5 Tax Season Tips You Need To Know Before 2018

It’s never too early to start thinking about tax season.

There are many things to consider for a quick and seamless tax return this year. If you keep these 10 tips in mind, you will be less likely to experience a tax refund delay.

1. The First Day to File Taxes

There have been rumors about the first day to file taxes in 2018. According to some websites out there, the first day you can file taxes in 2018 will be January 21st. However, according to the IRS, an official date hasn’t yet been decided. It is likely to be the third week of January, based on past tax seasons. Be sure to always check the IRS website to see when the official date will be.

2. Check If Your ITIN Will Expire

An ITIN is an Individual Taxpayer Identification Number, which is a tax processing number for the IRS. On December 31st, 2017, any ITINs that haven’t been used for the last three years will expire. On top of those, according to the IRS, they will be expiring ITINs issued before 2013 and have middle digits 70, 71, 72 or 80. If your ITIN is due to expire, send an application to renew it before the end of the year. This will help ensure there won’t be a delay in your tax refund. Note: If you use a Social Security Number for filing taxes, this does not apply to you.

3. Start Gathering Your Documents

You’ll want to ensure you have all necessary documents for your tax return. This includes your previous tax return, W-2, 1099, and any other forms required for taxes. These typically come from your employer and banks in January. Once you receive them, double-check that all your information is correct. Use TurboTax’s preparation checklist to help know which documents you need.

4. EITC and ACTC Refunds Will be Held

For those filing with Earned Income Tax Credit or Additional Child Tax Credit, your refund will be held until late-February. This is required by law. Ensure you aware of this timing when filing these credits and making plans for your return.

5. Choose E-file and use Direct Deposit

Using these options during your tax return will help you get your refund fastest. The IRS states, “Electronically filing a tax return is the most accurate way to prepare and file. Errors delay refunds and the easiest way to avoid them is to e-file.” Along with e-file, direct deposit is the quickest way to receive your refund. It also saves taxpayer money if you choose direct deposit instead of a paper check.



Now that you have the top 5 tips for tax season, start preparing by gathering your documents and applying for a new ITIN before the end of the year. This will make it much easier for you and/or your accountant when it comes time to file your tax return.

For advice on what to do with the extra funds from your return, contact the specialists at Financial One Credit Union. We have partnered with Ameriprise Financial and can help you invest, pay off debts, plan for retirement and manage your money for the future.

 

Getting Back on Track After Holiday Spending

With the hustle and bustle of the holidays, many things can get away from you - especially your spending. Everyone wants to be generous with their gift-giving, but this can really put a dent in your savings. If you have found yourself in this situation, we have a few simple tips to dig yourself out of the holiday hole and get your finances back on track.  

Reevaluate Your Finances

The best place to start is by reevaluating your finances.Take a look and categorize the things you bought during the holidays. This includes gifts, food, travel, decor items, and any other added expenses. Be sure to look at where the money came from, either savings, checking or credit cards. Take a look at your monthly income and compare that to your spending. Doing this will allow you to see how much money you can put towards paying off your debt. By reacquainting yourself with your accounts, you will have a better idea of how much debt you have and you will be able to give yourself an accurate timeframe on paying it all back.

Cut Costs Where You Can

This may sound obvious, but it really is the best way to save money. Since you have already evaluated your finances, you should have a pretty good understanding of where you are spending your money. Even cutting back on small things can really help. For example, make your own coffee rather than buying it, pack a lunch rather than going out, or rent a movie rather than going to the theater. All of these little things can add up to big savings which you can use to pay off your debt or to rebuild your savings account.

Create a Payment Plan

If you want to get out of debt quickly, you’ll need a plan. According to Ann Walter of the Consumer Credit Counseling Service (CCCS), it should ideally take you no more than three months, however, each person is different. There are a variety of ways to help figure out how much to pay off each month. First, try our financial calculator to help you come up with a plan. You can also contact a consultant for help. Financial One CU has a skilled staff that can help you come up with the perfect payment plan to help get you out of the holiday hole.

If you are finding it hard to stay within your budget, try to use cash instead of a card. This will give you a tangible way to stay on budget; once the cash is gone, you can't spend any more.

