What to bring to a Tax Site:
- Photo identification
- Social Security Cards for the Taxpayer, their spouse and dependents, if applicable
- Birth Dates for primary, secondary and dependents on the tax return
- Wage and earning statement(s) Form W-2, W-2G, 1099-R, from all employers
- Interest and dividend statements from banks (Forms 1099)
- A copy of last year’s Federal and State returns, if available
- Bank Routing Numbers and Account Numbers for Direct Deposit
- Other relevant information about income and expenses
- Total Amount Paid for Day Care
- Day Care provider’s Identifying number to claim the Child and Dependent Care Credit (ask your child care provider(s) for this information)
- To file taxes electronically on a married filing joint tax return, both spouses must be present to sign the required forms.
For more information about what to bring, see this article from the IRS.
Consider Splitting Your Refund:
Did you know you can split your tax refund into up to three different bank accounts and buy U.S. Savings Bonds right from your tax return? Now is the time to consider your present needs and long-term goals and how you will use your refund.
1. Pay-off Debt: Feeling overwhelmed with existing debt? You are not alone. A Consumer Credit Counselor could help; visit the National Foundation for Credit Counseling to find an accredited Credit Counseling Agency near you. Consider directing some of your refund to paying-off debt.
2. Add to an Emergency Fund: An Emergency Fund allows you to weather unexpected expenses from medical emergencies to car repairs. Having a cushion of savings allows you to more easily navigate the year’s unexpected events worry free.
3. Buy Savings Bonds for your Children or Grandchildren: Did you know you can buy Savings Bonds off your tax form in the name of your children or grandchildren? Savings Bonds grow in interest year by year making them a great way to set-aside money for your child’s college education, wedding, or first car. The minimum bond is $50 and cannot be cashed in within the first year. Learn more from Tax Time Savings Bonds campaign.
4. Put it in your Children’s College Fund: Whether you keep your Child’s College Fund in some kind of savings account or in a tax-exempt North Carolina 529 Account, part of the National College Savings Program, it is never too early to start saving for college.
5. Save it to use to Open a Business, Go Back to School, or as a Down Payment on a house: If your savings to purchase of a home, pay for education, or start a small business, and are a low- or medium-income individual or family, then you likely qualify to received matched monies through a special kind of savings account called an Individual Development Account (IDA). Find more information about IDA’s from The Collaborative and the Corporation for Enterprise Development (CFED).
6. Save For Retirement: It is never too early to set aside money for retirement. Over 25 years a small investment will grow many times over. If your employer sponsors a retirement account, consider directing some of your refund there or to a tax incentivized Individual Retirement Account (IRA).
Savings are built by habitually putting small amounts of money aside for the future. Take advantage of the opportunity to split your refund in to multiple accounts and set some aside in a savings account or use the opportunity to buy U.S. Savings Bonds, whose interest rate is adjusted for inflation and are backed by the full faith and credit of the U.S.A.
Once you’ve made up your mind on a Savings Goal become a North Carolina Saver by joining the NC Saves campaign. By signing up you are making a pledge to save some amount of money over the course of this next year. To remind you of your pledge, you will receive a monthly newsletters with Savings Tips, Stories from Successful Savers, and the opportunity to “Ask an Expert’ for financial advice.
You’ve already Earned your credit, now Claim It and Save It!