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OUCU Tax Services

Not a credit union member? Not a problem! We can still prepare your taxes!

  • Convenient, competent and complete tax preparation services
  • Federal, state, and local tax form preparation for individuals, businesses and nonprofits
  • Returns filed electronically for fast and secure submissions
  • Small business accounting services available

Our tax and accounting office is located at 90 S. Shafer St. at the side entrance.

Current Offers

For more information contact one of our Certified Public Accountants at tax@oucu.org, (740) 597-2820 or 1 (800) 562-8420 (ext. 72820).

Ohio University Credit Union Financial Services is a wholly-owned subsidiary of Ohio University Credit Union. .

Want to Know the Status of Your Tax Refund?

For your Ohio tax refund go to wheresmyrefund

For your federal refund follow these simple steps:

  1. Go to the IRS webpage. (This website will tell you the exact date the refund was sent and provide information regarding potential delays in processing the return).

Enter the following information:

  • Social Security Number
  • Filing Status
  • Refund Amount
  • Click the Submit button  

Online banking includes a new feature to help you view your completed tax returns. Click on the "Document Cabinet" icon under the "All Services" tab, and you'll be able to view your tax returns right in online banking!

Tax Tips for 2017

Filing season for your 2017 return begins on Monday, January 23, 2017 and ends on Tuesday, April 18, 2017. In an effort to detect and prevent tax fraud, the IRS is now required by law to hold all refunds claiming the Earned Income tax credit OR the additional child tax credit until February 15.

1. Review any life changes that may happen within the coming year. 
If you plan to get married, expect a child, and starting a small business, or will be relocating for work, these life changes will likely have an impact on your tax liability. Understanding how these changes will affect your taxes will help you plan ahead and save money and avoid penalties.

2.  Maximize your retirement plan contributions.
If your employer offers a 401(k) or other type of deferred savings plan, make every effort to contribute the maximum amount allowable, especially if your employer matches your contribution.  Otherwise you are leaving money on the table that could benefit you in your retirement.

If your employer does not offer a retirement plan, then consider making a contribution to a traditional individual retirement account or Roth IRA. The traditional IRA could offer a tax deduction for the year the contribution is made.

3. Adjust your withholding.
Check your current year-to-date withholding and consider changing the taxes withheld if you are expecting a large refund.

It’s a personal choice if you want to have extra money withheld to get a bigger tax refund, but you have options available if you prefer to have a smaller refund next year and more take-home pay now. You will need to complete Form W-4, Employee’s Withholding Allowance Certificate, to adjust the amount of taxes withheld and submit it to your employer.

4. Protect your identity.
If you received an Identity Protection PIN in the past, then you MUST provide this number on your tax return on this year’s tax return and all future tax returns. An IP PIN is a six-digit number assigned to eligible taxpayers that helps prevent fraudulent returns from being filed under your social security number. The IP PIN will be different every year. If you do not receive the notification in the mail, you will need to go to the IRS website to retrieve it.

5. Declutter and get a tax break.
Donate something other than cash. You can get a deduction by donating all of those things you no longer need or want in your life. There are many charitable organizations that accept items other than cash, such as clothing, books, electronics and other household items. The deduction is limited to the item’s fair market value and the items must be in good condition or better to be deductible.  If the value of the noncash item is more than $500, then you must file Form 8283, Noncash Charitable Contributions and fill it in with some details. But it well worth all the effort.

6. Take advantage of higher education credits.
If you, your spouse or dependents had higher education costs in 2016, there may be some tax savings for you. Basically there are three different benefits; the American Opportunity credit, the lifetime learning credit and the tuition and fees deduction. There are various requirements that may limit the benefit, but the IRS once again offers a useful tool: the Interactive Tax Assistant tool to help you find your way through the maze. You should receive Form 1098-T, Tuition Statement, from your school with the information required by the IRS to complete Form 8863, Education Credits.

7. Get health coverage in order.
Make sure you know what you need to report to the IRS on your health insurance. The shared responsibility provision requires that you and your family have minimum essential coverage or qualify for a health coverage exemption. Otherwise, you must make an individual shared responsibility payment for all months that you didn’t have coverage or an exemption.

Most taxpayers just need to do one thing: Check the box that indicates you had health care coverage for all of 2016. If that’s not the case or you received the premium tax credit on the marketplace, then you will receive a Form 1095-A verifying the insurance coverage and amounts that were paid. You will need to complete Form 8965, Health Coverage Exemptions and Form 8962, Premium Tax Credit to complete your return.

8. Know the rules about foreign accounts.
Have a foreign bank account? Was the balance in the account(s) greater than $10,000 total? If the answer to both is YES, then you need to file a FINCEN Report 114 by the new due date of April 15 (April 17th for 2017). The requirements don’t stop there. If you maintain very high balances in your foreign accounts, you’ll have to file IRS Form 8938, Statement of Specified Foreign Financial Assets.

9. Give in general.
You can make a tax free gift of up to $14,000, double if you are married. If you gave more than $14,000 to anyone, you must report the gift on Form 709. This is only for the person giving the gift; if you are receiving a gift, congratulations – you don’t have to do anything. Unless, you receive a gift from a non-U.S. person. If you happen to receive such a gift that is greater than $100,000, you will have to report this on the IRS Form 3520.

10. Be smart when you file.
When filing your return, the quickest and easiest way to receive your refund is to electronically file your return and use direct deposit. If you owe money, use IRS Direct pay from your checking or savings account. And whatever else you do, please make sure you keep a copy of your filed tax return.

Tax Tips for Small Businesses for 2017

1. Pay Attention to New Deadlines.
If you small business is a limited liability company, S-Corporation, or Partnership, your tax deadline is moving up. If you are a C-Corp, your deadline is pushed back. The tax filing due dates for LLCs, S-Corps (Form 1120-S), and Partnerships (Form 1065) have been pushed up to March 15, giving these business owners one less month to complete their taxes. C-Corporations (Form 1120) have an extra month, with the deadline moving from March 15 to April 15.

Keep your new deadline in mind this year to avoid late filing penalties. If you miss your deadline, you will have to file an extension with the IRS and pay estimated taxes if you think you will owe money.

2. Businesses should take advantage of the Section 179 deduction.
The federal government is extending many tax breaks and deductions into 2017. The Protecting Americans from Tax Hikes (PATH) Act of 2015 included Section 179, a permanent $500,000 tax deduction for business equipment purchases less than $2 million. Your business can take the full cost of the equipment in the first year instead of getting smaller deductions over the courts of five years. However, you must place the piece of equipment into service in the same tax year and use it more than half the time for your business to qualify.