Personal FInance Archives - Common Trust FCU

Tips for Making & Sticking to Resolutions

When the new year ball drops, it is the perfect time to turn a new page. The new year can be exciting, yielding opportunities to restart with a clean slate for fresh goals. Personal and fiscal reflection helps you assess where you stand in your shoes to set your resolutions in motion. As you begin to draft your resolutions list, the Common Trust team is offering some tips to kick off a great 2022 and keep you on track to stick to your resolutions.

Limit Your Resolutions List

Typically, humans tend to be harder on ourselves than we need to be. You might have a long list of resolutions, but be kind to yourself and focus on only a few so you do not overwhelm yourself. Self-care is important in reflection, so be sure to cut yourself some slack. Consider starting with a small, actionable goal so you can get into the goal-achieving mode.

Choose a Specific Goal

Many people often set lofty resolutions at the turn of the new year, and this practice makes some bite off more than they can chew. However, it also presents great opportunities to grow and overcome any struggles with sticking to goals.  Setting your mind on one specific, realistic goal helps craft a concrete plan to achieve that goal. For example, if your goal is to exercise more, create an actionable plan and create daily calendar reminders to go for a walk or go to the gym.  Achieving a small goal boosts your self-esteem and helps you tackle things more easily.  If you have a big goal, consider breaking it into manageable pieces and take one thing at a time.

Change up your Resolutions

If you find yourself stuck on one resolution year after year, chances are you have it in your mind you cannot stick to that goal and may mean that you will likely abandon it. So if your resolution in years past was to lose weight, for example, change it to something like just eating more vegetables per week to retrain your mind to embrace a different version of your goal. 

Plan, Plan, Plan

Whatever your goal might be, you need to plan to achieve it – just the thought of an idea won’t be enough. Creating a detailed plan and even using your phone for reminders, tracking progress, etc. will help you manage how you will achieve your goal. Working on a goal without a plan creates a higher risk of giving up if an obstacle arises.

The Buddy System

More often than not, a goal with a friend or family member means you’ll be even more motivated to achieve that goal. Connect with a friend or loved one to see if you both share the same goals and create a method to keep one another accountable. If you make it fun or like a game, you may even find yourself enjoying motivating the other, which means you’ll be more likely to adhere to the plan.

Set One Financial Resolution 

We recommend making one small economic goal that improves your financial well-being when creating your list. Even making one adjustment to your finances means you can put money towards something that makes you feel good– like travel or giving to a charity. Pennies turn into pounds quickly, you will find, and making a financial modification will help you allocate money towards something you love. 

When challenging yourself to change the tides, remember that taking on too much is usually the very reason New Year’s resolutions can fail. Be kind to yourself and create realistic steps to get into the right mindset to create the change you seek. 

As always, Common Trust is available to help you with any of your own personal financial goals. Happy New Year, and we look forward to helping you make 2022 your brightest year yet.

Holiday Shopping Tips

The most wonderful time of the year is around the corner, and we are ready to get you prepared. The holidays bring about festive feelings of generosity and community with family and friends, but sometimes, getting in the holiday mood can create stress with gift-giving and efficient shopping. The 2021 holiday season is anticipated to be the most unpredictable holiday shopping season in years. Given post-pandemic supply shortages and that people are still recalibrating their financial well being from the pandemic, consumers are generally exploring a different take on what consumption means. Common Trust Federal Credit Union shares in your holiday excitement with ideas, insights, and tips to reset your mindset and enter the season equipped to reduce holiday brain fog. We hope we can help you proactively celebrate the season and become a holiday shopping expert.

Deck the Digital Halls

Every year, eCommerce continues to grow as consumers find that online retailers have done a lot of the heavy lifting with gift ideas and catering to budgets. Even more so, eCommerce has surged as online sources have improved for a seamless digital experience with fewer clicks and better shopping platforms. With email marketing blasts and promotions, consumers can access abundantly varietal merchandise with tremendous ease and feel good about the specials offered. One study suggests that 64% of shoppers will be more emotionally invested in their purchases than before because of the stakes set by the pandemic. 

