BECOME A MEMBER
  • Become A Member
  • Contact Us
  • Login
  • Become A Member
  • Contact Us
  • Login
Camino Federal Credit Union new logo - See the New Look - New Logo Camino Federal Credit Union new logo - See the New Look - New Logo
  • Accounts
    • Checking
      • Elite Checking
      • Everyday Checking
      • Student Checking
      • Teen Checking
      • Digital Wallet
      • Apple Watch
      • Switch Kit
    • Savings
      • Membership Savings
      • Money Market Account
      • Certificate Accounts
      • Time Certificate Promotion
      • Refer A Friend
      • Individual Retirement Accounts (IRAs)
      • Summer Salary Savings
      • Christmas Club
      • Student Savings
      • Children’s Savings
      • Switch Kit
    • Credit Cards
      • Visa® Platinum with Rewards
      • Visa® Platinum with Low Variable Rate
      • Getting Started Visa®
      • Visa® Share-Secure
    • Rates
      • Auto Loans Rates
      • Bank Account Rates
      • Credit Cards Rates
      • General Loans Rates
      • Home Loans Rates
  • Loans
    • Auto Loans
      • Nearly New Auto Refinancing
      • New & Used Auto Loans
      • First Time Auto Loan Program
      • Second Chance Auto Loan Program
      • Lease Buy Out
      • Recreational Vehicle Loans
      • Motorcycle Loans
    • Personal
      • Credit Cards
        • Visa® Platinum with Rewards
        • Visa® Platinum with Low Variable Rate
        • Getting Started Visa®
        • Visa® Share-Secure
      • Share-Secure Loans
      • Personal Loans
      • Debt Consolidation Loans
      • Line of Credit
      • Furlough Loans
      • Smart Option Student Loan
    • Home Equity
      • Home Equity Loans
      • Home Equity Lines of Credit
    • Mortgages
      • Home Mortgages
      • Mortgages for Investment Properties
    • Rates
      • Auto Loans Rates
      • Credit Cards Rates
      • Bank Account Rates
      • General Loans Rates
      • Home Loans Rates
    • All Loans
  • Services
    • Online/Mobile Banking
      • Online Banking
      • Mobile Banking
      • Bill Pay & PopMoney
      • eStatements
      • Text Banking
      • Forms and Documents
    • Services
      • Surcharge-Free ATM Network
      • Shared Branching
      • Insurance Options from TruStage
      • Auto Buying Services
      • Telephone Banking
      • Additional Services
    • Lost or Stolen Card
    • Camino Workshop Series
    • Repay
    • Rates
      • Auto Loans Rates
      • Bank Account Rates
      • Credit Cards Rates
      • General Loans Rates
      • Home Loans Rates
  • About
    • About Camino
    • Become a Member
    • Community and Events
    • Location
    • Holiday Schedule
    • Careers
    • News
    • Advisor Appointment Center
    • Contact Us
  • Blog
  • Accounts
    • Checking
      • Elite Checking
      • Everyday Checking
      • Student Checking
      • Teen Checking
      • Digital Wallet
      • Apple Watch
      • Switch Kit
    • Savings
      • Membership Savings
      • Money Market Account
      • Certificate Accounts
      • Time Certificate Promotion
      • Refer A Friend
      • Individual Retirement Accounts (IRAs)
      • Summer Salary Savings
      • Christmas Club
      • Student Savings
      • Children’s Savings
      • Switch Kit
    • Credit Cards
      • Visa® Platinum with Rewards
      • Visa® Platinum with Low Variable Rate
      • Getting Started Visa®
      • Visa® Share-Secure
    • Rates
      • Auto Loans Rates
      • Bank Account Rates
      • Credit Cards Rates
      • General Loans Rates
      • Home Loans Rates
  • Loans
    • Auto Loans
      • Nearly New Auto Refinancing
      • New & Used Auto Loans
      • First Time Auto Loan Program
      • Second Chance Auto Loan Program
      • Lease Buy Out
      • Recreational Vehicle Loans
      • Motorcycle Loans
    • Personal
      • Credit Cards
        • Visa® Platinum with Rewards
        • Visa® Platinum with Low Variable Rate
