Tax season is here again, and while it can be stressful, a little preparation can make the process smoother. Whether you’re filing your taxes for the first time or you’re a seasoned pro, here are some essential tips to help you this year and in the future.

1. Get Organized Early

One of the best ways to reduce tax-time stress is to keep your financial records in order throughout the year. Store important documents like W-2s, 1099s, receipts, and charitable donation records in one secure place. Consider going digital with e-statements to simplify recordkeeping and reduce clutter.

2. Sign Up for E-Statements from Chelsea Employees FCU

Keeping track of financial records is crucial when preparing taxes. With e-statements, you can access your account history anytime, making it easier to retrieve past transactions and proof of payments. Plus, electronic statements are safer than paper statements, reducing the risk of lost or stolen financial data.

3. Maximize Deductions and Credits

Ensure you’re taking full advantage of available tax deductions and credits. Common deductions include student loan interest, mortgage interest, medical expenses, and charitable contributions. Tax credits such as the Child Tax Credit or the Earned Income Tax Credit can also help reduce what you owe.

4. Contribute to Retirement Accounts

Adding to a retirement account like a 401(k) or IRA can lower your taxable income and help you save for the future. Some contributions may even be tax-deductible, so take advantage of these long-term benefits.  You can make your 2024 IRA contribution with Chelsea Employees FCU up to April 15, 2025.

5. File Electronically for Faster Processing

E-filing is more efficient and secure than paper filing, and it helps ensure your refund (if applicable) is processed faster. The IRS also offers direct deposit for refunds, which is quicker and safer than waiting for a check in the mail.  To direct deposit your refund with Chelsea Employees FCU, you will need our Routing #211381958 and your CEFCU account number.

6. Plan for Next Year

Once this tax season is over, start planning for the next one. Adjust your withholdings if needed, keep a digital folder for tax-related documents, and set up reminders for estimated payments if you’re self-employed. Staying proactive will make tax season much easier next year.

By following these tax tips, you can reduce stress and maximize your returns. And don’t forget—signing up for e-statements with Chelsea Employees Federal Credit Union is a great way to keep your financial records secure and organized all year long!