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It is once again that dreaded yet unavoidable time of year…tax time. While many taxpayers have already filed their 2012 tax return, many more are still gathering information and preparing to submit their returns. As the deadline approaches, we at MutualBank would like to take an opportunity to send a couple of reminders and highlight some potential tax-saving efforts for which customers may be eligible.
First of all, make sure you have received all of your important tax documents for the year. If you have a mortgage or consumer loan, an IRA or Health Savings Account, or an interest-bearing deposit account like a CD or Savings account, then you will most likely have a corresponding tax document for each of those accounts. In addition, review your tax documents for accuracy. We want to make sure that our records match your records to ensure error-free reporting. If you have any questions or concerns about the tax documents you have received, or if you think you should have received one and didn’t, our Customer Support team will be glad to help resolve these situations.
This time of year also presents opportunities to maximize your tax return for the previous year. Customers who have an IRA or a Health Savings Account may still be able to make contributions to count towards last year’s taxes. The IRS allows this as a way to take advantage of maximum contribution limits and the potential tax-deductibility of many contributions. The tax-filing deadline (April 15) is also the deadline for these prior year contributions, so eligible customers wishing to make use of this opportunity should stop by their local Financial Center at the earliest convenience.
If you are curious about your eligibility to make these types of contributions, or if you have any other tax-related questions, we strongly encourage you to seek tax advice from a CPA or other qualified tax professional. Though tax time can be hectic and frustrating, a little planning and preparation can alleviate much of the stress of filing your return.
For banking questions, please call or email Customer Support at 800-382-8031 or email@example.com.
Jared Matchette is MutualBank's Deposit Product Analyst.
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