If you are serious about getting out of the holiday hole, we recommend asking a professional. Our representatives can answer all of your questions and help you find a payment plan that works best with your budget. Although it may seem hard to save after spending so much on the holidays, we can help guide you through the process and start your 2016 off on the right foot.

Alternative Valentine's Day Ideas That Won't Break The Bank

Valentine’s Day - that wonderful day filled with chocolate, gifts and celebrating the love between you and your significant other. However, Valentine's day can also be expensive. A fancy dinner, a nice gift (traditionally flowers or jewelry) and possibly a new outfit for a fancy dinner. For those of us on a budget, this day of love can turn into a nightmare. It doesn’t have to be that way. We have a few ideas that you and your significant other can enjoy the day without breaking the bank.

Dinner for Two

Skip the stuffy, undoubtedly packed restaurant and make dinner together at home. Although this may seem obvious and bland, cooking together is a great way to connect and you won’t have to wait an hour to get a table. Also, cooking at home is less expensive. On average a chicken dinner out is about $14-$20 not including drinks, whereas the same dish cooked at home is about $6-$10 and you can take as long as you want to eat since there isn’t a waiter trying to turn over tables.

Creative Gifts

Okay, so dinner is planned - now about that gift… This is where you will have to get creative but if you don’t want to drop a large amount of money on one item, give them the gift of yourself. Make a coupon book for your significant other filled with fun coupons like “You win this fight” or “I’ll do the dishes.” This is a great gift for both men and women, plus there are many different websites where you can print the perfect customized coupons for your partner.

Thinking of You...

On Valentine’s Day, a lot of people have flowers sent to their special someone at their work. However, flowers and delivery are expensive. Here’s an alternative: Plan ahead, write a heartfelt letter to your love and mail it to them. Most people only get work-related mail at their office so this will be just as special and will let them know that you are thinking about them. Also, sending a letter is less than a dollar.

Tradition on a Budget

Still like the idea of a bouquet for Valentine’s Day? A normal bouquet of roses runs about $50, though can be much higher during valentine’s day, and are even more if they come with a vase. Our suggestion - look into alternative bouquets. Dollar stores offer a wide variety of balloons for, you guessed it, a dollar. These balloon bouquets are great and you are able to find the balloons to fit your partner.

If you are still insistent on buying the traditional chocolates and flowers, wait a day. Most stores have huge after Valentine’s Day deals that you can take advantage of. So talk with your love about postponing celebrating.

The most important thing when planning your alternative Valentine’s Day is to remember that the day is about celebrating the love you have for each other in your own special way. If you need more help with figuring out how much you can afford this Valentine's Day give Financial One a call at (763) 404-7600 or check out our website; we can help set you up with a budget and get you on the right track.

FAQs on Student Loans

Student loans are known as a hassle. With all the regulations and rules, loans can be a frustrating topic for most students. However, student loans are a great tool that enable students to obtain their education at a university that they normally cannot afford. We took some of the most frequently asked questions and addressed them in this month’s blog.

What are my student loan options?

The most popular loan is the Federal Stafford Loan. This loan is available for most students but is capped well below the cost of most colleges. Another loan is the Federal PLUS Loan. This loan is for creditworthy parents of students. This loan can more than likely cover the full cost of education for any student. The third most popular loan is the Federal Perkins Loan. This loan is made directly by a school to the student. Some schools do not offer this loan, but those that do can decide who to give the loan to based on who needs it the most.

Am I Eligible for a Federal Student Loan?

If you are enrolled in a certified program at an eligible school, you are more than likely eligible for a federal loan. You must be a U.S. citizen or an eligible non-citizen. In addition have your high school diploma or GED equivalent. If you have been convicted under any federal or state laws you may not be eligible for aid in certain cases.

What’s the Difference between Federal and Private Loans?

Federal loans are highly regulated by the federal government and include many benefits like fixed interest rates and repayment plans whereas private loans are subsidized and usually more expensive. Most people maximize their federal loans before thinking about taking out a private loan.

How long is my Grace Period?

A grace period is a specific amount of time during which you do not have to make payments towards your student loans. Knowing how long your grace period lasts is crucial so you don’t miss payments. In the terms and conditions section of your promissory note, you will find details about your grace period. If you no longer have the note your school's financial aid office and your lender are excellent resources to assist you with finding out the correct information about the grace period.

Can I Cancel my Student Loans?