Budget & Review Your Recipient List

Common Trust recommends first setting your holiday budget from the outset, so there are no surprises as you forge ahead on your shopping journey. Even if you plan to use credit cards, which 40% of Americans do for their holiday gifting, tackling your recipient lists with a pre-determined budget means you won’t go overboard with spending. 

Considering who you want to give to this season will help set that budget per person to protect your wallet. Create your gift receiver list and check it twice. 

Charitable & DIY Gifting for Budgeting

There are thousands of unique ideas online for artisan foods, treats, or crafty gifts that feel personal while budget-friendly. Consider online food provisions or handmade goods that feel more meaningful. Additionally, charities have made it possible to donate online in someone’s honor to a cause they value. Not only is this more personal, but any donation amount is greatly appreciated so you do not have to spend too much to make an impact. Magazine or online news subscriptions for those with particular hobbies and interests are a cost-effective and personal idea, as well as gift cards to specific retailers you know your loved one enjoys. There are now even online retailers that send unique home plants to nurture to endure past the holidays.

Price Shopping & Avoiding the Rush 

‘Tis the season for deals. With the abundance of online retailers, price comparison shopping can be an entirely daunting task itself, but online shopping still makes it easier to chase the best deal. Once your gift is in mind, allow time to price shop across at least three other retailers to ensure you are grabbing the best deal to stay within your budget. Shopping online vs. in-person also means you can subscribe to receive news and offers in advance to avoid the stress of last-minute shopping. It has been reported that up to 50% of shoppers have started their holiday shopping even before Black Friday.

Play the Online Shopping Cart Game

Shopping cart abandonment is typical of online shopping behavior and occurs when website visitors place multiple items in their cart but do not complete the purchasing process. eCommerce retailers track this behavior and “watch” what you are viewing and do not purchase to email you a coupon to receive an additional discount on goods you may have planned to buy. This is a great way to get an extra discount as they want to move goods on their site.

Protect Your Identity & Your Porch

You’ve read the countless holiday horror stories of identity theft and then physical theft once your packages arrive. Holiday shopping scams are unfortunately prevalent now, as fraudsters know the holiday rush. So as you scour the internet for your gifts, beware of odd-looking websites that lack the verification methods to secure your identity, and double-check their credentials via reviews. Thieves are scouting neighborhoods looking for packages on porches, too, so once you have made your purchase, ensure you receive the shipment tracking information to follow its way to your porch to be sure you collect your goods. 

A Fun & Safe Holiday!

There are good times to be had this season! Your holiday joy and safety are Common Trust’s highest wishes for all of our members. We are here to assist you with your holiday budgeting and any other needs during this time to take advantage of year-end promotions.  

Reach out to a Common Trust team member anytime and let us know how we can help at the start of this season’s celebration.

Summer Safety Tips

 

Temperatures are rising, swimming pools beckon, and family activities are in full swing as summer is officially here. An air of a more ordinary summer means adventure awaits, and we forecast that our community is excited for an active summer. Common Trust encourages a summer of fun sustained by safety to enjoy the season to its fullest. So whether you’re laid back at home poolside with a summer reading list or hitting the road for the beach, here are some helpful reminders to live your best and safest summer.9[op

Take Shade & Hydrate

People often forget how serious heat-related issues are when sun over exposure and poor hydration clash. Carry water with you wherever you go, as dehydration is the most common heat-caused illness. Hydrate more than you think is necessary, and take breaks in the shade when outside. It is more important to make sure younger children drink plenty of water, even if they are not thirsty. Wearing loose clothing that dries quickly also helps to keep cool. Be vigilant of overheating symptoms when hiking or doing outdoor group activities; typically, if one person has symptoms, chances are others do too. Don’t overdo it if you crave more exercise— opt for a walk in a cooler environment like the mall. When it hits 90° or above and is humid, children should not play outside for more than 30 minutes at a time.

