Avoiding Tax Problems And Mistakes
With the start of the New Year, it is time to start thinking about filling out tax forms once again
. The forms have been sent and they may be arriving very soon.
While it may be tempting to push the thought of taxes out of your mind until the end of March, you are tempting fate if you do that. Taxes should not be procrastinated and you will feel much better if you get them done earlier rather than later.
In addition, the sooner you do them, the sooner you will know about how much money you have to look forward to receiving in April. There are many things that the IRS suggests you do in order to make filling out taxes as easy as possible.
The first thing you will want to do is start gathering up all of your records. The records you will need will include statements of income, receipts, canceled checks, medical bills, and so forth.
These are the papers that you will need to support your stated income and how much you believe you should receive in deductions according to tax law. It is much easier to know and find what papers you need if you file it away correctly throughout the year rather than in random piles around your home.
The second thing you will want to do is be on the lookout for your W-2 forms and 1099 forms. These are the forms you will need to file for your tax return.
If you are not watching for them, you could accidentally throw them away as junk mail. There are ways to reorder them if you need though.
The third thing you will want to make sure you do is use free file. Free File is computer program that helps you do your taxes and performs all of the hard parts for you.
This computer program is top, brand-name software that is provided for free use by the IRS on their website. This program also helps you to file your tax claim online for free.
With the assistance of this program, taxes can be stress free. This software is free for use by those who make $58,000 or less.
For those who do not qualify to use this tax program and those who prefer to go through the entire process themselves, there are free file fillable forms online.
These are forms which you can fill in on the computer and submit online. These forms are also available on the IRS website.
By filing your taxes online, you know that the IRS has received the forms and that they were not lost in the mail. In 2010, it was calculated the seventy percent of taxpayers filed online.
If you owe taxes, you can also pay these online by the tax deadline even if you have procrastinated and it would take too long for a letter to arrive at the IRS before April 15th. Many taxpayers have also found that they prefer doing their taxes online because if they sign up for direct deposit, they can receive their tax refund in as few as ten days.
Of course, there are also other filing options if you are still uncomfortable with doing it online. You can print the forms off, fill them out, and send them to the IRS in the old, traditional way.
Or you can go to a tax preparer who will put together all of the numbers for you and file it for you. You may also be eligible to get help for free at an IRS office or a volunteer site.
There are many different options. By thinking about the options now, you will be able to perform taxes in the way that best fit your comfort, monetary, and time needs.
As you prepare to fill out your taxes, be sure to keep visiting the IRS website as they will post notices, updates, and tips that can help you during the process. You will also be able to read up on recent tax law changes.
It is also recommended that you look up the IRS Publication 17 concerning Your Federal Income Tax on the IRS website. This document can provide you will a lot of good information that you should know when you are filing out your tax forms.
Of course, when you feel like you are done filling out your tax form, be sure to check it at least three times. It is very easy to make mistakes and this is one time when you do not want to make mistakes.
by: Jack Landry
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