Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

The Taxman Cometh


Large image

Do you have a stack of forms sitting on your counter that you’re dreading sorting through? If so, you might have FOTM, or Fear of the Tax Man. It can often hit around February or March, and is incredibly common. One way of dealing with FOTM is by getting your finances ready so that when it comes time to file, you feel a little better.

Here are our tips and to-dos to help you prepare.

Start Early (If You Can)

Ideally, you’ve already started this process, but if you’re reading this and haven’t started pulling your tax information together, don’t panic.

  1. Keep it together: Make sure you keep all the tax documents you receive together so they’re easy to find and reference when it’s time to file. If you are getting help preparing your taxes, this will also make the process much smoother. If you have a business, make sure you keep those expenses separate.
  2. Review your filing status: Your filing status can affect how much you owe in taxes each year, and whether or not you have to file at all. If you’re unsure about your filing status, the IRS has a tool for helping you figure it out.
  3. Look back at last year’s return: Think about what areas (if any) were frustrating or caused you trouble. Prepare ahead of time this year for how you might make it easier for yourself.
  4. Deduce your deductibles: Track your charitable donations, childcare expenses, any home improvements you made, and any other deductibles you may have. You can use our mobile or online banking to help track these.
  5. Get it done. Whether you file on your own or use a tax preparer, make sure you get everything in by July 15 or file an extension!
  6. Check out the IRS tips page for links and articles that may further help and guide you.

Remember, FOTM is real, but if you’re prepared, you can alleviate the fear.

Please note, First Bank does not offer direct tax advice. We recommend you speak to a professional if you have any questions about preparing your personal or business tax forms.

Trending Topics

Get a Stress-Free Student Checking Account at First Bank in Wilmington, NC

If you are a college student in Wilmington, North Carolina, you’re probably more worried about studying than paying attention to your checking account. First Bank gets it — we offer a hassle-free student checking account...

How Much Money Should I Have Saved by the Time I am 30?

Are you approaching 30? How much money do you have saved? According to CNN Money, someone between the ages of 25 and 30, who makes around $40,000 a year, should have at least $4,000 saved. However, because everyone’s...

Small Business Loan Requirements – High Point, NC

If you are planning to start a business in High Point, NC, there are a few small business loan requirements that must be met. What are Small Business Loan Requirements? The U.S Small Business Administration suggests...

Need Help Financing a Wedding in North Carolina?

If you need help financing a wedding in North Carolina, just seek out one of 100+ First Bank locations scattered from Asheville to Kill Devil Hills. We offer a variety of loans that can help you finance the wedding of your...

Lowest Mortgage Rates High Point NC

Getting the lowest mortgage rate in High Point, North Carolina involves more than just shopping around. First, you need to know how to shop for the best rate. Shopping for Lowest Mortgage Rate in High Point, NC There are...

Mastercard Business Card with Rewards

Business owners use credit cards to pay for most business expenses. It’s important to have a business credit card that enables you to get the most out of your money. Discover your credit card options at First Bank.

Checking and Savings Account – Washington, NC

If you’re looking for a checking and savings account in Washington, North Carolina, there is one obvious solution: First Bank on West 15th Street. With friendly service and flexible options—First Bank is Washington, North...

Savings Account Interest Rates – Asheville, NC

If you’re looking to save for your future, First Bank is here to help. A savings account can be a useful tool for planned future projects, as well as a means of preparedness for unexpected expenses. We offer some of the...

How Much Should You Have In Savings at Age 25?

If you’re wondering how much you should have in savings by the time you’re 25, you’re already on the right track. At an age where financial independence becomes increasingly more important, how much you can save depends on...

Checking Account Offers – Asheville, NC

If you live in Asheville and want to open a checking account, visit your local First Bank. We offer checking accounts for individuals and business owners looking to open an account with a bank that values what they need....