        • Getting Started Visa®
        • Visa® Share-Secure
      • Share-Secure Loans
      • Personal Loans
      • Debt Consolidation Loans
      • Line of Credit
      • Furlough Loans
      • Smart Option Student Loan
    • Home Equity
      • Home Equity Loans
      • Home Equity Lines of Credit
    • Mortgages
      • Home Mortgages
      • Mortgages for Investment Properties
    • Rates
      • Auto Loans Rates
      • Credit Cards Rates
      • Bank Account Rates
      • General Loans Rates
      • Home Loans Rates
    • All Loans
  • Services
    • Online/Mobile Banking
      • Online Banking
      • Mobile Banking
      • Bill Pay & PopMoney
      • eStatements
      • Text Banking
      • Forms and Documents
    • Services
      • Surcharge-Free ATM Network
      • Shared Branching
      • Insurance Options from TruStage
      • Auto Buying Services
      • Telephone Banking
      • Additional Services
    • Lost or Stolen Card
    • Camino Workshop Series
    • Repay
    • Rates
      • Auto Loans Rates
      • Bank Account Rates
      • Credit Cards Rates
      • General Loans Rates
      • Home Loans Rates
  • About
    • About Camino
    • Become a Member
    • Community and Events
    • Location
    • Holiday Schedule
    • Careers
    • News
    • Advisor Appointment Center
    • Contact Us
  • Blog
Camino Federal Credit Union
Login
  • Accounts
    • Checking
      • Elite Checking
      • Everyday Checking
      • Student Checking
      • Teen Checking
      • Digital Wallet
      • Apple Watch
      • Switch Kit
    • Savings
      • Membership Savings
      • Money Market Account
      • Certificate Accounts
      • Time Certificate Promotion
      • Refer A Friend
      • Individual Retirement Accounts (IRAs)
      • Summer Salary Savings
      • Christmas Club
      • Student Savings
      • Children’s Savings
      • Switch Kit
    • Credit Cards
      • Visa® Platinum with Rewards
      • Visa® Platinum with Low Variable Rate
      • Getting Started Visa®
      • Visa® Share-Secure
    • Rates
      • Auto Loans Rates
      • Bank Account Rates
      • Credit Cards Rates
      • General Loans Rates
      • Home Loans Rates
  • Loans
    • Auto Loans
      • Nearly New Auto Refinancing
      • New & Used Auto Loans
      • First Time Auto Loan Program
      • Second Chance Auto Loan Program
      • Lease Buy Out
      • Recreational Vehicle Loans
      • Motorcycle Loans
    • Personal
      • Credit Cards
        • Visa® Platinum with Rewards
        • Visa® Platinum with Low Variable Rate
        • Getting Started Visa®
        • Visa® Share-Secure
      • Share-Secure Loans
      • Personal Loans
      • Debt Consolidation Loans
      • Line of Credit
      • Furlough Loans
      • Smart Option Student Loan
    • Home Equity
      • Home Equity Loans
      • Home Equity Lines of Credit
    • Mortgages
      • Home Mortgages
      • Mortgages for Investment Properties
    • Rates
      • Auto Loans Rates
      • Credit Cards Rates
      • Bank Account Rates
      • General Loans Rates
      • Home Loans Rates
    • All Loans
  • Services
    • Online/Mobile Banking
      • Online Banking
      • Mobile Banking
      • Bill Pay & PopMoney
      • eStatements
      • Text Banking
      • Forms and Documents
    • Services
      • Surcharge-Free ATM Network
      • Shared Branching
      • Insurance Options from TruStage
      • Auto Buying Services
      • Telephone Banking
      • Additional Services
    • Lost or Stolen Card
    • Camino Workshop Series
    • Repay
    • Rates
      • Auto Loans Rates
      • Bank Account Rates
      • Credit Cards Rates
      • General Loans Rates
      • Home Loans Rates
  • About
    • About Camino
    • Become a Member
    • Community and Events
    • Location
    • Holiday Schedule
    • Careers
    • News
    • Advisor Appointment Center
    • Contact Us
  • Blog
4 Feb 2020

