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What You Need to Know for This Year’s Tax Season

Tax return

Tax season is here, and Educators Credit Union wants to make sure you avoid any problems filing this spring. We put together a list of must-dos as you submit your taxes to the Internal Revenue Service (IRS).

  • Taxes are due by Monday, May 17th. Make sure you have everything sent to the IRS by that date. The government requires that all tax documents be delivered by Jan. 31. Educators’ tax documents can be found in the E-Documents section of Online Banking. Follow up with any organization that has not sent your tax documents.
  • When arranging a direct deposit for a tax refund, make sure to use your correct account number. Our routing number is 275981378. Educators members can find their account numbers on their checks as well as in Online and Mobile Banking when selecting a share and clicking on the Account Details tab.
  • If you do not use the correct account number, you are liable for lost refunds. Double check that you are providing accurate information. The IRS uses account numbers, not names, to verify payment. If an issue occurs, contact the IRS right away. Visit IRS.gov for contact information.
  • Having a professional file your taxes? Thoroughly review your tax agreement before handing over valuable information. Avoid hidden fees or agreeing to something that doesn’t sound right. Never agree to let a tax professional deposit your return into their account first and then give it to you.
  • If your account is closed or charged off due to funds being owed, your tax deposit will be returned.
  • As the IRS distributes stimulus payments, the payments may be made in the same method as your tax refund. So, if you have received a direct deposit for your taxes, you may receive a direct deposit for the stimulus payment. Otherwise, your stimulus payment would arrive as a paper check or EIP (Economic Impact Payment) card in the mail.

We hope these tips can help protect you this tax season. If you have additional questions about filing your taxes, please contact a tax professional.

 

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