Tax season is upon us, and with it comes the usual sense of dread that many experience at this time of year. However, there’s several steps that can be taken to mitigate these feelings of financial unease. By planning ahead and avoiding common missteps, taxpayers can reduce stress and potentially save money. Always speak to a tax professional about your specific situation.
Here’s some tips for tackling your taxes like a pro this year:
Gather the right paperwork – Your tax forms should arrive by February, so keep an eye out if you haven’t already received. W-2s show earnings and tax withholdings for full-time employees, while 1099s report freelance or contract income. You might also get forms for investment earnings, student loan interest, or tuition payments—all of which can impact your taxes. Having everything ready makes filing easier when spring rolls around!
Watch your deadlines – Filing early helps you avoid last-minute stress and even protects you against tax fraud. But before you submit, make sure you’ve received all your documents — like forms for childcare expenses, student loan interest, or tax credits — so you don’t miss out on potential savings.
- Pro Tip: If you need extra time, you can file for an extension until October, but keep in mind that any taxes owed are still due by April 15 to avoid penalties.
Protect yourself from tax fraud – Unfortunately, tax season is a prime time for scammers trying to steal personal information and refunds. Reduce your risk by filing early, using strong passwords for online tax filing, and never sharing financial details unless you’ve verified the source. When in doubt, don’t give it out. If something feels off—like getting a tax refund notice when you haven’t filed yet—reach out to the IRS right away.
Tackle debt or build your emergency fund – A tax refund might feel like extra spending money, but putting it toward your financial health can make a big difference. If you have high-interest debt, like credit cards, using your refund to pay it down can save you a lot in interest. If debt isn’t a major concern, consider boosting an emergency fund. An emergency fund is your financial safety net, set aside for unexpected expenses like medical bills, car repairs, or job loss. Aim to save anywhere from three months to a year’s worth of living expenses, but even a small start with your refund can provide peace of mind.
Invest in your future – Once your immediate needs are covered, think about how your refund can support your long-term goals. Consider putting some of it toward retirement savings—whether it’s adding to your 401(k) or opening an IRA. You could also put it toward a personal goal, like saving for a down payment on a house, starting a business, or even funding your dream vacation. A little planning now can turn your refund into long-term financial security.
Note: When attributing the column to a spokesperson, note that Dawn is not a tax professional and readers should consult a tax professional for questions about their personal situation.
About The Author
Dawn Rhoden is the Consumer Banking Region Executive for the Georgia-Tennessee region. In this role, she leads over 1,200 team members across more than 180 financial centers. Dawn and her team are tasked with delivering responsible growth for nearly 2.6 million consumer and small business clients, managing over $49 billion in deposits. They focus on providing superior client experiences, offering advice and guidance, and connecting clients to expertise that aligns with their financial priorities.
Dawn joined the bank in 1999 and has experience in customer service, sales, and collections services within contact centers. She has held several leadership positions in recruiting, training, operations, business support, and workforce management. Prior to her current position, she served as the Georgia Tennessee Consumer Banking Performance Manager, where her primary focus was on responsible growth strategies through performance analysis and enhancing employee effectiveness.
As a member of the Atlanta Leadership Team, Dawn currently holds the position of Atlanta Market Integration Executive, driving business integration results through engagement with local leaders. She is also a Co-Executive Sponsor for the Atlanta Employee Network Collaborative Mentoring Program and the Black Professionals Group. Dawn has received the Presidential Volunteer Service Award in 2016, 2017, and 2018 and was honored with the prestigious Global Diversity and Inclusion Award in 2021 for her significant efforts in recruiting and developing diverse talent. Passionate about community service, she has served on the board of the Atlanta Music Project and currently serves on the board of the National Black Arts Festival.
Dawn attended Howard University, where she majored in Marketing. In her free time, she enjoys spending quality time with her husband and three children in Atlanta, Georgia.
