits, as well as income and savings credits based on Social Security 

Keep Your Documents for Six Years

Once you’re done filing your taxes this year, keep all the forms and documentation in a special folder or envelope. Date it with a “Do Not Destroy Until April 2029.” This will ensure you have proof if the IRS ever conducts an audit of your return. 

Worried You’ll End Up Owing the IRS? 

Central Willamette CU can help you cover that bill with a personal loan. Qualify, and you may be able to borrow up to $50,000 at a fixed interest rate for 72 months. Stop by any branch or give us a call at (541) 928-4536 to learn more. 

Time for a Retirement Planning Check Up?

When it comes to planning for your financial future and dealing with everything from college planning to retirement planning, or even estate strategies, it helps to have someone who's experienced and knowledgeable to help you along the way. The Central Willamette Wealth Management team works closely with our members to provide them with strategies that help with their unique situations.

Contact: Aaron Wolgamott, Financial Advisor 
Toll-Free:(541) 918-7553 
Email: [email protected] 
Aaron Wolgamott is a Registered Representative of LPL Financial and also a licensed insurance agent.