How to use RCU Digital Banking for Tax Documents
January 27, 2025
As tax season approaches, business owners often find themselves scrambling to gather the necessary documents. Fortunately, digital banking has revolutionized the way we manage our finances, making it easier than ever to access and organize the information needed for tax filing. For Business Members, leveraging digital banking tools can streamline the process and ensure you have everything you need at your fingertips. Here’s how you can make the most of digital banking for your tax preparation.
1. Accessing Account Statements
One of the primary documents required for tax filing is your account statements. RCU’s digital banking platform allows you to access and download your monthly and annual statements easily. Here’s how:
- Log in to your digital banking account: Use your secure credentials to access your account.
- Navigate to the statements section: Click the more (…) menu on the top right of the navigation and select Documents & Statements.
- Select the desired time frame: Click the Statements tab and choose the statement you wish to view.
- Download and save: Download each statement separately in PDF format and save them to a secure location.
2. Retrieving Transaction Histories
Detailed transaction histories are crucial for identifying deductible expenses and verifying income. You can download this information on the desktop version of digital banking. (Get detailed instructions.)
- Select the account: From the Dashboard, choose the account you want to export from the sidebar. Click More in the top right of the account details page and select Export.
- Choose the file format: Select your file format preference and the account you want to download.
- Export transaction data: Select the transaction date range and click Export to download your file.
3. Downloading Tax Documents
If you have an dividend-bearing account, RCU provides downloadable 1099 forms through the desktop version of digital banking. Here’s how to access them:
- Navigate to the More menu: Click the More (…) menu on the top right of the dashboard and select Documents & Statements.
- Select your Documents: On the left menu, make sure eStatements and Documents is highlighted, then click the Tax Forms & Notices tab to the right.
- Download the forms: Select the necessary document and click download.
Digital banking offers a wealth of tools to help Business Members efficiently gather and manage the documents needed for tax filing. By taking advantage of these features, you can save time, reduce stress, and ensure you have all the necessary information at your fingertips. Embrace the convenience of digital banking this tax season and make your tax preparation process smoother than ever.
For assistance, call, chat, or schedule an appointment with our friendly Member Services Team.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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