Posted by : Daniel Stoica in (Blog, e File, Income Tax Return, Income Taxes, Tax Credit, Tax Deductions, Tax Forms, Tax Help, Tax Return, Tax Tips) On: January 3rd, 2012
Tagged Under : 1099s, Free File, income tax return, IRS e-file, IRS website, tax credit, tax deduction, tax documents, tax filing, tax guide, tax professional, Tax Return, w-2s
Even though your income tax return is not due until April, important tax documents will start arriving in your mailbox. Make this your best tax filing year ever by being organized and getting an early start.
Here are some tips to make the tax-filing process as smooth as possible.
1. Put your records together in one place. Gather up your receipts, canceled checks and other documents that support income or deductions you’re claiming on your return.
2. Watch for your W-2s and 1099s in the mail and put them with your receipts and other supporting documents.
3. Check out Free File. If you made $57,000 or less last year, you qualify to use free tax software. Visit www.irs.gov/freefile to review your options.
4. Plan to use IRS e-file. If you are getting a refund, you’ll most likely receive your refund by direct deposit within 14 days if you e-file. E-file is safe and easy and is now the most common way to file a tax return.
5. Choose direct deposit. When you choose direct deposit, especially when you pair it with e-file, you’ll receive your refund in the fastest possible time. Plus, there’s no chance of a check being lost or stolen. Last year, thousands of refund checks were lost or stolen.
6. Read the Tax Guide. Everything you ever wanted to know about filing your 2011 taxes is in the booklet here: http://www.irs.gov/pub/irs-pdf/p17.pdf
7. Visit the IRS website. www.irs.gov contains forms, publications, tips, videos and FAQs.
8. Consider using a tax professional. Although you will be charged a fee to use their services, qualified tax professionals will ensure that your returns are accurate and that all options for tax deductions and tax credits have been explored.