We checked in with Evergreen Credit Union financial counselor Brenda Pollock for some insider tips on filing taxes this year.
PORTLAND, Maine — Tax season is upon us but that doesn’t mean it has to be a stressful time.
Brenda Pollock is a financial counselor with Evergreen Credit Union. She shared some tips ahead of time that can be useful for anyone filing.
Q: Taxes are mandatory payments made to local, state, and federal governments. Thinking about personal income taxes, what are a few things we should know about?
A: There are four things you need to think of:
Filing status is really important. It determines your tax rate and whether you are eligible for certain tax deductions or other tax breaks. Your status is based mainly on your marital status and whether you financially support other family or dependents.
Taxable income is the amount of your earnings that is subject to taxes in a given year. This is also referred to as adjusted gross income.
Tax bracket is the range of income used by the IRS to determine the percentage at which a given portion of your income is taxed. Tax brackets use filing status and taxable income to determine the rate at which you will be taxed and how…
