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12.29.2010 / Tis the Season for Tax Tips

The New Year is just around the corner, and with the new year comes the one thing that no one looks forward to, tax season! To help you get a handle on what you need to do, we have compiled some tax tips to help you out.

"We have scoured the internet and come up with a few helpful ideas and resources."
  • Get it done early – we know that everyone tells you to do this, but its true! If you want to avoid a stressful tax season, start collecting your paperwork early (put it all in one place you aren’t trying to find your paperwork as you’re doing your taxes). Set aside a time – in advance of April – to start working on your paperwork. It’s an old adage, but planning in advance will keep the stress away!
  • Need to file an extension? It’s not always what you want to do, but sometimes you do need extra time. You can get a 6 month extension – but you have to fill out the right forms! Visit (http://www.irs.gov/formspubs/article/0,,id=98155,00.html) for more information on the forms you need to fill out.
  • New to the workforce? You might just have it easy – with an EZ1040 form! This is for single taxpayers with no dependents. If you want to know if you fit the bill, visit IRS.gov. If you’ve always filed with EZ, but just got married or have a new dependent, you may want to check out the IRS’s information for newly married couples here (http://www.irs.gov/newsroom/article/0,,id=210762,00.html)
  • When is your refund coming? The question on everyone’s mind after they file is “Where’s my refund?” The IRS has the answer at their site “Where’s My Refund?” (https://sa2.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp)

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!  They even give you the run down on what to do with the new tax credits this year.

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

Posted at 08:47 AM | Permalink
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