3 Considerations Before Filing Taxes

by kwsm | posted in: Blog | 0

Filing taxes can be a positive or negative experience depending on whether the IRS owes you money or you have to pay the IRS. When you go to file your taxes this year, these are some considerations to think about.

When is the Tax Deadline?

Do you know the deadline to file taxes this year? This year you need to either file your taxes or request an extension by April 15. While April 15th is always the deadline, sometimes if that day falls on a weekend, the actual deadline could be later.  Not so for this year. The actual deadline is April 15th. If you do not take action before this deadline, you can be charged a failure to file penalty that could result in costs up to 5% of your tax bill for every month that your return is late up to 25%. 

If you are expecting a refund and you don’t file in time, you miss out on the opportunity to get the hundreds or even thousands of dollars you could have gotten back. 

If you are not expecting a refund and you don’t file in time, you should still pay on time. Doing so can help you avoid late payment penalties.  Be sure to consult with your tax professional to help you determine when to file and when to pay.  

What is my Tax Filing Status?

When you file your taxes, you can file as Unmarried, Married Filing jointly or separately, or as a Qualifying Widower. Based on your status, you will have different rules to follow.  We’ve outlined some things to consider about your tax filing status. A tax professional will be able to help you determine what the right status is for you.  

Unmarried adults without dependents file as Single. On the other hand, unmarried adults with dependents who rely on a worker to support them may be able to file as the Head of Household. By filing for this, it enables you to earn more money before you move up to the next tax bracket. Additionally, you can get higher standard deductions.

Married couples have the option to file taxes jointly or separately. Married Filing Jointly gives you more benefits if it makes sense, but ultimately the married couple has to make that decision. If you do decide to file jointly, it can double your standard deduction and the amount of money you can earn before you move up to the next tax bracket. If you decide to file separately, you won’t be able to claim certain tax deductions and credits.

Qualifying widower is an option for individuals whose spouse has passed away. You can file as Married Filing Jointly in the year your spouse dies and then file as a Qualifying Widower for the two years following. By filing this way, it can give you the same tax brackets and standard deductions as married couples, even if your spouse is deceased. If you’re eligible for it, you should consider claiming it because it can significantly reduce how much you owe in taxes compared to filing as Single or Head of Household.

Which Tax Deductions Can I Claim?

You are allowed to write off certain expenses to reduce your tax bill as long as you have documentation to prove it. There are many items that can be written off. 

Some of these deductions can include charitable donations, office supplies for your own business, and educational expenses. 

Although the IRS does not need submitted documentation for these write-offs, it is important to have the documentation for it in case you’re audited. 

Filing your taxes could be complicated.  Consider consulting with a tax professional before making any decisions about your taxes, and hiring a tax professional or using tax preparation software for your taxes might be a wise option.

If you need any help with your finances, please feel free to reach out to us online at caminofcu.org or at 800-835-3400. 

auto buying service, auto loans, auto refinance, banks Cerritos, banks los angeles, banks Montebello, buy a car, camino credit union, Camino FCU, Camino FCU East LA, Camino FCU Interest Rates, Camino FCU Montebello, Camino FCU Rates, Camino Federal Credit Union, camino member, car savings, car trade in, cd account, checking account, children's savings account, childrens savings accounts, christmas club savings account, christmas savings account, credit union, credit union Cerritos, credit union credit cards, Credit Union East LA, credit union loans, Credit Union Los Angeles, credit union Montebello, debt consolidation loans, end of year car deals, Federal Credit Union East La, Federal Credit Union Montebello, first time auto loan, furlough loans, getting started visa, home equity line of credit, home equity loans, Home Mortgage Loans Montebello, individual retirement accounts, ira, join a credit union, lease a car, line of credit, member of a credit union, membership savings, money market account, mortgage loan, offers, pay with cash, personal loans, Personal Loans East LA, Personal Loans Montebello, rv loans, savings account, savings accounts, senior checking, share certificate account, shop early, student loan, student savings account, summer salary savings account, teen checking account, teen savings account, trade in car, visa low interest rate, visa with rewards

Categories

  • Auto Loans
  • Blog
  • Budgeting
  • Debt Consolidation
  • Financial Tips
  • In the Community
  • Loans
  • News & Events
  • Our Culture
  • Promotion
  • Uncategorized

Camino Federal Credit Union new logo - See the New Look - New Logo

Montebello Branch

520 N Taylor Ave
Montebello, CA 90640
(323) 722-3400

 

Support

Consumer Protection

Lost or Stolen Card

Check Loan Status

Member Service

(800) 835-3400
Contact Us

Connect With Us

Equal Housing Lender
Equal Housing Lender
National Credit Union Administration
National Credit Union Administration
© 2023 - All rights reserved - Federally insured by NCUA, Equal Housing Lender | NMLS ID 666196     Disclosures Privacy Policy
Mobile Banking: Standard data & messaging rates apply.
If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-835-3400 for assistance.
Also, all products, services and information available on this website are also available at any of our physical branches, where we would be happy to assist you further.
We use cookies to personalize content and to analyze our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or that they’ve collected from your use of their services.OKNoPrivacy policy
We use cookies to personalize content and to analyze our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or that they’ve collected from your use of their services.OKNoPrivacy policy