Top 10 Tax Tips for the Year

Tax filing season has started and the documents you need should be in the mailbox soon. While the return is not due until April 17 this year, here are 10 tax tips to ensure you are ready to file.

1. Start gathering records now. This includes receipts, canceled checks and other supporting documents.

2. Watch for W-2s and 1099s. You will need them.

3. For answers to questions, look at the IRS website.

4. Use Free File. If your income was $57,000 or less you qualify for free file. You must access this service trough www.irs.gov. The IRS has collaborated with many companies that offer software to make all the calculations and file your taxes at no cost. There are also online forms that look like the standard forms that can be completed and filed online.

5. Use IRS e-file. This is a safe and easy way to file your return. It was used by 106 million people last year and is now require of many tax preparers. If you owe money, you can pay immediately or by the deadline. If you are due a refund, it can be directly deposited to you ban within 10-14 days.

6. Consider all options. Prepare it yourself or have a preparer file it for you.

7. Use direct deposit. It will save several weeks over the time to send a paper check.

8. Find all you need at the website www.irs.gov. Publications, forms and tips are all available.

9. Read IRS Publication 17. This comprehensive resource highlights all you need to know to file a return.

10. Take time to review. Do not rush. A mistake will slow down your return’s processing. Ensure all SSNs and math are correct. If you need help, ask. There are volunteer sites as well as help through www.irs.gov for all your tax questions and tax tips.


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