Tax Time Tips

Tax time is approaching! Check out the following quick tips and reminders to help you navigate tax season and safeguard your financial information.

• Keep all relevant tax documents, such as 1099s, W-2s, and receipts, organized and easily accessible. This will streamline the tax preparation process and help you maximize eligible deductions.
• Consider filing your taxes as early as possible. This not only helps you receive potential refunds sooner, but also reduces the risk of identity theft or fraud. Be mindful of the filing deadline (April 15) and tackle your taxes promptly for a less stressful experience.
• Double-check your personal information, including Social Security Number and address, to avoid any delays in processing your tax return.
• Ensure you have the correct bank routing and account numbers when setting up direct deposit for your tax refund or when utilizing tax software. The Bank First routing number is 075901134.  
• Consider setting up alerts for account activity to quickly detect any unauthorized transactions or potential fraud. Learn more about Bank First Real-Time Account Alerts.
• When your taxes are more complex, consult with a tax professional for personalized advice and ensure compliance with the latest tax regulations.

The Federal Trade Commission (FTC)* recently posted a reminder about tax-time scams: "If someone contacts you unexpectedly about a tax refund, the most important thing to know is that the real IRS won’t contact you by email, text message, or social media to get your personal or financial information. Only scammers will."

Key reminders to protect your personal and financial information:

• Visit the IRS official website directly (www.irs.gov) for tax-related questions, forms, and to check the status of your potential refund.
• Be cautious of phishing emails or calls claiming to be from tax authorities. The IRS will never contact you through unsolicited calls or emails. Never click on links in these emails.
• Avoid sharing sensitive information, such as your Social Security Number or bank details, with anyone claiming to offer tax-related assistance. Verify the legitimacy of the request with your bank or tax authorities.

*Link to FTC article: www.consumer.ftc.gov/consumer-alerts/2024/01/irs-doesnt-send-tax-refunds-email-or-text