• Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Team Blogs
    Team Blogs Find your favorite team blogs here.
  • Login
    Login Login form

10 Tax Season Tips

Posted by on in Blog
  • Font size: Larger Smaller
  • Hits: 1024
  • Subscribe to this entry
  • Print


Tax day is just around the corner. The Federal Deposit Insurance Corp. (FDIC) and the IRS offer the following tips to help the process go smoothly.




1.               Have your tax refund direct deposited into your bank account. The benefits include receiving your tax refund faster and knowing that your refund check will be safe and not lost or stolen. Direct deposit also provides an easy way to save part of your tax refund, because what you don’t see you won’t spend.


2.                If you need cash and you can’t wait for your tax refund, carefully consider your options and costs. In particular, “refund anticipation loans” arranged by tax preparers for people who file their returns electronically will get you cash in just a day or two and the loan will be paid back with your tax refund, but the costs are comparable to very high interest rates. Keep in mind that taxpayers who file returns electronically using the IRS “e-file” service can receive refunds in two weeks or less.


3.                Make good use of your refund. Consider paying down or paying off your loans and other bills, starting with the ones that charge the highest interest rates on unpaid balances. Start or add to an existing savings account or fund a retirement account or college savings plan.


4.                Consider your payment options. If you owe taxes, there are a number of payment options available – including check or money order.  Electronic payment options include paying online, by phone using a credit or debit card, electronic funds withdrawal and the Electronic Federal Tax Payment System (EFTPS).  Consult your tax professional for more details about the possible costs associated with each option.


5.                Know the costs involved if you need to borrow money to pay your taxes.  If you must borrow money or use a credit card to pay your tax bill, keep in mind you’ll be paying interest on the amount you borrow. You may also consider applying for an IRS installment agreement, which allows you to pay your tax bill in monthly installments.  The IRS charges a fee to set up the agreement.  Consult your tax professional or trusted financial advisor to discuss your options.


6.                   Take advantage of free tax preparation services. One IRS program that the FDIC is helping to promote is the Volunteer Income Tax Assistance (VITA) program, which provides free tax-preparation help to low- and moderate-income taxpayers at various locations. Some VITA sites even have representatives from banks or other organizations who can assist in other ways, including opening a bank account or obtaining a credit report. Another IRS program is “Free File,” which allows taxpayers who earn $58,000 or less to prepare and file their federal taxes for free through the IRS website at  


7.                Visit the IRS website. The official IRS website ( is a great place to find everything you’ll need to file your tax return: forms, publications, tips, answers to frequently asked questions and updates on tax law changes.


8.                Remember this number: 17. Check out IRS Publication 17, Your Federal Income Tax on the IRS website. It’s a comprehensive collection of information for taxpayers highlighting everything you’ll need to know when filing your return.


9.                Review! Review! Review!  Don’t rush. We all make mistakes when we rush. Mistakes will slow down the processing of your return. Be sure to double-check all the Social Security Numbers and math calculations on your return, as these are the most common errors made by taxpayers.


10.            Don’t panic! If you run into a problem, remember the IRS is available to help. Visit or call toll-free (800) 829-1040.




Note: The information provided above is not intended as legal or tax advice. Consult a tax professional or the IRS with specific questions. 




These tips are provided by the Iowa Bankers Association (IBA), representing banks and thrifts in the state.  The IBA serves it members by providing legislative advocacy, training, regulatory compliance and other services designed to enhance the ability of banks to serve their communities.  Learn more at



Meet Joy Obriecht

Joy is in her 30th year at Maquoketa State Bank holding the position of Senior Vice President, Human Resources and Marketing Manager.  She was born and raised south of Maquoketa and is a 1977 graduate of Delwood High School.  She began her career at MSB in 1984 as Secretary to Ed Tubbs and John Fagerland.  As her position began to transition into her current role, Joy attended and graduated from the Bank Marketing Association Essentials of Marketing School as well as the Iowa School of Banking. 


Joy has two daughters, Amy Bean and Laura Davis, who have provided three grandchildren for her to spoil – Allison, Adam and Parker.  She lives in the rolling hills of beautiful southwestern Wisconsin with her husband, John, and their golden retriever, Jack. 


Author's recent posts


  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Thursday, 24 April 2014


Contact Us

old_phoneWe want to hear from you!
Your feedback is important to us. Click Here to contact us and one of our staff members will get back to you right away!