As we all know, the sun can cause severe sunburns and sun poisoning in its worst form. Sunscreen is your summer staple, so carry a small bottle with you everywhere. Lathering up on cloudy days is essential as it is no myth that the sun’s burning rays pierce through clouds.

Swimming & Water Safety

Thousands of adults and children are hurt in avoidable swimming and boating accidents every summer. Water safety spans from simple swimming precautions to having life vests for everyboat rider. Younger children are notably less experienced swimmers and always need to be supervised by an adult or lifeguard. Where diving is involved, always watch for the person to come up as back and head injuries can occur. An at-homepool is best protected with a fence that stays locked and out of reach for kids. An extra layer of pool precaution is to have cameras or gates with sensors that connect to mobile apps and send alerts if a pool gate is left open. If your child ventures to a neighbor’s pool, confirm an adult at home watching at all times.

The most common boating accidents happen when drinking is involved for adults, so designate an experienced boat driver who won’t partake in the libations. Lastly, always have your cellphone charged in case of an emergency, and in some cases, for longer boating outings, keepflares aboard.

Roadtrip & Air Travel

With so many Americans chomping at the bit to roadtrip, car safety is paramount. A regular car maintenance check is a good safeguard against unforeseen car troubles. If your car use was down over the last year, it is wise to have the tires checked and rotated. It might be a great time to purchase a tire gauge to keep in your car, too, especially if you plan to drive on rockier terrain on your adventures. We also recommend purchasing a mobile phone holder so you can be as hands-free as possible when using your phone’s GPS. Lastly, a First Aid Kit is the best accessory for your glove box.

If you plan to hit the skies for vacation, mandatory mask-wearing and regular hand washing persist as TSA protocol. While airlines continue to adhere to strict sanitation standards and improve air circulation systems, it will put you more at ease to take these precautions when traveling. Before you set out on your adventure, contact Common Trust to ensure you do not experience issues with your card while you are traveling. Apply for Common Trust’s Mastercard Credit Card today before hitting the road. 

Going Out and Outdoor BBQs

Restaurants, bars, and even music venues are opening their doors for livelier times but have a mask handy if required. A backyard gathering is best when summer time food is cooked over a fire. Still, grills and campfires are to be tended to as adults and children risk burns caused by fire proximity. Placing the grill far enough away from anything flammable and inspecting the grill before using it prevents gas tank malfunction. Fireproof mitts and long-handled utensils help avoid exposure to flames. Make sure kids are closely supervised around a campfire or at a BBQ.

Safety and fun do not have to be mutually exclusive. Remember to plan ahead, keep a vigilant eye, and lean on friends and family for support. Let Common Trust know how we can help you enjoy your summer more with credit cards or vacation loans to help pay for your travels. Our team wishes you and your family a safe and memorable summer.

2021 Summer Budget Roadmap

Resilience seems to be a common theme in our country and our communities as consumer strength regains post-pandemic. A shared trend in the pandemic’s aftermath is to reassess personal finances to balance enjoyment with everyday expenses. Common Trust aims to assist our members and help budget for the road ahead this summer and beyond. We are ready to welcome the community for in-person financial assistance for a stress-free and enjoyable summer to help you navigate 2021.

Create a Summer Budget Strategy 

There are valuable lessons learned from the pandemic, and people adjusted their finances to ensure protection against worst-case scenarios. As a result of suspended everyday life, people, in turn, had significantly fewer monthly expenses during the consumer “time out.” Travel, shopping, and general discretionary spending were at an all-time low, resulting in accrued personal savings. Now the time has come to enjoy the extra financial padding while budgeting for sustained resources for your lifestyle. We recommend grouping recreation into specific categories and allocating an amount to each class. For example, if you’re planning a trip this summer, determine how much to pay for airline tickets, dining out, car rentals, and recreational activities, like National Park fees. Planning allows for a better grasp of your budget while anticipating other new types of expenses and analyzing where you can trim back. 

