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Hidden Savings: Commonly Overlooked Tax Deductions

Tax filing deadlines are approaching…have you filed yet? To lessen the anxiety of the season, take this opportunity to explore overlooked deductions that can help lower your tax bill. While most people know popular deductions like mortgage interest and charitable contributions, several lesser-known categories can help you save.

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Tax Center – Save up 20% on TurboTax federal products

Tax Help Center Tax Solutions and Special Savings for Members  The federal income tax filing due date for individuals for the 2023 tax year is April 15, 2024. Filing your taxes doesn’t have to be taxing. As a LA Financial Credit Union or Havasu Community Credit Union member, you now have more choices and more savings this tax season. We’ve …

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Five Hidden Ways to Boost Your Tax Refund

5 Hidden Ways to Boost Your Tax RefundTax time is just around the corner. Wouldn’t a big fat tax refund come in handy? Here are steps you can take now to boost your tax refund when you file after the first of the year. 1. Itemize your deductions. The standard deduction is $12,400, so it’s tempting to claim it rather …

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Social Security Withholding Tax Deferral and What It Means For You

Social Security Withholding Tax DeferralsWhat is the Social Security withholding tax deferral and what does it mean to me? Most employers are required to withhold 6.2% in Social Security tax from their employees’ pay and submit it plus a matching amount to the government. But in August President Trump signed an executive order allowing employers to temporarily suspend withholding the …

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Tax Credits vs Tax Deductions

Tax Deductions vs Tax CreditsTax Credits Are Often More Valuable Than Deductions If you are confused about the difference between a tax deduction and a tax credit, you are not alone. A deduction is subtracted from your income, lowering your taxable income and your income tax. But a tax credit kicks in after you have computed your income tax, reducing that income …

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Taxes and Remote Workers

Taxes and Working RemotelyYour Top Tax Questions About Working Remotely, Answered. Last spring, many of us were asked to leave the office and begin working remotely from home. If you were one of them, you know that presented a lot of issues to be solved as you juggled work and family, including children newly banished from their schools. It was …

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Tax Tips for Unemployment Income

Tax Tips for Unemployment IncomeWe’re answering your questions around taxes and unemployment. If you lost your job or were furloughed this year, we are so sorry. If you were lucky, your company may have paid you furlough or severance. Either way, you likely applied for unemployment benefits, once you could get through on the busy, busy phone lines. And now, …