Federal student loans can be cancelled but there are very specific conditions you must meet to get your loans cancelled. A successful cancellation means the government must give back any payments you have made and help you try to turn your credit score around. An application form is available, but there may be tax consequences if you decide to go through with the cancellation.

Tips When Buying A Used Car

Buying a used car can save you a ton of money on your next vehicle. But with that comes risk as well. Minimize your risk by taking a look at these 5 easy steps on how to locate, price and negotiate.

Build a List of Cars You Want 

Avoid going into the process with only one car in mind. Put together a list of 3-5 makes and models that have you interested. Remain flexible, and you will have the best chance to find value in your price range.

Check the History of the Vehicle 

By using the vehicle identification number (VIN) and license plate, you can access history reports about any car you would like. These reports often have information that is crucial to the buying process. If the report is negative, try looking for a completely different vehicle.

Give it a Test Drive 

Trying out the car in person is your best bet to seeing if it is in good condition. It’s also your chance to see if it fits you right. Is it easy to get in and out? Is there enough room? How about the visibility? These are all vital to the final purchase of the vehicle

Negotiate, Negotiate, Negotiate 

People usually tense up when it comes to negotiation. Head into the conversation relaxed and make sure you are comfortable with the seller. Start with a low offer, but make sure it’s not too outrageous. Make sure you know exactly how high you will go before talks begin. Be patient, but never be afraid to walk out.

Close the Deal 

Before you make the final purchase, keep in mind that you have just bought a used car “as is”. That means there are no promises or guarantees after the sale is finished. After you have completed the purchase make sure the old owner has transferred title and registration to you. Also, make sure you update your insurance policy as soon as possible.

Team up with Financial One Credit Union to get a great interest rate and repayment options on your next used car loan! We provide helpful, member-focused service throughout the entire process.

Wherever you are, wherever you're going, we're here to get you there!

Money Saving Valentines Day Tips

Between the flowers, fancy restaurants and extravagant gifts, Valentines Day can end up being one of the most expensive days of the year. Making the perfect plans for you and your loved one can be nice to think about, but when you measure the costs, sometimes you can end up biting off more than you can chew chasing the movie-based romantic dream. This Valentines Day, keep in mind some of these money saving tips.

The Flowers:

Flowers are a quintessential part of the big day. When purchasing flowers, keep in mind that the longer they are kept cool, the longer they will last. Try not to buy flowers from venues that are outside, or kept somewhere too warm. Also, when buying flowers online, pick them up from the store. Most delivery trucks are not refrigerated and you never know which stop your flowers will be on. Look for tight bulbs in bouquets, cut the ends of the stems off after a day or two and use the food!

The Dinner:

Rule #1: stay away from restaurants! Most places are nearly impossible to get into without a reservation a month in advance, and when you do get in they can be crowded, loud, and anything but romantic. Instead, pick another area of your home to have dinner. Sprinkle some flower petals on the floor, light some candles, and even a delivery pizza will seem much more intimate and romantic (not to mention lighter on your wallet!)

When it comes to the dessert, go for something light after a big meal. A small sorbet does wonders. Also, most people do not know the difference between good champagne and bad champagne. If you really want that extra boost for the evening, go for it, but we say skip the fancy bubbly.

The Gifts:

In times when DIY is all the rage, try out some new gift ideas made with your own two hands. A card hastily picked out from hundreds of options at a grocery store won’t hold a candle to one written in your own handwriting with construction paper hearts pasted to it. If you do go for the extravagant route, research before you buy. Online sites may say they are certified, but you cannot be sure of what you are getting until it arrives.

This Valentines Day, try something a little different. Saving money doesn’t have to mean skimping on the one you love. Try something new as a couple that you have never done before. You just might end up making memories far more special and any “store-bought” day will never be able to compare.

DIY Holiday Gift Ideas

Like many of us, you’re probably feeling the holiday spirit this season. While it is supposed to fill you with cheer, it can sometimes leave your wallet empty. Keep the spirit of giving going this holiday season with these inspired DIY gifts. Easy to create and fun to give, the magic of Christmas generosity lives on with a budget that even Scrooge would be comfortable with.

Paperwhites in Mason Jars

Happy little growers just add water.