Technology is Your Compass

Technology continues to prove to be a great budget friend, and we encourage mobile app usage to track your spending. The ease of streamlined banking and mobile applications enhances the user experience to know the bottom line at any moment. Some applications go as far as to group your expenditures and send you activity notifications to protect you from overspending. These are improving by the day and continue to offer unique features to guide you on the right path towards creating a feasible budget.  Big box stores, grocery stores, and food deliveries also offer promotions and coupons on their mobile app programs to help cut costs. Energy providers’ mobile apps are another great tool to monitor your energy usage and stockpile small savings per month this summer.

Another potential source for savings is to participate in Common Trust’s Shared Savings Accounts. As a member, your member-owner status is represented by the shares you save at Common Trust FCU.  In this program, members have the ability to open multiple share accounts for specific savings purposes like education, taxes, vacations, or special purchases.  Members can access their accounts and customize the name on these secondary share accounts. Tracking the money earned from day-of-deposit to day-of-withdrawal and the quarterly-distributed dividends from the shared accounts are easily accessed in your mobile banking account. Learn more about Share Savings Accounts here.

Utilize Financial Education & Assistance 

As credit unions welcome back the community, this summer is an excellent time to apply for financial assistance to access savings programs that buoy financial sustainability. U.S wealth grew by $20 trillion over the last year, paving opportunities for members to consider buying or leasing a new car, financing a home remodel, or managing debt with offset savings. Lowering monthly rates helps maintain your cash flow. In addition, it allows for other types of consumer spending should you want to or to grow an emergency fund. Common Trust even offers Vacation loans if you are looking for a substantial getaway. People who accumulated savings are also investing in personal care matters and budgeting accordingly. For example, braces sales shot up 19% in the last year. Overall, people are finding ways to rebalance their finances while also investing in new opportunities and experiences. 

Summer Support

Reexamination of our member’s financial well-being is central to understanding all facets of monthly living expenses and how you can grow your nest egg exponentially. Common Trust helps you create a plan for you and your family by identifying where to cultivate savings. We are committed to maximizing savings opportunities and pledge to work for our members’ financial success. As we forge ahead together, we reduce the complexities of budgeting so you can enjoy life along the way. 

We invite existing and potential members alike to learn more about our Financial Products and Services here.

Your Guide to Managing Finances During COVID-19

Special COVID-19 Message: a COVID-19 relief loan is just one of many ways we can help reorganize your finances during these difficult times. If you’re experiencing financial hardship and are looking for some guidance and support, don’t hesitate: give us a call or send us a message. Together, we’ll make a plan to get you through this.

 

Getting your financial house in order is something that every person should strive for. From credit scores, savings accounts, and open lines of credit, it’s a full-time job to keep track of all accounts and payments. Especially during this tumultuous time of uncertainty, finding your financial groove is more important than ever before. Thankfully, there are a few huge steps you can take to minimize the impact that COVID-19 has on your financial situation, even if you’ve found yourself experiencing a loss of income.



Avoid Unnecessary Debt

While social distancing prevents you from going to your favorite mall or outlet, avoiding debt is still an everyday struggle. During this time, always ask yourself: is this something I really need? Filling up your cart on Amazon is a great way to pass the time, but may leave you up to your chin in unnecessary debt (and purchases). Unless absolutely necessary, limit random splurges and frivolous spending to avoid racking up debt that will negatively impact you post-COVID-19.

 

Build a Budget

To really take a step in the right direction, generate some sort of weekly and monthly budget to follow. This should include necessities like bills, groceries, gas, and other important payments. Balance your spending with your total income and adjust spending habits accordingly. Try to limit dangerous spending habits and keep random splurging to a minimum. If you’re currently experiencing a loss of work or income, you may need to adjust your spending even further in order to accommodate for a reduced paycheck. 

 

Start Saving More

With limited access to shopping centers, it’s a great time to start saving all the money you would have normally spent on fun gadgets and clothes. If you don’t currently have a savings account, open one today. When creating your weekly and monthly budget, include a certain percentage of your income to be automatically placed into your savings account. Over time, the account will grow into a fairly large safety net that you can use however you please.

