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Q: Tax season is coming! I’d like to start preparing sooner than later, but all the forms, numbers and rules are so overwhelming, I don’t even know where to begin! How do I prepare for tax season? A: It’s commendable that you’ve started getting ready for tax season long before the filing deadline. Preparing well for your taxes can help you maximize your deductions and ensure a smooth filing process. With that said, it can definitely get overwhelming and confusing. No worries, though; we can help! Here’s what you need to do to prepare for tax season. Gather your documents The first step in preparing for tax season is to gather all the necessary documents. Depending on your personal circumstances, these can include: W-2 forms. These will be provided by your employer detailing your earnings and taxes withheld. 1099 forms. You’ll receive these income-declaration forms if you’re a freelancer or an independent contractor. Receipts and invoices. These include any expenses yo...

Your Complete Guide to Secure Mobile Banking

In response to the rise of mobile banking scams, the Consumer Financial Protection Bureau (CFPB) recently published new guidance on unauthorized electronic funds transfers, or EFTs. With more people using electronic banking as a holdover from pandemic times, it’s important for consumers to be aware of its vulnerabilities and how to protect themselves from scams. Here’s what you need to know about the risks of mobile banking and how to stay safe. What are the risks of mobile banking? Banking through your mobile device is quick, convenient and efficient. There’s no longer a need to stop by the credit union on your way home from work to deposit checks, make a transfer or review your recent account history. Most banks and credit unions now allow you to do all that and more at any time, and from anywhere, using your phone and a mobile banking app. Unfortunately, though, like all transactions that take place over the internet, mobile banking has some inher...

Needs Vs. Wants: How to Tell the Difference

One of the most important parts of setting up a monthly budget is separating needs from wants. Before assigning dollar amounts to any categories, it’s important to know which parts of your monthly expenditures are an absolute need, and which items would be nice to include, but are not a necessity. Many people find this particularly challenging, and many even give up on budgeting when they can’t move past this step. Fortunately, it doesn’t have to be this way. Below, we’ve outlined how to tell the difference between wants and needs, as well as how to separate these two categories on a monthly budget plan. Defining needs and wants A need is something that is necessary to live and function. A want is something that can improve your quality of life. Using these criteria, a need includes food, clothing, shelter and medical care, while wants include everything else. However, as you’ll find when creating a budget, these terms are more fluid than they appear to be at fir...

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