Top Ten Tax Time Tips
While the tax filing deadline is more than three months away, it always seems to
be here before you know it. Here are the Internal Revenue Service's top 10 tips
that will help your tax filing process run smoother than ever this year.
1. Start gathering your records
Round up any documents or forms you'll need when filing your taxes: receipts,
canceled checks and other documents that support an item of income or a
deduction you're taking on your return.
2. Be on the lookout
W-2s and 1099s will be coming soon from your employer; you'll need these to
file your tax return.
3. Try e-file
When you file electronically, the software will handle the math calculations
for you. If you use direct deposit, you will get your refund in about half the
time it takes when you file a paper return. E-file is now the way the majority
of returns are filed. In fact, last year, 2 out of 3 taxpayers used e-file.
4. Check out Free File
If your income is $57,000 or less you may be eligible for free tax
preparation software and free electronic filing. The IRS partners with 20 tax
software companies to create this free service. Free File is for the cost
conscious taxpayer who wants reliable question-and-answer software to help them
prepare a return. Visit IRS.gov to learn more.
5. Consider other filing options
There are many different options for filing your tax return. You can prepare
it yourself or go to a tax preparer. You may be eligible for free face-to-face
help at an IRS office or volunteer site. Give yourself time to weigh all the
different options and find the one that best suits your needs.
6. Consider Direct Deposit
If you elect to have your refund directly deposited into your bank account,
you'll receive it faster than waiting for a paper check.
7. Visit IRS.gov
The official IRS Web site is a great place to find everything you'll need to
file your tax return: forms, tips, answers to frequently asked questions and
updates on tax law changes.
8. Remember this number: 17
Check out Publication 17, Your Federal Income Tax on http://www.IRS.gov. It's a comprehensive
collection of information for taxpayers highlighting everything you'll need to
know when filing your return.
9. Review! Don't rush.
We all make mistakes when we rush. Mistakes will slow down the processing of
your return. Be sure to double-check all the Social Security Numbers and math
calculations on your return as these are the most common errors made by
taxpayers.
10. Don't panic.
If you run into a problem, try http://www.IRS.gov or call the IRS customer
service number at 800-829-1040.
Links:
Forms and Publications: http://www.irs.gov/formspubs/index.html
E-filing:
http://www.irs.gov/formspubs/index.html
1040
Central: http://www.irs.gov/individuals/article/0,,id=118506,00.html
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