 

Consider a CD

If you have a decent savings already, consider opening a Share Certificate Account (CD). They are deposited for a fixed period of time and yield higher interest rates. You can open a Share Certificate with as little as $500. Investment terms range from 6 months to 3 years. 

 

Transfer Your Credit Balance

If you have a few lines of credit open at this time, a credit balance transfer can help consolidate multiple accounts into one. This makes managing payments easier and diminishes the risk of unwanted interest accumulation. Especially if you’re cutting down on costs, you’ll want to start reducing any unnecessary interest payments tacked onto your principal balance. 

You’ll start by filling out a card application. Simply call your local credit union, fill out an application, and start reaping the benefits of a lower-interest credit card and comparably lower card payments. It’s that easy!

Apply for a payment extension

If your household income has taken a hit, applying for a payment extension gives you a little bit more time to get back on your feet. Especially with multiple loan accounts or lines of credit, missing payments and accumulating fines is the worst thing to do. Give your local bank or credit union a call to see what they can offer in terms of payment extensions or deferments based on your financial situation.

 

Use a Debt Relief Loan

If you’ve recently found yourself out of work, waiting for your unemployment compensation check to arrive in the mail may not be in your best financial interest. With a COVID-19 Emergency Relief Loan, you can get the funds you need for necessities way ahead of schedule. Better yet, emergency relief loans will often allow you a few weeks or even months to get back on your feet before payments start coming in. Overall, they’re a low-interest and high-yield option for those in need of a little extra funding.

In need of some extra cash while getting your finances in order? With rates as low as 6.99%* and no payments for the first 90 days, financial relief has never been more accessible than with our COVID-19 emergency relief loan. To learn more about your options or ask any questions, give us a ring or reach out via email today!

 

Experiencing financial hardship? Let’s talk.

Right now is a tremendously tricky time. Above all else, we want to help you and your family stay financially stable. If you’re experiencing financial hardship, don’t hesitate: give us a call or send us a message. Together, we’ll make a plan to get you through this difficult time. 

 

Your Ultimate Guide to COVID-19 Emergency Relief Loans

Special COVID-19 Message: a COVID-19 relief loan is just one of many ways we can help reorganize your finances during these difficult times. If you’re experiencing financial hardship and are looking for some guidance and support, don’t hesitate: give us a call or send us a message. Together, we’ll make a plan to get you through this.

 

As we continue to practice social distancing in the wake of COVID-19, many businesses are finding it hard to keep employees paid and well-compensated. Many individuals are even finding themselves out of work and unemployed. If you’ve recently found yourself experiencing a loss of work, you may be racking your brain for financial solutions that won’t break the bank and help you stay afloat while you file for unemployment and get your budgeting in check. If you need expedited financial assistance during this time, a COVID-19 emergency relief loan is a low-interest solution that won’t put your future finances in jeopardy.

 

What’s a COVID-19 Emergency Relief Loan?

Just like your typical home equity or auto loan, a COVID-19 emergency relief loan is designed to give you the funds you need as soon as possible. Depending on creditworthiness, you can take out a loan of hundreds or even thousands of dollars. This money can be used to buy necessities like groceries and pay off bills or other costs. If your lender offers delayed payments, you may be set for a few months without having to start paying the loan back. Then, when those few months are up, you will be responsible for making monthly fixed payments with added interest until the loan term is up or until you pay off the loan. 

 

What would I use it for?

If you’ve found yourself experiencing a loss of work during this increasingly uncertain time, a COVID-19 emergency relief loan is the perfect solution for you. After you’ve filed for unemployment, the long wait until your first compensation check arrives in the mail can be exhausting. 

Don’t let such a common occurrence keep your family from living a full and happy life. A COVID-19 relief loan is designed to give you the money you need for essentials like groceries, bills, and other expenses while your unemployment check is in transit. Plus, with a low-interest rate, delayed payments, and an ample repayment period, you can rest easy knowing that this loan won’t break the bank.

