Three Efficient Hacks on Doing the Taxes on Your Own by Bankers

Before we begin, answer a question of mine.

Last year, who did your taxes?

If you have hired someone to file your taxes, then fret not you are among the 59% of Americans who outsource their tax filing to a professional.

However, as the officers of credit union and banks in Wareham MA point out, doing your taxes by yourself not only saves you money but also helps you in auditing your finances.

Filing your taxes can be a tedious process, and might take some time to complete. But, at the end of the process, you will find yourself enlightened about your current financial condition. There is a high chance you might discover new strategies to save money, as well as create new modes of investments.

Hacks to file taxes on your own

Here are three popular hacks to make the tax-filing process easier as presented by the bankers:

     1. Collect important documents

Before embarking on the humongous task of filing taxes personally, it is essential to collect all the paperwork required for the job. Also, gather the previous year’s tax return – to make the job easier. Gather your employer’s details and the W2 forms for the job.

     2. Always sit before-time to make the filing less stressful

Individuals with one job, and lesser financial responsibilities, the entire filing process can be wind up in two to three days. However, filing the taxes before the deadline will save you late fines. These fines can range up to 5% of the unpaid taxes.

     3. Don’t miss state taxes

You might be expected to pay state taxes, depending on the area of your residence. The update on a state tax return can be found in the state department of revenue website, and file accordingly.

What do you need to file your taxes?

Well, after a lengthy discussion for filing taxes and hacks surrounding it – let discuss what you need to file taxes. For starters, you will need some time and plenty of patience for the job. Investment officers at banks in Wareham MA mention that people with a single source of income – and fewer financial debts – will need a lesser amount of time to file the taxes. And, overall, the paperwork will be somewhat straightforward. In these cases, using the 1040EZ form is recommended.

To know about the investment and tax saving and tax filing update, you can always reach out to PCT Federal Credit Union. Visit http://www.pctfcu.org/ or call 508-291-0777 to know more.

When Refinancing Personal Loan Becomes an Intelligent Choice?

The loan refinancing, simply, is the process of replacing the existing loan with a new one. According to a few financial experts, refinancing can assist in managing the loans, as well as save some money in the long run. However, as personal loan Wareham credit union financial officer points out refinancing might not be the right for everyone.

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Here are some of the scenarios where refinancing can be a good idea for you:

Good credit score

Debtors with a good or excellent credit score are usually offered loans on lower interest rates. People who pay their loans on time, witness a rise in the credit score. In these circumstances, getting a refinanced loan can be a good option.

Need to pay loans faster

Individuals who can pay higher monthly payments for a loan can refinance the loan to short-term debt. It will bring down the interest, making it possible to pay the loan a faster rate. This strategy would work best for people with a long term loan, and refinancing helps in getting a better rate of interest.

Lower payments

With loan refinancing, the repayment term can be extended – meaning you will have to pay lower installments each month. It can help in improving your cash inflow, and the extra money can be used as an emergency fund.

But it is important to note that, longer loan repayment means that you have to pay more in interest – a real Catch 22.

Changing from variable to fixed interest rate

Individuals paying variable interest on their loans can refinance the loan for a consistent monthly payment.

You have to note that refinancing the loan does not mean debt is waivered off. It simply means the debt has shifted from one format to another.

To know more about personal loans and debt refinancing, you can reach out to personal loan Wareham credit union – PCT Federal Credit Union. To know more, visit http://www.pctfcu.org/ or call 508-291-0777.

Credit Unions vs. Big Banks – Which one to choose?

Stashing your money in a financial institution is the right decision, as your hard-earned cash won’t grow laying hidden underneath your mattress. But where should you invest your money? Should you save the money in a credit union or keep it in a bank? Before setting up a savings account in either of the institutions, you have to remember a few common differences in both the institutions.

While credit unions offer higher interest rates to the members, in a bank you will get better customer service. Also, banks have a bigger number of branches giving you quick access to your money in the time of need.

Also, while banks are owned by investors and run on a profit motivation, a credit union is owned by its members and run on non-profit motivations. The credit union aims to keep the saving interest rates higher, their service fee lower.

Before investing in credit unions or banks in Wareham, do ask yourself the following questions:

   1. Fee structure, and how much do they charge?

Usually, the financial institutions charge a service fee, overdraft fee, and monthly maintenance from their consumers. While one group of financial advisors point out that banks are comparatively expensive for the checking account. But some advisors beg to differ on the ground. The best way to know about the respective institution’s fee structure is to politely ask them.

   2. Online banking facility

While banks were the pioneers in bringing in mobile banking facility into the financial sector, the credit unions were not far behind in adopting the technology. Remote banking helps the consumer in payment of the bills, making transactions, or order checks. Endure whether your chosen financial institution offers this service.

   3. Number of locations

In case you are interested in money deposit and withdrawal service, verify the number of accessible ATM branches the said institution has at a specific location. On the contrary, if you are more interested in in-person services, inquire about the institution’s number of local branches.

Overall, before going with the credit unions or banks in Wareham, verify whether the said institution can help you in achieving your financial goals. The PCT Federal Credit Union, a Wareham-based credit union, offers many facilities as well as financial advisory to their members. Go to http://www.pctfcu.org/ or call 508-291-0777 to know more about money matters.