Notice: We are currently experiencing intermittent connectivity issues.  Online Banking and Mobile Banking are currently unavailable. Thank you for your patience as we work diligently to resolve this issue.
Notice: Campbell Branch is currently closed due to building maintenance. We apologize for the inconvenience and appreciate your understanding.
Find the nearest branch or ATM.
Notice: Our Gilroy branch is currently experiencing intermittent connectivity issues. Thank you for your patience as we work diligently to resolve this issue.
System Maintenance: On Thursday, February 15th, we’ll be performing a scheduled maintenance starting at 10 p.m. PST and ending at 2 a.m. PST on Friday, February 16th. During this time, Phone Banking will not be available. Thank you for your patience as we update our systems to better serve you.
We’re experiencing technical difficulties with our phone system. We apologize for the inconvenience.
Find the nearest branch or ATM.
ALERT: DON'T BE MISLED. 
County Federal will never call, email or text you to ask for information. Questions? Dial us directly at 800-282-6212 - we’re happy to help.
Find the nearest branch or ATM.
All County Federal offices and branches will be closed on May 27th, in observance of Memorial Day.
Find the nearest branch or ATM.
Are you impacted by the severe weather? Contact us today to apply for our Emergency Relief Loan.

Tax Tips 2023

calculator

Tax Tips 2023

Tax season is here again! Before you start stressing over those forms, read this guide for what you need to know about filing taxes in 2023.

Dates to know

Take note of these important dates as you start preparing your 2022 taxes.

  • The tax filing deadline is April 18, 2023.
  • The extension deadline is Oct. 16, 2023.

Changes to the tax code

Here are some important tax code changes to note as you prepare to file.

  • Changes to the income tax brackets. Visit irs.gov to ensure you’re filing correctly.
  • Increase in the standard deduction to $12,950 for single filers, $19,400 for single heads of household and to $25,900 for married couples filing jointly.
  • Decrease in charitable deductions to 30% of AGI for contributions of non-cash assets if held for more than one year, and to 60% of AGI for cash contributions.
  • Decrease in the Child Tax Credit to $2,000 for children aged 16 and younger.
  • Decrease in the Earned Income Tax Credit (EITC) to $500 for eligible taxpayers with no children.
  • Decrease in the Child and Dependent Care Credit to a maximum of $2,100 in 2022.

Tax code information to know

Other parts of the tax code that are important to know and haven’t changed much for 2022 include the following:

  • Itemized deductions-if you have many tax-deductible expenses, you may benefit from itemizing your deductions.
  • State and local taxes-deduction for state and local income taxes, property taxes and real estate taxes is capped at $10,000.
  • Mortgage interest deduction-the mortgage interest deduction is limited to $750,000 of debt.
  • Medical expenses-only medical expenses that exceed 7.5% of AGI can be deducted in 2022.
  • Miscellaneous deductions-no miscellaneous itemized deductions are allowed.

Retirement contributions

Don’t forget to maximize your retirement contributions for 2022:

  • The deduction limit for 401(k) contributions for 2022 is $20,500, or $27,000 if you’re over the age of 50.
  • The maximum tax deductible contributions for IRAs is $6,000, or $7,000 if you’re over the age of 50.

Tax time can be stressful, so use this guide for a smooth, stress-free tax season.

If you are searching for funds to cover this expense, click here to check out the County Federal Personal Loan.

Content Source: CUContent

NCUA
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
Equal Housing Lender
Certified - CDFI - US Department of the Treasury
cross