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02.12.2010 / Tis the Season for Tax Tips

With the exception of New Years celebrations, the holidays are almost over. With the new year comes tax season. Everywhere you look there are suggestions, ideas and recommendations for how to get ahead at tax time. We scoured the internet and come up with a few helpful ideas and resources.

"We scoured the internet and come up with a few helpful ideas and resources."
  • Getting ahead of the April 15th deadline is key. Don't be one of those filers who waits until the weekend before (or the day before) to start working on your taxes. Nearly every tax professional recommends that to help you get started, save all your tax documents in a folder as you receive them in the mail, and put the folder in a safe place. This allows you to have all your documents ready and waiting when you get ready to start. If you plan on doing deductions, this is also a good place to put all of your related information as well.
  • If you find yourself in a pinch, and have to file an extension - don't feel bad! According to Bankrate.com, over 10 million Americans file for extensions. You'll need to file form 4868 to get an extension, and remember - you only get an extension on filing, NOT on paying what you owe. For more helpful information, watch Bankrate's "Filing an Extension" video here.
  • If you're new to the workforce, you may want to file a 1040EZ - however, keep in mind the form has some limitations. About.com has a helpful, up to date breakdown of what forms first time taxpayers can use here.
  • In addition to braving the post office, you can always file your tax forms electronically. The IRS has an excellent rundown of the filing options here.
  • And finally, if you are interested in when your refund may come, you can always check out Where's My Refund. The application is a special tool from the IRS, where's my refund provides the status of your refund.

If you have a question not answered here - or just want to dig deep into other tax questions, the official IRS site - IRS.gov - has a huge amount of information for citizens with both large and small incomes, as well as students (and their parents) and small business owners!

* The information contained on this blog is for information purposes only. Please consult your tax adviser for additional information.

Posted at 08:50 AM | Permalink
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