You’ll need:

-Paper white bulbs

-Mason jars

-Colorful stones or glass

Your paperwhite bulb will not need chilling in order to bloom, and will grow easily without soil. You can find the bulbs at most gardening stores or nurseries. Fill mason jar ¾ full with stones, and set paperwhite bulb on top of stones. Secure lid over the bulb, allowing bulb to stick out of lid. Add a decorative flare with pine trimmings, twine or ribbon, and attach a homemade instructions card.

Stylized Porcelain Mugs

For the coffee enthusiast, a pretty way to brighten any morning.

You’ll need:

-Porcelain mug

-Sharpie paint oil based markers or Decoart glass paint markers

-Oven

Wash mug and stencil on design with pencil, or using painters tape. Draw design with paint markers (we like metallic gold for polka dots or chevron designs) and bake at 350 degrees for 20 minutes to set paint. Allow to cool in oven. Voila! Mugs are dishwasher safe, but for best long term results, hand wash only.

Coffee Bean Soap 

A little bit of homemade luxury.

You’ll need:

-1 lb package melt and pour soap base

-Ground coffee beans

-Milk and honey fragrance oil (find at any craft store)

-Soap mold

Measure out how much soap base you will need, per soap mold instructions and cut soap base into cubes for melting purposes. Place soap in microwave safe bowl for melting and heat at 15 second intervals, stirring between each, until soap base is melted. Once melted (be sure not to overheat), quickly add in coffee grounds and stir, adding in fragrance oil and stirring (fragrance will come with amount directions). Pour soap into molds, nixing bubbles on the top of molds with a spritz of rubbing alcohol if needed. Soap will take 1-3 hours to harden. Pop out of molds and soap is ready for gifting!

His Favorite Beer Glasses 

Turn used bottles into treasured glasses.

You’ll need:

-Favorite beer bottles

-Acetone

-Small dish and rag

-Scrap string

-Sandpaper

Fill sink with cold tap water and handfuls of ice. In a small dish, pour enough acetone to soak your string. Cut a piece of string long enough to wrap bottle 5-6 times around, and tightly wrap string around bottle where you want to separate the glass you’ll have from the top of the bottle. Tie a knot in the yarn and trim extra from ends; slip off of bottle and submerge in acetone. Slip soaked yarn back onto bottle where the cut will be made. Hold bottle horizontal over sink and light the string with lighter, rotating the bottle until flame burns out after about 30 seconds. Once flame burns out, submerge bottle and string in ice bath and the top should separate where the yarn was (if top does not come off, repeat process until bottle separates). Use sandpaper to smooth the edges, and you’ve got a guy-approved gift!

The holidays should be a season for spreading cheer and spending time with family and friends. Don’t let the financial strains of the season stop you from getting into the Holiday gift-giving spirit. From all of us at Financial One, we hope you have a safe Holiday season and a very happy New Year!

Making and Saving Money While Going to School

The best part about starting college? Newfound independence. One of the worst parts about

college? Feeling as if you never have any money.

With all the freedom of college comes the new responsibility of adulthood which is why it’s important to start practicing healthy financial habits of making and spending money. There are plenty of ways to do this without sacrificing study time or missing out a great college experience.

Online Habits Can Make You Money

Believe it or not, the time you spend procrastinating on Facebook, Twitter, and Instagram can earn you money and give you valuable writing experience. In fact, you could potentially earn $100 a month acting as a social media expert by hiring yourself out writing Facebook posts, Tweets, and blog posts for companies in need of social content. Or, with time and dedication, you can earn money by producing your own blog, although it may take a few years to develop your own personal brand.

Get Creative With Your Own Talents

Love knitting? Photography? Are you talented at transforming old thrift store finds into something new and wonderful? You’d be surprised at how selling your creation on sites like Etsy, Ebay, and Craigslist or at local craft shows can make you some quick cash!

Tutor

Are you a music student? Majoring in Chemistry? Or Latin perhaps? Offer lessons to other students or to the local community. This way, you get to make some dough while teaching others to do something you love and are already skilled in.

Purge

Being a student often means having limited space in a small dorm. It also means moving around a great deal. Why hold on to a bunch of things you don’t really need when you can sell them for much-needed cash? Secondhand shops typically accept gently used clothes for money or for store credit. Online sites like Amazon and Chegg often give you better deals on old textbooks than campus bookstores. Many colleges even have community Facebook groups where you can swap anything from last semester’s textbooks to old futons with other students on campus.

