MoneyWisdom Blog

IRS Introduces New Tax Withholding Estimator

Posted by Diana Burrell on Aug 9, 2019 7:54:00 AM

Earlier this week the Internal Revenue Service introduced its new Tax Withholding Estimator, a mobile-friendly online tool that will help taxpayers determine the right amount of tax they should withhold each year. This new tool replaces the IRS's old withholding calculator, which was targeted specifically to workers whose wages are reported on Form W-2 . The new Tax Withholding Estimator also lets self-employed workers, retirees, and other taxpayers figure out the right amount of tax withholding based on their wages and/or pension payments.

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Topics: Taxes, Work

Where to Do Your Tax-Free Shopping This August

Posted by Sandra Quadros Bowles on Aug 1, 2019 9:31:55 AM

Back-to-school shopping becomes a little less taxing this August for consumers in many states. A number of states have approved a sales tax holiday, allowing consumers to purchase certain items without paying the corresponding taxes. This “holiday’’ may not be marked with parties and cards but it's truly worth celebrating for bargain hunters looking to reduce their expenses.

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Topics: Holidays, Taxes

How Changing Your Name Affects Your Tax Filing

Posted by Diana Burrell on Mar 6, 2019 10:39:41 AM

It's tax time again, but there's something very different this year: someone's name has changed in your family. It could be because of a marriage, divorce, or your child's adoption. With a name change, it's important to take the following steps to ensure your tax return is accepted and processed without issue by the Internal Revenue Service (IRS).

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Topics: Divorce, Taxes, children

Download Your Hanscom FCU Transactions in 7 Easy Steps

Posted by Diana Burrell on Feb 7, 2019 4:11:22 PM

April 15th is fast approaching, and like millions of Americans, you may be using a software program like TurboTax or H&R Block to prepare your tax return. You may also be using accounting software like Quicken for Home and Business or QuickBooks to keep your accounts in order and still entering your checking and savings transactions manually throughout the year. Here's a step-by-step guide that'll show you how to download your Hanscom Federal Credit Union transactions, which you can then export quickly and easily into your software programs. All you need is a computer with Internet access and your Online Access HD credentials. Ready?

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Topics: Online Banking, Taxes, Checking

Scam Alert: Things the IRS Will Never Do

Posted by MoneyWisdom Newsletter on Jan 18, 2019 12:19:42 PM

Tax season is here, and it’s stressful enough without the threatening and aggressive tactics of scammers impersonating the IRS. In recent years, thousands of people have lost substantial amounts of money, as well as precious personal information, to tax scams. Although you may think you’re too savvy to fall victim, it’s important to remember that every year, criminals find new and creative ways to cheat you out of your money and identity.

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Topics: Taxes, scams, security

10 smart moves to make after filing your taxes

Posted by Diana Burrell on Apr 23, 2018 9:22:34 AM

Most Americans start thinking about tax preparation shortly before April 15, the traditional date tax returns are due to the IRS. 

I was one of those Americans. I was always making a vow that next year’s tax season would go easier because this year was the year I’d get my tax act together. But then, you know…life. The next thing, it was the following April and there I was again, tearing around the house like a whirling dervish, frantically looking for a wayward 1099. It struck me a few years ago: the best time to prepare for next year’s season? The days after tax returns are due, when my head is in the game and I’ve got taxes on my mind.

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Topics: Money Management, Taxes

10 great ways to spend a tax refund

Posted by Hanscom Federal Credit Union on Apr 20, 2018 7:07:00 AM

*This publication is only intended to be used for general informational purposes. Consult a tax professional for the most current data and/or personal advice.

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Topics: Savings, Taxes

Enjoy a Faster Tax Return with Payday Perqs

Posted by Hanscom Federal Credit Union on Jan 19, 2017 2:01:20 PM

Are you ready for tax season? The IRS is. They accept 2016 tax returns beginning January 23.

The majority of us – about 70% – will get a refund. Whether you use yours to pay down debt, boost your savings, or spend it on a vacation, that payment could be the largest one-time sum you receive all year.

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Topics: Money Management, Taxes, Hanscom FCU

Tax Time: 4 Steps to Organize Before You Begin

Posted by Hanscom Federal Credit Union on Jan 7, 2016 3:26:40 PM

Compiling everything you need in order to prepare your federal income taxes is often a bigger challenge than actually doing them. Though the process of locating forms and documents may feel overwhelming, it really just requires knowing what you need and an organized approach to hunting and gathering.

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Topics: Taxes

How to Get an IRS Tax Lien Off Your Credit Report

Posted by Hanscom Federal Credit Union on Nov 13, 2015 6:00:00 AM

One facet of credit reporting rules that probably causes more hand-wringing than any other is the removal of paid negative listings. Or rather, the lack of removal. If you’re like most people, you feel it’s logical that once you have paid off an item like a delinquent credit card, collection account, or judgment that it would be taken off your report. However, that generally hasn’t been the way credit reporting laws have operated. Paid-off negative items can stay in your credit file for the full amount of time allowed by law even after you have paid them.

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Topics: Taxes, security

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