As tax season rolls around for 2025, many of us are looking for ways to streamline the filing process while saving time and money. One of the standout offers this year is the 20% discount on TurboTax, available through a partnership between LBS Financial Credit Union and TurboTax. This collaboration is designed to provide members with an affordable and user-friendly solution to filing their taxes, further demonstrating LBS Financial’s commitment to supporting its members’ financial well-being.
Let’s take a look at the details of the TurboTax 2025 discount, as well as provide some history and background about LBS Financial Credit Union (LBS Financial), its services, and its relevance to taxes and finances. Additionally, I’ll touch on the pros and cons of banking with LBS Financial, particularly during tax season.
TurboTax Discount for LBS Financial Members
One of the significant advantages of being an LBS Financial member this year is the 20% discount on TurboTax products (note: be sure to compare this offer to all of TurboTax’s current 2025 coupons and offers).
What Does the Discount Cover?
The TurboTax discount applies to a variety of products, making it suitable for members with a wide range of tax needs:
- TurboTax Deluxe: Designed for taxpayers who want to maximize deductions for things like homeownership, charitable donations, or medical expenses.
- TurboTax Premier: Ideal for those who need help managing income from investments or rental properties.
- TurboTax Self-Employed: Best for freelancers, gig workers, and small business owners who need to navigate more complex tax filings.
To use the discount, members need to access TurboTax through the link provided by LBS Financial on its website or member portal. The discount is automatically applied when members begin their tax filing process, ensuring a seamless experience.
History and Background of LBS Financial Credit Union
Origins and Growth
LBS Financial Credit Union was founded in 1935, during the Great Depression, as a way to provide financial support to educators. Initially established to serve employees of the Long Beach Unified School District, the credit union has since grown to encompass a broader membership base, while still maintaining strong ties to the local education community.
Today, LBS Financial serves over 140,000 members across Southern California and manages more than $2 billion in assets. Despite its growth, the credit union has maintained its commitment to providing personalized service and financial resources tailored to the needs of its members.
Membership Eligibility
Membership at LBS Financial is open to individuals who live, work, worship, or attend school in select counties in Southern California. Immediate family members of current members are also eligible, further extending access to its services.
Locations and Accessibility
LBS Financial is headquartered in Westminster, California, and operates several branch locations throughout Los Angeles and Orange Counties. Its network provides convenient in-person access for members in the region.
For members who don’t live near a branch, LBS Financial offers a robust suite of digital services, including:
- Online Banking: Manage accounts, transfer funds, and view transaction history from anywhere.
- Mobile App: Features such as mobile check deposit and bill pay make banking on the go easy and accessible.
- Shared Branching Network: LBS Financial participates in a nationwide network of shared branches and ATMs, allowing members to access services at thousands of locations across the U.S.
This mix of physical branches and digital tools ensures that members can manage their finances conveniently, no matter where they are.
Tax-Related Services Offered by LBS Financial
In addition to the TurboTax discount, LBS Financial offers several financial products and services that can be especially useful during tax season.
Direct Deposit
For members expecting a tax refund, LBS Financial’s direct deposit services ensure that refunds are deposited securely and quickly into their accounts.
Tax-Advantaged Accounts
- Individual Retirement Accounts (IRAs): LBS Financial offers both Traditional and Roth IRAs, which provide tax benefits for retirement savings. Traditional IRAs can reduce taxable income, while Roth IRAs allow for tax-free withdrawals in retirement.
- Health Savings Accounts (HSAs): Members can use HSAs to save pre-tax dollars for qualified medical expenses, reducing their taxable income while planning for healthcare costs.
Loans and Credit
Tax season can sometimes bring unexpected expenses, such as tax liabilities or filing fees. LBS Financial offers:
- Personal Loans: Unsecured loans with competitive rates that can be used to cover tax-related costs.
- Home Equity Loans and Lines of Credit: These secured options can be a resource for larger expenses or emergencies.
