Don't Let Taxes Stress You Out: Your Easy Guide to Tax Prep and Filing

Nearly 65% of Americans say that filing taxes stresses them out. And like so many things that stress us out — we’ll avoid it for as long as we can.  

Procrastination usually makes things harder at the last minute, so lets break it down into manageable chunks and make tax-time less taxing.  

Create a checklist 

A good place to start is to grab last year’s returns. From that you can create a checklist of who you expect tax documents from. These include: 

• W-2 forms from employer(s)
• 1099 forms from institutions that report interest you earned. You also receive 1099s for any unemployment compensation or retirement plan distributions, and other income.
• New this year — If you received payments for goods and services through online marketplaces or payment apps in 2024, download Form 1099-K from each source.
• Check to see if you need a Form 1095-A Health Insurance Marketplace Statement

Your VCCU forms are super easy

If you’re using our Online Banking, you can download 1099 forms for your accounts with us under the Accounts tab, under eStatements and Documents. 

Free help understanding your W-2 

There’s a lot of information on your W-2. If you’re curious to learn about it, check out our “Understanding your paycheck and W-2” online course. It’s quick, informative and gives you ideas on how to best manage your pay.  

What counts as income?

Most any income is taxable. This includes unemployment income, income from the gig economy and digital assets like crypto and NFTs.  

Important dates 

Employers are required to send W-2 forms by January 31. If you have not received yours by February 10, contact your employer. Be sure to check your email if you signed up to receive these forms electronically. This year, January 27 is the first day the IRS will start accepting tax filings and of course April 15 is the last day to file your taxes. 

Wildfire relief 

If you live in a FEMA-designated disaster zone, the IRS has extended the tax filing deadline to October 15, 2025. Read about other assistance being offered and bookmark that page for future updates.

Tax scammers are working overtime 

Be aware of texts offering ‘free’ tax preparation and fast refunds, as these are scams. The IRS will never contact you by text or phone call. If you get a text or call you didn’t initiate, it’s most certainly a scam. Do not respond. 

File early and get some help to avoid stress 

If you wait until the last minute, you’re more likely to rush and make errors, and you’ll also needlessly increase your stress level about something you’ll have to do anyway. 

VCCU is making it easy to file with exclusive discounts on tax preparation through TurboTax and H&R Block. And as a credit union member, you can enter for a chance to win a monthly prize and $10,000.