Tax Guide

Tax roundup: Our best resources to help you file with confidence

Tax Day is right around the corner, and we’re all sifting through a year’s worth of documents to make sure our bases are covered. If you’re feeling a little overwhelmed, don’t worry; we’ve rounded up some of our best tax-related articles to help get you started.

Taxes 101: A tax prep crash course

It’s tax filing time, and for many of us, it can be a little nerve-wracking. After all, we all want optimal results, whether that means maximizing a return or minimizing the amount owed, and it’s easy to feel like we missed something — especially if you’re new to filing taxes or your circumstances have changed. No matter your situation, we have some good news: We’ve put together some tips to help point you in the right direction. But before we dive in, please note: We are not a substitute for a trained tax professional, and we strongly encourage you to consult with one to tackle your specific needs. Click here to keep reading.

What do I need for successful tax filing?

Tax filing season is upon us, and whether you handle your own taxes old-school style (no judgement here — it works!), use tax prep software, or leave it to a tax preparation professional, the fact remains that you’ve got to gather up the necessary forms and documents. Here, we’ll walk you through what you need to take to the preparer — or to sit down at the desk or computer. Our goal is for you to have as seamless a process as possible, with the best possible outcome. Read on to learn more.

Avoid tax return identity theft

Are you looking forward to a tax refund? Maybe you’re planning a vacation, or maybe there’s a home improvement project in your future. If that’s the case for you, it’s important to be vigilant with your personal information and tax practices to make sure your tax refund ends up safely in your hands — rather than with a stranger who stole your identity. Fortunately, there are lots of steps you can take to minimize your risk of falling victim to tax return identity theft. Click here to learn more.

Six smart ways to use your tax refund

It’s that time again: Spring is crawling ever closer, and Tax Day is just around the corner. If you’re expecting a tax refund or you’ve already received one, we think it’s wise to consider using it to strengthen your personal balance sheet rather than spending it. Need a little inspiration? Click here to read about six smart uses for your refund

HSA tax forms

Tax season is almost upon us, and the forms can be a bit confusing. At the very least, one might need a refresher, considering most folks only see them once a year. We’ve put together a list of tax forms you might be provided by Omnify, along with an explanation of each (and why you may have received it) and a handy Q&A section. We hope this helps you in your preparations. Click here to get the complete HSA tax form rundown.

Plan ahead

Charitable tax deductions and IRS rules

If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal while benefiting your favorite organizations at the same time. Plus, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some of your charitable deductions could be denied if you don’t follow IRS rules, so it’s important to know the ins and outs of those guidelines — and luckily, we’re here to help break it down.


Avoid overpaying taxes on nondeductible IRA contributions

Tax time is not without its complications. And if, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pre-tax) contributions, it’s important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS treats distributions as a blend of pre-tax and after-tax dollars. If you treat distributions as fully taxable, you’ll end up overpaying — and no one wants that! Read on for an example and some other pointers to consider as you navigate your taxes this year.

HSA and IRA contribution limits

The IRA contribution limit for 2024 is $7,000, or $8,000 if you're age 50 or older. 

The HSA contribution limit for 2024 is $4,150 for individual coverage, or $8,300 for family coverage. Those age 55 and up may contribute an additional $1,000. 

Learning Center articles, guides, blogs, podcasts, and videos are for informational purposes only and are not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.