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Although the tax deadline is in April, Iowa State Bank wants to bring you the basics of tax season because it’s never too early to get your own money back. Many people think of tax season as a stressful time and scramble to get their finances and forms in order to make the process go smoothly. We want to help you understand tax season basics so when the time comes for you to file taxes, you feel confident in your return.

Basics of tax season-

  1. E-filing can save time, money, and paper. Depending on your tax needs, e-filing is a great option for a quick and simple filing method. Typically, e-filing forms and websites have the form built in so you just plug your numbers and information in. Be careful before filing an e-return because your taxes may require paper filing. In that case, it is best to work with a Certified Public Accountant.
  2. Exemptions are a great way to lower your tax bill. Exemptions can save you tons of money each year on your taxes if you just take a little bit of time to find out what you qualify for. Exemptions will give you a tax discount for many reasons including: having children, being married, and just being a contributing member to society. Exemptions are worth looking into if you want to save money on taxes.
  3. Being audited is not the end of the world. Because the IRS has to process so many tax forms each year, their system flags items that may seem odd. Even if you get audited, it may be something simple, like accidently checking the wrong box or typing the wrong numbers. To avoid being audited, make sure you are clear and concise with tax forms. Pay close attention now to save you stress later.

Iowa State Bank hopes your tax season is simple and easy to deal with. Also, remember that if you contribute to an IRA through Iowa State Bank, there are tax perks to doing so!