A Neighborly Guide to Tax Season: Stay Calm and File On

March 25, 2025

Tax season is in full swing, and the April 15 deadline is fast approaching! But don’t stress—there’s still time to get organized and file with confidence. With a little planning and a few smart tips, you can check this off your to-do list with ease. At Ridgewood Savings Bank, we’re here to help simplify the process and support you. So, grab a cup of coffee, take a deep breath, and let’s tackle this together.

Gather Your Essentials:

• Whether you’re single, married, or head of household, your filing status determines your tax rate and deductions. It’s important to get it right! Double-check that names and Social Security numbers match official records. The Interactive Tax Assistant on IRS.gov can help if you’re unsure.
• Collect Important Documents: Gather your W-2s, 1099s, mortgage statements, investment income reports, and any receipts for charitable donations or business expenses.
• Tax laws change every year! For tax year 2024 filings, the standard deduction for single filers is now $14,600 (a $750 increase from last year), while those married filing jointly can claim $29,200, up $1,500 from tax year 2023. You can always visit the IRS website for the latest updates.

Make a Game Plan:

• Choose How You’ll File: You don’t have to go it alone! There are free online filing options, trusted tax software, and professional tax preparers ready to assist you.
• Look for Deductions & Credits:Check if you qualify for helpful savings, like the Child Tax Credit, Earned Income Tax Credit, or deductions for student loans, mortgage interest, and retirement contributions (eligibility applies).
• Plan for What’s Next: If you owe taxes, setting aside funds earlier can prevent last-minute stress. Expecting a refund? Think about smart ways to use it—like paying off bills, investing, or saving. The IRS strongly recommends direct deposit, and Ridgewood Savings Bank is here to help with a variety of savings products, including IRAs, Money Markets, and CDs.

Simple Tax Tips for Success:

• Stay Organized: Keep all tax-related paperwork in a folder or use a digital tracker so it’s easy to find.
• File Electronically: E-filing is faster, safer, and cuts down on errors compared to paper filing. Check out IRS Free File for eligible taxpayers.
• Use Direct Deposit for Your Refund: Get your money faster and securely deposited into your Ridgewood Checking or Savings Account. To set it up, use Ridgewood’s routing number 226071033.

A Friendly Reminder:

• Start Early: Avoid the last-minute rush by getting a head start on your tax prep.
• Don’t Be Afraid to Ask for Help: Have a tricky tax situation? A tax professional can guide you through it.

Final Thought: Tax season doesn’t have to be overwhelming. With a little organization and some smart choices, you can breeze through it. We’re always here to support our community—so take a deep breath, get started, and let’s make this tax season easy and stress-free!

 

This guide is for informational purposes only and does not constitute tax advice. Tax laws are subject to change and may not apply to your specific situation. Please consult a tax professional for personalized guidance.

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