Top 10 Tax Filing Tips for 2012
With the beginning of the new year and February already at our doorsteps, we know that there is no way to avoid the inevitable…tax season.
To make your life a little easier this year, however, we’ve prepared an essential list of the top 10 tax filing tips for 2012. By following some of these guidelines, you should be able to file and get your tax refund quickly and at least relatively painlessly.
1. Get the information at the source.
Visit www.irs.gov. You’ll be able to get the latest and, more importantly, the most credible information on filing taxes in 2012.
2. Gather your records.
By now, you should have already received the necessary paperwork and information to file. Gather any additional information, receipts, canceled checks and other documents supporting your income and the deductions you’re claiming on your return.
photo source: irs.gov
3. Ask questions, seek answers.
Don’t hesitate to ask questions and look for answers when you need them. The IRS website holds a wealth of information, and most local tax consultants are willing give you a free initial consultation if you need further assistance.
4. Research your options.
There are different types of forms you can file depending on your income, marital status, business type or family size. For example, you may be able to claim the Earned Income Tax Credit (EITC), depending on your circumstances and eligibility.
5. When in doubt, check out Publication 17.
This particular IRS publication is a great comprehensive resource for taxpayers. It gives you the highlights and guidelines for filing your taxes for any given year.
photo source: irs.gov
6. Use e-file and Free File.
Use Free File software and e-file to complete the forms online, the most common and safe way to file your taxes.
7. Consult a professional.
If you find yourself bogged down by the complexity of your taxes, consult a professional. There are many tax consultants that can help you prepare your taxes, and because the market is pretty competitive, the consultation fee shouldn’t be overwhelming. Plus, it might just be worth it to spare you the hassle.
8. Consider direct deposit.
If you choose to have your tax return deposited directly into your account, you’ll get it much faster than if you were waiting for a paper check to come in the mail.
9. Revise, revise, revise.
Don’t rush to send the tax form, and make sure everything has been filled out correctly. This will save you time in the long run and ensure you receive your tax refund as soon as possible.
10. Revisit your W-4.
If you didn’t have enough tax withheld this last year, revisit your W-4 and use the IRS withholding calculator to correct the information and make any necessary adjustments.
We hope you’ve found these tips to be helpful and wish you luck in filing your taxes in 2012!
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