| Even with the best intentions,
filing taxes often becomes an event that is put off until
the very last minute. For those who are not accountants,
tax laws can be confusing, leaving many unsure of what
they may deduct, and how they should file. However,
according to the Internal Revenue Service (IRS), the process
can be simpler than you may think. Here are ten tax tips
direct from the IRS designed to make your filing easier than
ever:
1. Organize. Take time throughout the year
to store and organize your records and receipts in one place.
Remember to include the income, deduction, or tax credit
items that you reported the previous year. Organizing and
maintaining a filing system will keep everything in one place,
and make filling out forms that much simpler.
2. Avoid Procrastination. Procrastination
is often tempting. However, doing your taxes sooner rather
than later will allow you extra time to sort out potential
problems or questions that might arise. Also, with time on
your side, you will be more likely to avoid mistakes, as
well as have the opportunity to discover all applicable tax
savings.
3. Look up the IRS Online. At www.IRS.gov
you will discover many sources of information. You will be
able to download and print tax forms, have access to tax
law information, and will find a list of answers to frequently
asked questions.
4. Get Tax Assistance for FREE. Individuals
needing assistance can call the IRS tax help line through
April 13. They also offer recorded messages covering approximately
150 tax topics. Also, libraries and post offices will usually
provide both the needed tax forms and instructions.
5. More FREE Tax Assistance. The IRS provides
Volunteer Income Tax Assistance and Tax Counseling for the
Elderly at locations across the country. To find a volunteer
location near you call 800-829-1040. By dialing this number
you will also learn the dates and hours of available service.
6. E-file. E-filing presents an easy and
convenient method of filing your taxes. Errors are reduced,
and refunds are returned in half the time as compared to
those who mail their documents. At www.irs.gov
you will find a link, e-file, which will take you to companies
that provide this service.
7. Double-check. When you have finished
with your forms, take a couple of extra minutes to double-check
your information, especially your Social Security number.
Check your spelling, math, and if your forms are hand written,
make sure they are legible.
8. Use Direct Deposit. If you are due a
refund, the direct deposit option will allow for a faster
return and decrease chances of theft. When you enter information
for this option take the time to double check your bank account
number to avoid errors.
9. Stay Calm. If you owe the IRS money,
but can’t afford to pay, stay calm. Options for paying
with a credit card—or even monthly installments—do
exist. Filing your return on time, or requesting an extension
on time, can save you from possible late filing fees. For
more information go to: www.officialpayments.com
or www.pay1040.com.
10. Apply for an Extension. If your time
is up, and your forms aren’t ready, you can request
an extension deadline of August 15. To make this request:
call 888-796-1074 or e-file Form 4868. If you owe money on
your taxes, you will still be subject to payment due on April
15. Failure to do so may subject you to late charges with
interest.
These easy-to-follow steps will help to prevent any unnecessary
tax apprehension, and can help to make the process that much
smoother. Starting early, and organizing throughout the year,
will greatly reduce chances of error and stress. Who knows?
Next year’s tax return may just be the easiest yet!
TXGTIPS0 Copyright © 2003 Liberty Publishing, Inc. All
rights reserved.
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