 

How do I get the best rate?

As with any loan, finding the best rate for a COVID-19 emergency relief loan is an easy task if you know what you’re looking for. Depending on your needs, finding a decent loan term is your best bet to reduce your monthly payment while ensuring enough time to get your finances together to fund future payments. Your top priority should be finding a loan option that delays payments. Some lenders may offer no payments for the first few months while you get back on your feet. Ultimately, to limit the amount of interest you pay on your principal loan amount, look for a low-interest rate that won’t break the bank. 

While all these pointers are a great way to make sure you’re in good hands, always remember to ask questions before signing any paperwork with your lender of choice. This is a big decision—no question is too small. Whether about repayment options, loan flexibility, or creditworthiness, ask as many questions as you need to verify that this is the right loan choice for you. 

 

How can I get started?

Tired of late nights tracking your unemployment check? With rates as low as 6.99%* and no payments for the first 90 days, paying for necessities has never been easier than with our COVID-19 emergency relief loan. To learn a little more about repayment options and interest rates, give us a ring or reach out via email today!

 

Experiencing financial hardship? Let’s talk.

Right now is a tremendously tricky time. Above all else, we want to help you and your family stay financially stable. If you’re experiencing financial hardship, don’t hesitate: give us a call or send us a message. Together, we’ll make a plan to get you through this difficult time. 

 

Common Trust Federal Credit Union Members Get Protected with Financial Lock

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  • $1,000,000 Theft Insurance
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Get protected today! 

Visit lovemycreditunion.org to get your member discount and start saving.

How Tax Loans Work—And How They Can Work For You

If you’re like most people, taxes are the last thing on your mind when you start off the new year. Everything is running smoothly until you start getting rampant emails from Turbotax asking if you’re ready to file. A sizable refund can be a great way to save up for future purchases—but what if you find out you owe more than you get back? You may be racking your brain trying to determine where you could have gone wrong. Not to worry—a tax loan is the perfect way to pay off what you owe without breaking the bank. To make things a little easier, we’re going to review the ins and outs of tax loans, and how they can help you jump-start your debt payoff.

What are tax loans?

A tax loan is similar to any other loan you’d sign up for. They’re offered from various online lenders, credit unions, and banks. Repayment terms are often ideal for paying off unexpected taxes without accumulating too much interest along the way. In fact, competitive interest rates make them a lower-cost alternative to IRS payment plans.

When and why would I need a tax loan?

Though most Americans do get a refund each year, there are a few circumstances that would make you owe more money in taxes. These circumstances include, but are not limited to, self-employment, changes in deductions, and extra income. In some instances, the taxes you owe may even exceed the return you were expecting back and you’ll end up owing money to the IRS rather than getting a refund.

Whether you knew it before tax day or not, you still have to pay these dues or face penalties and fees as months pass by. This is where a tax loan comes in—to help you pay off your dues on-time even when crisis strikes.

Are they a good idea?

Yes! Tax loans are the perfect solution when your tax refund doesn’t live up to expectations. Whether from self-employment or unintentionally altering your W-4 with an employer, certain circumstances may leave you with a large sum of money to pay back. Without the help of a loan, you may find yourself drowning in interest for missing payments. Ultimately, paying the low-interest rate associated with your loan will likely end up costing far less in the long-run than penalties inflicted by the IRS. Need another reason? Failing to pay your taxes, commonly known as tax evasion, is a serious criminal offense and could land you in jail for 3-5 years if you get caught.

How do I find the best deal?

Each filer’s needs are unique, so finding the perfect tax loan isn’t a one-size-fits-all solution. Depending on your annual income and how much you owe, you may need a longer term to pay off the loan. Conversely, you may want a lower-interest rate and shorter repayment term.