Financial Education
LBS Financial prioritizes financial literacy, offering resources that can help members navigate tax season and improve their overall financial health. These include:
- Workshops and Seminars: Covering topics such as retirement planning, understanding tax laws, and managing debt.
- Online Resources: Tax calculators, budget planning tools, and educational articles on relevant financial topics.
- One-on-One Support: Personalized assistance for members who need help managing their finances or preparing for taxes.
Benefits of Banking with LBS Financial Credit Union
As a not-for-profit financial cooperative, LBS Financial operates with the goal of serving its members rather than maximizing profits. This structure provides several benefits:
- Lower Fees: Credit unions like LBS Financial typically charge lower fees on accounts and services compared to traditional banks.
- Better Rates: Members often receive higher interest rates on savings accounts and lower rates on loans.
- Profit Sharing: Any surplus revenue is reinvested into member benefits, such as enhanced technology or reduced fees.
- Community Focus: LBS Financial is deeply rooted in the Southern California community, supporting local schools, charities, and events.
During tax season, the combination of competitive rates, helpful tools, and the TurboTax discount make LBS Financial an appealing choice for members who want to maximize their financial resources.
Drawbacks of Banking with LBS Financial
While LBS Financial offers many advantages, it’s worth considering some potential drawbacks:
- Membership Restrictions: Eligibility is limited to certain counties and groups, which may exclude some individuals.
- Regional Focus: While LBS Financial has a strong presence in Southern California, members outside this area may find branch access limited.
- Technology Limitations: Although LBS Financial offers online and mobile banking, its digital tools may not be as advanced as those offered by larger, national banks.
The Value of TurboTax for Members
TurboTax has been a leader in the tax preparation industry for years, and its partnership with LBS Financial ensures that members have access to a trusted and affordable tool for filing their taxes.
Key Features of TurboTax
- User-Friendly Design: TurboTax’s intuitive platform guides users through the filing process step by step, even for those with minimal experience.
- Comprehensive Support: Features such as real-time error checks, personalized deduction recommendations, and access to tax experts make it easier to file accurately.
- Time Savings: With TurboTax, most users can complete their taxes in a matter of hours, far less time than manual filing.
- Flexibility: TurboTax’s range of products ensures that there’s an option for everyone, from those with simple returns to those with complex financial situations.
The 20% discount through LBS Financial makes TurboTax’s premium features even more accessible, helping members save both time and money.
Preparing for the 2025 Tax Season
To make the most of this tax season, LBS Financial members should consider the following tips:
- Claim the TurboTax Discount: Use the link provided by LBS Financial to take advantage of the 20% discount.
- Organize Tax Documents: Collect W-2s, 1099s, receipts, and other relevant paperwork early to avoid last-minute stress.
- Contribute to Tax-Advantaged Accounts: Maximize contributions to IRAs or HSAs before the tax deadline to reduce taxable income.
- Understand Deductions and Credits: Research available deductions and credits, such as those for education expenses, energy-efficient home improvements, or childcare costs.
- File Early: Avoid delays in refunds or issues with late filings by submitting your taxes well before the deadline.
Conclusion
The partnership between LBS Financial Credit Union and TurboTax for the 2025 tax season provides a valuable resource for members seeking to simplify their tax filing process. With a 20% discount on TurboTax services, members can access an industry-leading tax preparation platform at a reduced cost, helping them save both time and money.
Beyond its TurboTax partnership, LBS Financial offers a range of financial services and resources designed to support its members during tax season and throughout the year. From tax-advantaged accounts to personalized financial education, the credit union is dedicated to empowering its members to achieve financial success.
While there are some limitations, such as regional membership eligibility and a focus on Southern California, LBS Financial’s community-oriented approach and commitment to member service make it a strong financial partner for those who qualify. For members navigating the complexities of tax season, LBS Financial’s resources, combined with the TurboTax discount, can provide valuable support.