Tax Tips for 2010
As the 2009 tax filing deadline looms, hear are some tips that will help expedite and streamline your filing:
1. Start gathering your records. Examples are receipts, canceled checks and other documents that support your reported income, or deductions you are taking on your return. Be on the lookout for the W-2's and 1099s coming soon from your employer.
2. Try e-file. The IRS does not allow you to fill out a 1040 on its website: you need to work with an e-file partner or provider, including many tax preparers or tax software programs.
3. Checkout free tax preparation resources. If your income is $57,000 or less, you may be eligible for free tax preparation software and free electronic filing. The IRS also has special resources for qualifying military and elderly taxpayers.
4. Give yourself an extension. If you can't get your 1040 complete by April 15, you can give yourself an automatic 6 month extension to October 15 to file.
5. Consider direct deposit. Taxpayers who choose direct deposit will get their refunds faster than those who receive a paper check. Taxpayers who both e-file and use direct deposit will receive their refunds even faster. Also, a refund that is directly deposited in a savings or checking account cannot be stolen or lost in the mail.
6. Review! Review! Review! Don't rush. We all make mistakes when we rush. Mistakes will slow down the processing of your return. Even if you are e-filing, double-check everything. The IRS cites that incorrect Social Security Numbers and math caluclations are the most common errors made by taxpayers.
