Early next year, most U.S. households will be filing their tax returns. Even though we’re all busy planning for our holidays and the end of 2014, it’s worth taking a few minutes now to think ahead to the tax filing season.
Think now so you’re ready for filing
Start thinking now about how you’ll prepare your taxes. You may have options you haven’t thought about before.
Get help with your taxes for free
Ask a friend or search online to see if tax preparation services are offered in your area (for example, at libraries, community centers, churches, or clubs).
- If your income is $ 53,000 or less, or if you have a disability or are a limited English speaker, you can get free tax preparation assistance at a Volunteer Income Tax Assistance (VITA) location near you.
- If you are age 60 or older, free tax preparation assistance is available through Tax Counseling for the Elderly. Find a location near you.
A checklist from the IRS can help you gather your information for tax year 2014. Make sure to bring your checking account number and savings account number so you can get your refund directly deposited to your accounts—you can split your refund between your accounts if you want.
Do it yourself
You can always file your own tax return, on paper or electronically.
- If your income is $ 60,000 or less, you can use free tax preparation software, provided by the Free File Alliance and accessed through the IRS.
- If your income is more than $ 60,000, you can still download free tax filing forms through the IRS.
Not sure you need to file at all? Depending on your age, income, and filing status, you might not technically be required to file a return. The IRS has guidance to help you decide whether you need to file. Even if you’re not required to file, it might still be a good idea. You might receive a tax refund, or you might be eligible for tax credits. If you signed up for health care in 2014 and received an advance payment of premium tax credit, or want to claim a premium tax credit, you may need to file a return even if your income is below the filing threshold.
Does your organization provide free services to taxpayers?
We’ve created a set of materials for VITA sites and others to use, as they encourage people to save part of their tax refunds. If your organization helps people prepare their taxes, you can download the materials and use them this tax season:
- Checklist to send in advance to help taxpayers prepare for their tax appointment
- Checklist to hand out at the VITA site to help taxpayers have brought all their information with them
- Worksheet to help taxpayers decide how much to save
- Handout and table tent describing convenient ways to save from a tax refund
- Web banner and share graphic for posting on your organization’s Web site and social media
- Poster 1, poster 2, and small poster encouraging taxpayers to consider saving
Continue Reading
Today, we’re releasing our third Snapshot of Complaints Received from Servicemembers, Veterans and their Families. The report details the data and trends from consumer complaints we’ve received from members of the military community since July 2011.
Here are just a few highlights:
- Debt collection complaints have continued to rise since our last report, and now make up 39 percent of total complaints. It is our largest category of complaints from the military community.
- Credit reporting remains a top category of concern. 72 percent of these complaints are about incorrect information on credit reports. This remains a significant issue for the military community, one that we highlighted earlier this year.
- Student loans are another concern. 49 percent of these complaints are about problems dealing with a lender or servicer. In these complaints, we continue to see long-standing trends, such as servicemembers complaining about not being provided their Servicemembers Civil Relief Act rights.
This year our report also highlights our outreach efforts that allowed us to connect with thousands of members of the military community, as well as three of our enforcement actions that recovered millions of dollars for affected consumers, primarily servicemembers, veterans, and their families. These figures represent the positive impact of the work we continue to do on behalf of those who serve.
Problems with account services
Basic account servicing stands out as a significant area of concern for servicemembers. Most consumers can call their financial institution, visit a branch, or connect online to try and get the help they need to maintain their account. Unfortunately, for military personnel and their families, the realities of military life, including deployments, frequent moves, and a high operational tempo, can sometimes make access to those services extremely challenging.
We found that servicemembers were often subject to a variety of account maintenance or penalty fees, as well as account-access restrictions, which were triggered due to aspects of their military service.
These problems raise concerns that financial institutions may not have a true understanding of the servicing needs of their military customers and may lack proper procedures and protections for them. Detailed examples of servicemember experiences can be found in Section II of the report.
Check out the snapshot to learn more.
We’re listening
As always, if you have a problem with a consumer financial product that you can’t resolve on your own; or if you know someone in that situation, please remember that you can submit a complaint online or by calling (855) 411-2372. We make your voice heard.
