Category: Uncategorized

Welcome to 2021! That means that the 2020 fiscal year is over. While there’s nothing fun about filing tax returns or paying taxes, taking steps in January to organize your paperwork could help you avoid getting frustrated, frazzled, or befuddled come tax time. Here are 5 things you can do now: 1. Make a copy …

Five simple steps to take now that can make tax filing easier later

Welcome to 2021! That means that the 2020 fiscal year is over. While there’s nothing fun about filing tax returns or paying taxes, taking steps in January to organize your paperwork could help you avoid getting frustrated, frazzled, or befuddled come tax time. Here are 5 things you can do now:

1. Make a copy of last year’s tax return and attachments. With this to guide your tax prep, you’re less likely to forget a source of income or a deduction.

2. Collect the tax IDs you’ll need. This includes your dependents’ Social Security numbers and the SSN of anyone you employed (e.g., a babysitter, housecleaner, or nanny).

3. Create a file folder labeled “Income”. Use this folder to organize the following tax forms you should receive in January or early February:

  • W-2s and 1099-MISCs from employers
  • 1099-INTs reporting interest income and 1099-DIVs for mutual fund or stock dividends
  • 1099-Bs reporting brokerage transactions

4. If you typically itemize your deductions, start another folder labeled “Deductions”. Some of the information that goes here will come by mail; the rest you may need to supply yourself.

  • 1098s reporting interest you paid on mortgages and equity loans (also real estate taxes, if included in your monthly mortgage payment)
  • A receipt for real estate taxes if you paid them yourself
  • A copy of your W-2s showing state and local income taxes you paid
  • A receipt for personal property tax from your town or the taxing authority
  • Receipts for charitable donations, including mileage
  • Receipts for medical expenses, including mileage
  • Receipts for bills incurred while job-seeking

5. Rev up your retirement saving. There’s still time before the April filing deadline to contribute to a Traditional IRA or Roth IRA. For details, search “IRA Contribution Limits” at www.IRS.gov. Don’t have an IRA yet? Ask us about our insured IRA options.

Compass Community Credit Union does not provide tax advice. We recommend consulting a qualified tax professional to determine how tax laws may apply to your situation.

Online Banking look to be updated!

On February 8, the user experience of our Online Banking will be updated.

Below highlights some of the changes you can expect to see. If you have any questions or need help, by all means give us a call!

New Header Graphics

New graphics will appear in the upper right corner on every page: new-ux-4-icons

Use the new-ux-messagesto access Secure Messages. The red dot indicates the number of unread messages in your Inbox.

Use the new-ux-lockto make changes to your Logon ID, Security Code, Challenge Questions or Security Phrase.

Use the new-ux-gearsto access Preferences, make changes to your demographic information or manage your Accounts

New Title Look

new-title-look

Enhanced History Page

enhanced-history-page

Preferences

Use thenew-ux-gears icon at the top of the page to access Preferences. The Preferences page has various options that can be set to customize your defaults. Below are some additional preferences that have been added with this new look.

preferences

Holiday Closures 2016

Holiday Closures (2016):

  • Friday, January 1—New Year’s Day
  • Monday, January 18—Martin Luther King, Jr. Day
  • Monday, February 15*—George Washington’s Birthday (Observed)
  • Monday, May 30—Memorial Day
  • Monday, July 4—Independence Day
  • Monday, September 5—Labor Day
  • Monday, October 10—Columbus Day
  • Friday, November 11—Veterans Day
  • Thursday, November 24—Thanksgiving Day
  • Friday, November 25—Day After Thanksgiving
  • Monday, December 26**—Christmas Day (Observed)

In short, a credit union is a cooperative financial institution where people work together to make everyone’s lives better. Everyone who has an account here is a member. And every member is an owner.

Rather than making profits to send to far-off shareholders, Compass CCU reinvests in our credit union. Which means we reinvest in YOU. That’s why we say that, at Compass Community Credit Union, we guide you to better banking.