The Family Credit Union has partnered with TurboTax to help you file your taxes confidently and easily. TurboTax will help you get your biggest possible refund. If you use the TurboTax Federal Free Edition, Family Credit Union members can prepare, print, and e-file their taxes for free!
As tax laws change periodically, it’s important to stay informed about current regulations. Here are some helpful tips from Intuit TurboTax that may impact your filing:
Important Tax Considerations
Business Property
If you’ve acquired business property, certain qualifying items may be eligible for full expensing, up to 100%. This includes both new and used property, as well as qualifying film, television, and theatrical productions.
Medical Expenses
If you itemize deductions, you can deduct qualifying medical expenses that exceed a certain percentage of your adjusted gross income (AGI). This deduction provides a great way to offset significant medical costs.
Personal Casualty Losses
If you’ve suffered losses due to a federally declared disaster, you may qualify for a personal casualty loss deduction. This helps reduce the financial impact of unexpected events.
State and Local Taxes (SALT)
There is a cap on the deduction for state and local taxes (SALT), so be aware of this limit when filing if your state and local taxes exceed the threshold.
TurboTax is ready to help guide you through any changes in tax laws, ensuring your filing process is simple and accurate.
Protect Yourself From Scammers
You may have heard about people calling and pretending they are from the IRS in order to gain your personal information or you’ve received a letter from the IRS stating that a tax return was already filed under your social security number. In both cases, scammers are trying to get your money that you worked hard for. Don’t let them win!
The IRS and state tax authorities will never initiate contact via the phone, email, or social media outlets. They will always contact you by mail first. In addition, they will not require you pay your taxes by a particular method. Be suspicious if the person insists you use a certain payment type, such as a prepaid debit card.
The IRS will contact you by mail with a bill first and they won’t demand immediate payment. If you receive a call like this, report as much information as you can to the police department. Try and get a phone number before they hang up.
You can learn more about protecting yourself from tax scammers by clicking HERE.
