How To File Taxes With Confidence

First-Time Tax Prep: Simple Steps Toward Financial Confidence

Filing taxes for the first time can seem daunting.

Yet, it’s a chance to gain knowledge, develop skills, and take charge of your finances. With solid preparation, tax season becomes a step toward lasting confidence and a life lived full.

We want to help you to feel ready for this new experience.

At Carter Bank, we’re committed to creating opportunities for more people and businesses to prosper by helping our neighbors make informed financial decisions — starting with the basics.
 

Preparing to File

When it comes to filing taxes, there are many options. You can file them on your own, use software like TurboTax, or hire an accountant or tax preparation service.

1. What to Bring

No matter if you’re filing on your own or using software or a service, you’ll need the following documents:

• W-2 forms (income from employers)
• 1099 forms (freelance or contract income)
• Photo ID and Social Security number
• Last year’s tax return (if available)
• Bank account details for direct deposit

Staying organized reduces stress and ensures accuracy.
 

2. Common Tax Terms

• Refund: Money returned if you paid more taxes than owed
• Withholding: Taxes taken from each paycheck
• Deduction: Expenses that lower taxable income
• Tax Credit: A dollar-for-dollar reduction in taxes owed

Learning these terms increases your confidence and enables you to manage your financial future effectively.

 

Four Ways You Can Potentially Increase Your Refund

You may be able to improve your return by:

1. Making charitable donations
2. Adjusting paycheck withholding
3. Contributing to eligible savings or retirement accounts
4. Claiming education or work-related credits

Even minor adjustments support lasting financial growth.

 

Four Products That Can Help Put Your Refund to Work

Once your refund arrives, consider using it to open a:

1. Carter Savings Account
2. Christmas Club Account
3. Money Market Account (MMA)
4. Certificate of Deposit (CD)

These options help your money grow steadily and intentionally.
 

Support Beyond Tax Season

Once you've filed your taxes and are looking for additional support, a Financial Wellness Check is another great first step. These complimentary check-ins offer personalized guidance from a local banker that are designed around your goals and priorities.

Like Financial Wellness Checks, financial services work best when they're tailored to you and your needs. With locations across Virginia and North Carolina, we're proud to serve neighbors, families, and local businesses.

When you visit one of our locations, you’ll find dependable guidance from people who listen first. We take time to hear your story because building relationships, earning trust, and creating genuine connections are at the heart of everything we do. It’s modern banking — rooted in hometown values and humility to support what's important to you so you can enjoy life lived to the fullest.