Part-time Jobs and Side Gigs

No job is too small. The same jobs you held in high school can still earn you money now; don’t overlook them. A part-time retail or restaurant job can bring in some cash and help you build character and discipline. Also, make sure to check out your campus’ work study options and research group opportunities for money.

Save Money, Stay Healthy

Craving a little physical activity? Take advantage of your campus athletic facility. Many Health/Fitness majors teach classes at part of an academic requirement, so consider learning from with your peers. If organized team sports are more your thing, join an intramural. Reluctant to leave your dorm? You can even stream many workouts on YouTube for free.

Affordable Entertainment

With access to thousands of shows, movie, and documentaries for free or for less than $10 a month though Netflix, Hulu, and soon HBOgo, paying for monthly cable and satellite fees make less and less sense. You can even split the cost of a subscription with your roommates to cut down even more on fees.

Track What You Spend

Free phone apps like Mint and Level Money help you keep tabs on what you spend at the grocery store, the mall, and restaurants. They make it nearly impossible for you to question where your money goes every month.

Learn How to Budget

It is never too soon to build a savings account or learn how to budget your income. Any money you receive from your parents, financial aid, and your job can be used for your savings. Figure out how much you should put towards your cell phone bill, towards going out, or towards your student loans every month. Setting these priorities now will help you build a stable financial future.

So there you have it - some solid, collegiate building blocks to set you on the right path. Have a particular strategy that helps you save your pennies? Leave us a comment and tell us about it!

Holiday Spending Trends: How to Prepare

The Holiday season is great for a lot of reasons: family, friends, religious gatherings, parties, good food, etc. However, the most constant and encompassing thing during the Holiday season shopping. Yes, Holiday shopping- the monster that is here to stay. Whether or not you believe in giving gifts during the Holiday season, the fact is you cannot avoid the shopping madness. From crazy store hours to new products to super-saving deals, everywhere you look, you are reminded that the Holiday shopping season is happening. To help you prepare for the Holiday shopping season, here are three areas you can look to address:

1. Purchase Gifts Online

Not a fan of long lines or “fighting” through crowded aisles at your local mall? Then grab a chair, maybe a blanket, and fire up your computer. Online shopping is your answer to avoiding the crazy shoppers. When you consider the great online deals out there (Cyber Monday) and the time you will save by not going out, you will see the benefits of purchasing gifts online. At the very least, you can do your gift “scouting” online so you are best prepared to go out and find exactly what you want much more quickly.

2. Have A Game Plan

Yes it may sound a little excessive, but make a list of who you are going to purchase gifts for and then figure out what to get them. By making this list you can research which stores offer the best prices and which gifts in general are overpriced. Once you have a game plan in place you can go out and execute the plan, while still allowing for an audible or two. Knowing what you need to get, and more importantly what NOT to get, will be critical.

3. Set A Budget

Over-spending is not uncommon- In fact, it is quite easy. The Holiday season naturally calls us to be extra nice and go above and beyond for others. As a result, we tend to purchase extravagant gifts for our loved ones. While the thought is great, the result can sometimes be tough to deal with. You should never put yourself in a situation in which you are struggling to make ends meet because of your purchasing choices. Our suggestion; set a budget of how much you are willing to spend on gifts for each person on your list and then stick to it. It won’t be easy, but by identifying how much you can spend, you are putting yourself in a good position to cope with making difficult choices.

Again, the Holiday shopping season is going to be crazy, and there isn’t much you can do to change it. Hopefully, these three tips will help you stay calm and enjoy the Holiday season the way it was meant to be!

KASASA This Holiday Season!

Thank you for being a member of Financial One Credit Union. With our recent rebrand we wanted to let our members know what’s new and what’s different! We decided to partner with BancVue, also known as KASASA. KASASA is an effort to fight against “big banks” and show people that banking should be free and you should be rewarded for having your money at our financial institution.

What is new with Financial One? We will now be offering high yield checking accounts that pay up to 2% APR, or a 4% cashback on purchases up to $20. You also have the option of an iTunes reward account that will allow you to earn up to $5 per month in iTunes or Amazon credits with a $20 sign up bonus, just for using your checking account.

