Wednesday, January 27, 2010
10 tips from the IRS
Just because the tax deadline of April 15 is three months away, the IRS says that people should start preparing to file for their taxes now. Here are 10 tips from the IRS about what people can do to get ready this year's tax season:
1. Start gathering documents or forms like receipts and canceled checks that you'll need when filing your taxes.
2. You'll need your W-2s and 1099 forms to file your tax return so be on the lookout for them.
3. Try e-filing your taxes. The software will calculate the math 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.
4. Check out Free File if your income is $57,000 or less. Free File is for taxpayers who want reliable question-and-answer software to help them prepare a return.
5. Consider other filing options such as preparing them yourself or going to a tax preparer.
6. Consider Direct Deposit because you'll receive your refund faster than waiting for a paper check.
7. Visit IRS.gov because it's a good 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. Check out Publication 17, Your Federal Income Tax on IRS.gov. It's a comprehensive collection of information for taxpayers highlighting everything you'll need to know when filing your return.
9. Don't rush the process because you can make mistakes when you do. Double-check all information before submitting.
10. Don't panic. If you run into a problem, visit IRS.gov or call customer service 800-829-1040.
For more information, visit IRS.gov.
Photo courtesy of iplanretirement.com.