Depending on your specific wants and needs, your search could be a click away or may require a little more investigation. Just like any other loan, be sure to research thoroughly and ask plenty of questions. Some lenders will offer a special promotional discount around tax season, so it’s important to plan accordingly and get those taxes filed as soon as possible.

Tax return not exactly what you’d anticipated? With rates as low as 9.99%, paying your taxes has never been easier than with our ongoing tax loan promotion. To learn a little more about repayment options and interest rates, give us a ring or reach out via email today!

Haven’t started your tax return yet? Now’s a better time than ever! Common Trust Federal Credit Union has teamed up with TurboTax to help you save up to $15 on federal tax products. Moreover, our team is highly knowledgeable and here to help you with every step of your application.

What’s the Difference Between a Tax Credit and a Tax Deduction?

“Just write it off.”

“Go ahead and deduct it.”

“I think there’s a tax credit for that.”

Although you might have heard or even uttered one of the sentences above, have you ever wondered what it actually means? While both tax deductions and tax credits can save you a significant amount of money on your taxes, they work in significantly different ways.

What is a Tax Deduction?

A tax deduction is a result of a tax-deductible expense or exemption which reduces your taxable income. A common tax deduction on your federal income tax return is the standard deduction. An example of how this works: If your income was $50,000, your standard deduction (if single or married filing separately) would reduce your taxable income by the 2018 standard deduction of $12,000, so your taxable income would now be $38,000.

What is a Tax Credit?

Unlike tax deductions, tax credits are subtracted from your tax liability (not taxable income). A common tax credit is the Child Tax Credit. If you have a qualifying child, you can take a credit of up to $2,000 per child against the taxes you owe in 2018. If you have a total federal income tax liability of $3,500, the Child Tax Credit for one child would reduce that tax liability to $1,500.

Is a Tax Deduction Better Than a Tax Credit?  Is a Tax Credit Better Thank a Tax Deduction?

If you were ever faced with a hypothetical choice between a $100 tax deduction and a $100 tax credit, you would most likely prefer to receive the credit. Unlike a tax deduction, a $100 tax credit reduces your tax dollar-for-dollar ($100). On the other hand, a tax deduction reduces your taxable income by $100. The resulting amount of tax you save depends on your marginal tax bracket (in everyday language: your tax bracket). If you are in the 24% tax bracket in 2018, a $100 tax deduction reduces your taxes by $24. On the other hand, a $100 credit would reduce your taxes by $100.

TurboTax Has You Covered

Don’t worry about trying to figure out which tax credits or deductions you should take, or if you should itemize or take the standard deduction. TurboTax will ask you simple questions about you and give you the tax deductions and credits you are eligible for based on your answers to get you the biggest tax refund.  As a credit union member, you can save up to $15 on TurboTax federal products. Click here to access TurboTax and your savings!

Tax Tips for the Self-Employed

Whether you’re a seasoned business owner, newly self-employed or testing out a side-gig, TurboTax has you covered on tax tips, deductions, and tax forms for your business income. Common Trust Federal Credit Union breaks down a few ins and outs.

Common Write-Offs

  • Rideshare Driver – Car repairs, insurance, mobile phone, even bottled water you provide for your fares.
  • Freelance Designer – Studio rental, tools & supplies, design association fees, home office space.
  • Real-Estate Agent – Marketing materials, mileage, home office space, even portions of real estate taxes, mortgage interest, rent, utilities, insurance, etc.
  • Consultant – Training courses, computer and software, business travel, mileage driving to see a client, heading to a meeting, or going to work from another location.

TurboTax Self-Employed Has You Covered

TurboTax helps you get every self-employed tax deduction and dollar you deserve.  Get expert help on-demand, find industry-specific tax deductions – and get your biggest possible refund, guaranteed. As a credit union member, you can save $15 on the TurboTax Self-Employed product, PLUS you get a one-year complimentary subscription to QuickBooks Self-Employed* to effortlessly track expenses, jobs, and mileage throughout the year. Click here to access TurboTax and your savings!

When you are ready to start working on your taxes, click here to access TurboTax and your savings!

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