Debra A. Simmons, CPA

Tax Time Tips

In Income Taxes on January 3, 2011 at 8:40 pm

It’s that time of the year again, the income tax filing season has begun and important tax documents should be arriving in the mail. Even though your return is not due until April, getting an early start will make filing easier. Here are some tips that will help your tax filing process run smoother than ever this year.

*Start gathering your records Round up any documents or forms you’ll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you’re claiming on your return.
*Be on the lookout W-2s and 1099s will be coming soon; you’ll need these to file your tax return.
*Try e-file: E-file has become the safe, easy and most common way to file a tax return. Last year, 70 percent of taxpayers – 99 million people – used e-file. If you owe taxes, you have payment options to file immediately and pay by the tax deadline. Best of all, combine e-file with direct deposit and you get your refund in as few as 10 days.
*Consider Direct Deposit If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than waiting for a paper check.
*Visit the IRS website again and again. The official IRS website at http://www.irs.gov.is a great place to find everything you’ll need to file your tax return: forms, publications, tips, answers to frequently asked questions and updates on tax law changes. Check out IRS Publication 17, Your Federal Income Tax on the IRS website. It’s a comprehensive collection of information for taxpayers highlighting everything you’ll need to know when filing your return.
*Review! Review! Review!Don’t rush. We all make mistakes when we rush. Mistakes will slow down the processing of your return. Be sure to double-check all the Social Security Numbers and math calculations on your return as these are the most common errors made by taxpayers.
*Don’t panic! If you run into a problem, remember Debbie Simmons is here to help. Contact her at (310) 701-1825.

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