Tax season is upon us, and it's time to start preparing for your 2024 tax filing. At Lisle Savings Bank, we want to help our customers easily navigate this process. Here are some essential tips to guide you through the upcoming tax season!
Gathering Documents
One of the first steps in preparing your taxes is gathering all the necessary documents. These documents typically include W-2 forms from your employer, 1099 forms for any additional income, mortgage interest statements, investment income statements, and receipts for deductible expenses. Organizing these documents early on can save you time and frustration when it's time to file.
Utilizing Tax-Advantaged Accounts
Individuals should consider taking advantage of tax-advantaged accounts that fit their needs! Contributions to IRAs, 401(k)s, and Health Savings Accounts (HSAs) can help reduce your taxable income and grow your savings over time. You can consult with a financial planning professional to determine which accounts best suit your financial situation.
Maximizing Deductions and Credits
One of the keys to minimizing your tax liability is to take advantage of all available deductions and credits. These may include deductions for charitable contributions, mortgage interest, medical expenses, and education expenses. Additionally, be sure to explore tax credits such as the Earned Income Tax Credit (EITC), Child Tax Credit, and Lifetime Learning Credit, which can directly reduce the amount of tax you owe.
Considering Your Filing Method
When it comes to tax preparation, individuals can choose to handle it themselves or seek professional assistance. Many individuals with simple income situations can benefit significantly from tax software's autonomy and basic guidance. This software typically allows for a quick filing process that helps identify any deductions or credits available, resulting in a seamless return. However, those with multiple income streams, properties, or business dealings will value a tax professional's expertise and personalized guidance. When managing additional income streams and assets in varying locations, a tax professional is typically best equipped to help determine the deductions and credits available in your unique situation.
Receiving A Refund
For a fast and secure refund, opt for direct deposit into your Lisle Savings Bank checking account. Simply provide your account and routing numbers when filing online or in a tax preparer's office.
Locating your Routing Number & Account Number:
Routing Number
This nine-digit number identifies your financial institution. For example, the routing number for Lisle Saving Bank is 271972404.
Account Number:
This set of numbers identifies your account at your financial institution, and you can locate your account number using one of the methods below:
- Checkbook
- Statements
- eStatements
- Request in-person at a local branch
At Lisle Savings Bank, we're committed to supporting your financial success. Whether you're a seasoned taxpayer or new to the process, we're here to help you confidently navigate tax season!