Completing Your 2010 Taxes

Completing Your 2010 Taxes

Completing an annual tax return is a responsibility that is shared by all American wage earners.  If you fail to file a tax return in any given year, you could face both legal and monetary penalties.  If you have not yet filed past due tax returns for your 2010 taxes or previous years, it would be a good idea to file a complete tax return for those years as soon as possible to avoid being penalized.

When looking to complete a return for 2010 or a previous year, the first thing that you need to do is gather as much of your financial records as possible.  If you have lost or thrown away pay stubs or bank statements, you should be able to get everything you need by contacting your employer, bank, brokerage firm, or any other entity that provided you with tax information that needs to be reported.

You are one of 50,000,000 Americans who must f...

You are one of 50,000,000 Americans who must fill out an income tax return by March 15 do it now! …. (Photo credit: Keijo Knutas)

Once you have gathered all of your financial information, the next thing to do is prepare the tax returns.  Be sure that you prepare the tax returns based off of 2010 forms.  Since the tax law changes from one year to the next, 2012 tax forms will not be usable to complete the 2010 tax return.  These forms are available through either the IRS directly, your accountant, or any tax preparation software.

After you have completed the return, be sure to mail it in as soon as possible.  It would be a good idea to also include a check for any owed taxes, but you should be prepared to have to pay interest or fees on any past due amount.


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