Each account does have qualifiers: you must have e-statements and you must login to online banking at least once in a qualifying period (usually the 1st of the month thru the 29th or 30th depending on the month). You must also use your debit card at least 12 times within that same qualifying period.

What is different with Financial One? We have always offered free checking accounts to our members, but now you will also have the option to earn rewards! Members decide which reward program to be in based on the accounts mentioned above. In addition to the newly added reward accounts, we also have a new website which allows our members to access our products and services with greater ease than in the past. Also, with the new website, members and non-members can now open accounts online rather than having to come into the branch.

We hope you will enjoy the changes to Financial One Credit Union. If you have any questions about KASASA please do not hesitate to contact us.

Big Changes at Financial One Credit Union!

Thank you for being a member of Financial One Credit Union. With our recent rebrand we wanted to let our members know what’s new and what’s different! With the rebrand we decided to partner with BancVue, also known as KASASA! KASASA is an effort to fight against the “big banks” and show people that banking should be free and you should be rewarded for having your money at our financial institution.

What is new with Financial One? We will now be offering high yield checking accounts that pay up to 2% APR, or a 4% cash back on purchases up to $200, or an iTunes reward account that will allow you to earn up to $5 per month in iTunes or Amazon credits with a $20 sign up bonus, just for using your checking account.

Each account does have qualifiers! You must have e-statements and you must log in to online banking at least once in a qualifying period (usually the 1st of the month thru the 29th or 30th depending on the month) as well as use your debit card at least 12 times within that same qualifying period.

What is different with Financial One? We have always offered “free” checking accounts to our members, but now you will also have the option to earn rewards! Members need to decided to be in the accounts mentioned above. In addition to the newly added reward accounts, we also have a new website which allows our members to access our products and services much easier than it was in the past. Also, with the new website, members and non-members can now open accounts online rather than having to come into the branch!

We hope you will enjoy the changes to Financial One Credit Union. If you have any questions about KASASA please do not hesitate to contact us!

Financial One Credit Union : What We are All About!

Financial One is a member-owned and controlled financial cooperative dedicated to improving the financial well being of its members. We open arms to residents and businesses in Anoka County, Northeast Minneapolis and the City of Champlin.

In addition, we are honored to include members of the Disabled American Veterans (DAVMN) to Financial One. Since 1933, we have been working hard to provide the best in financial services to our members. We offer a comprehensive package of financial products, including deposit accounts, loans, business services, and other convenience services.

Americans should spend less and save more, but putting money aside for the future can be a major challenge. We are here to help. We offer several ways for you to save. The first step is opening up a Primary Savings Account. This account along with a $10 opening deposit, will make you a member of Financial One and allows you to apply for other products and services that Financial One has to offer. We like to keep it simple with one type of checking account that provides everything you need and you still have all the great features that you would expect. We offer free online and phone banking, free estimates e-statements, free bill pay, free VISA debit cards and unlimited check writing.

We also have an overdraft protection program. This can be linked to your savings and/or a line of credit, just in case you overdraft. We work hard to help you avoid overdrawing your checking account and being charged a fee. We want you to save money!

All of your accounts come with free online access; free 24/7 automated phone access through One Call and no hidden fees. You can open an account here now!

We are so much more than just savings and checking accounts. We also offer loans! We are here for your lending needs. We can help you build credit, buy your first car, consolidate debt, refinance your home and much more. We will always take the time to find the best solution for you when it comes to lending.

We offer loans for almost anything you could imagine. From Auto, ATV and RV to Student and debt consolidation. Whether you have an emergency, are looking to purchase something just out of reach, need help building credit or paying off debt, we are here to help! Enjoy flexible loan options, competitive rates and no annual or prepayment fees.

We are also partnered with Members One Insurance. If you are looking for affordable insurance that fits your life, it may be easier than you think. Let us help you save time and money when shopping for insurance. Jim Pehl, our agent with Members One Insurance can shop over a dozen different providers to find you the
best combination of price, coverage and service to meet your specific needs.

At the end of the day, it isn’t all about helping others manage their money. We also take pride in our community. We take part in many different community events and charities such as: Hops for Hunger, Taste of Blaine, Blaine Triathlon, Green Expo and much, much more!

Call, visit our website (link) or stop in today to find out more. We would love to have you as one of our members!