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Some Tax Tips You Should Know Before Filing Your Taxes

Posted by admin On January - 21 - 2010

Paying taxes accurately to the IRS before the deadline is something every taxpayer has to do. There are basically two ways of paying taxes; either you choose paper filing option or you e-file your tax return on your own using free tax software programs. Whether you hire a professional tax preparer or do it for yourself, your tax return needs to be accurate, authentic, and error-free. If the IRS discovers fraudulent return, then you may have to pay some additional taxes as well as interest and may be civil penalties are applied. And for that reason, here are some of the tax tips from the IRS you should take into consideration:
1. Keep Your Tax Documents at Hand
While filing taxes online, you’ll need certain tax documents like receipts, forms, cancelled checks etc. that are supportive of your income. Get hold of all these documents at hand so that you can use them quickly when required.
2. Keep an Eye on W-2s and 1099s
You should go through the forms like W-2s and 1099s that you may require while filing your taxes.
3. Choosing e-filing Option
There are certain benefits involved with e-filing option. The tax software will take care of all math calculations. Moreover, if you e-file your return, you’ll get the confirmation note from the IRS within 48 hours as your return reaches there. If you choose Direct Deposit option for receiving your refund, then you’ll get your refund directly deposited into your bank within as few as 10 days.
4. Check out “Free File” Program
You should check out the “Free File” program provided by the IRS in collaboration with 20 tax software companies. You’re eligible for this Free File tax program if your adjusted gross income (AGI) is less than $57,000. This Free File is best for the cost conscious taxpayers who wish to have reliable question-and-answer software to prepare their return.
5. Online Tax Preparation and e-filing Services
There are several IRS approved online tax preparation and e-filing services you can think of if you do not meet the requirements for using Free File set by the IRS. You can do taxes on your own using free tax software programs available online or simply get professional tax preparer to do taxes for you. You can visit IRS.gov to learn more about tax preparation services.
6. Choosing Direct Deposit Option to Receive Your Refund
With direct deposit feature, you can get your refund directly deposited into your bank account which is faster than receiving your refund via paper check. Moreover, as your refund gets deposited into your account, so there’s no fear of getting your refund lost or stolen.
7. Keep Yourself Updated with Latest Tax news
The IRS is the great portal to learn about tax tips, tax preparation, e-filing facilities, and much more. You can learn about some basic things for taxes from the frequently asked questions, and can keep yourself updated with the tax news and the latest updates on tax law changes, if any.

Top Ten Tax Time Tips

Posted by admin On April - 4 - 2009

1. Gather your records…now! It’s never too early to start getting together 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. Also, be on the lookout for W-2s and 1099s, coming soon from your employer.

2. Find your forms. Whether you file a 1040 or 1040-EZ, you can download all IRS forms and publications on our Web site, IRS.gov.

3. Do a little research. Check out Publication 17 on IRS.gov. It’s a comprehensive collection of information for taxpayers highlighting everything you’ll need to know when filing your return. Review Pub 17 to ensure you’re taking all credits and deductions for which you’re eligible.

4. Think ahead to how you’ll file. Will you prepare your return yourself or go to a preparer? Do you qualify to file at no cost using Free File on IRS.gov? Are you eligible for free help at an IRS office or volunteer site? Will you purchase tax preparation software or file online? There are many things to consider. So, give yourself time to weigh them all and find the option that best suits your needs.

5. Take your time. Rushing to get your return filed increases the chance you will make a mistake and not catch it.

6. Double-check your return. Mistakes will slow down the processing of your return. In particular, make sure all the Social Security Numbers and math calculations are correct as these are the most common errors made by taxpayers.

7. Consider e-file. When you file electronically, the computer will handle the math calculations for you, and you will get your refund in about half the time it takes when you file a paper return.

8. Think about Direct Deposit. If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than waiting for a check by mail.

9. Visit IRS.gov often. The official IRS Web site is a great place to find everything you’ll need to file your tax return: forms, tips, FAQs and updates on tax law changes.

10. Relax. There’s no need to panic. If you run into a problem, remember the IRS is here to help. Try IRS.gov or call our customer service number at 800-829-1040.

Source: www.irs.gov

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