Media City Credit Union, a trusted local financial cooperative dedicated to returning earnings to its Member-Owners, is here to help members and the community prepare for tax season as the deadline approaches—April 15, 2025. For taxpayers affected by the Palisades Fire, Eaton Fire, and other recent wildfires in the Los Angeles area, there is an extended deadline of Wednesday, October 15, 2025, to file tax returns and make payments.
To ensure a smooth and efficient tax filing process, here are some important things to keep in mind:
- Understand Your Filing Status – Your filing status can impact your tax requirements and eligibility for various deductions and credits. Be sure to know which category you fall under to avoid delays or errors.
- Update Your Information – Double-check that your name and address are accurate with the IRS and your tax preparer to avoid delays in receiving refunds or notices.
- Organize Your Tax Documents – Use a secure digital document vault like VirtualStrongbox (free for members), which offers 50MB of free storage. Virtual StrongBox helps you store and share sensitive tax documents safely, with best-in-class security.
- Decide How to File – Determine whether you will complete your taxes on your own or hire a tax professional. Be sure to compare the pros and cons of both options before making a decision.
- Max Out Your IRA Contributions – The IRS allows individuals under age 50 to contribute up to $7,000 for the 2024 tax year. Those age 50 and older can contribute up to $8,000, which includes a $1,000 catch-up contribution. Make sure to take full advantage of this opportunity for retirement savings.
- Consider Filing an Extension – If you haven’t yet gathered all your documents or need more time, filing for an extension is an option. Be aware that this only extends the time to file, not to pay any taxes owed.
- Adjust Your Withholding – If you find that you’re consistently owing taxes or receiving large refunds, it may be time to adjust your withholding with your employer to better match your tax obligations.
With the April deadline fast approaching, now is the perfect time to begin preparing for tax season. Set aside some time at the end of your workday or during the weekend to organize your documents and make sure everything is in order. Taking these steps now can help you avoid the last-minute rush as the deadline nears.
About Media City Credit Union
Media City Credit Union has served its members since 1936 when we were founded by
employees of Helms Bakeries. A credit union is like a bank, only better. Media City offers checking, savings, credit cards and loans, yet profits are returned back to members in the form of reduced fees, higher savings rates and lower loan rates. Media City CU is a financial cooperative, giving back to its member-owners.
The credit union provides fee-free access at 75,000 ATMs worldwide and provides online account access. If you live, work, worship, or attend school anywhere in Burbank, or if you have a relative who is already a member, you can become a member too. As soon as you join, your family members also become eligible. Media City CU partnered with the ChangeWorks Foundation and by making a minimum $25 donation to this wonderful cause (Media City matches the $25 donation), you also become eligible for membership. New members enjoy immediate access to all services, including loans.
