Monday January 2, 2012. Issue Number: IRS TAX
TIP 2012-01 Top 10 Tax-Time Tips
The income tax filing season has begun and important tax documents
should be arriving in your mailbox. Even though your return is not due until
April, you can make tax time easier on yourself with an early start. Here are
the Internal Revenue Service’s top 10 tips to ensure a smooth tax-filing
process.
1. Gather your records
Round up any documents you’ll need when filing your taxes: receipts, canceled
checks and other documents that support income or deductions you’re claiming on
your return.
2. Be on the lookout W-2s
and 1099s will be coming soon; you’ll need these to file your tax return.
3. Have a question? Use
the Interactive Tax Assistant available on the IRS website to find answers to
your tax questions about credits, deductions, general filing questions and
more.
4. Use Free File Let
Free File do the hard work for you with brand-name tax software or online
fillable forms. It's available exclusively at www.irs.gov. Everyone can find an option to prepare their tax return and
e-file it for free. If you made $57,000 or less, you qualify to use free tax
software offered through a private-public partnership with manufacturers. If you made more or are
comfortable preparing your own tax return, there's Free File Fillable Forms,
the electronic versions of IRS paper forms. Visit www.irs.gov/freefile to review your options.
5. Try IRS e-file IRS
e-file is the safe, easy and most common way to file a tax return. Last year, 79 percent of
taxpayers - 106 million people - used IRS e-file. Many tax preparers are now
required to use e-file. If you owe taxes, you have payment options to file
immediately and pay by the tax deadline. Best of all, the IRS issues refunds to
98 percent of electronic filers by direct deposit within 14 days, if there are
no problems, and some may be issued in as few as 10 days.
6. Consider other filing options There are many options for filing your tax return. You can
prepare it yourself or go to a tax preparer. You may be eligible for free
face-to-face help at a volunteer site. Give yourself time to weigh all the
options and find the one that best suits your needs.
7. Consider direct deposit If
you elect to have your refund directly deposited into your bank account, you’ll
receive it faster than a paper check in the mail.
8. Visit the official IRS website often The IRS website at www.irs.gov is a great place to find everything you need to file your tax
return: forms, publications, tips, answers to frequently asked questions and
updates on tax law changes.
9. Remember this number: 17 Check out IRS Publication 17, Your
Federal Income Tax, on the IRS website. It’s a comprehensive resource for
taxpayers, highlighting everything you’ll need to know when filing your return.
10. Review! Review!
Review! Don’t rush. We all make
mistakes when we rush. Mistakes 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. Don’t panic! If you run into a
problem, remember the IRS is here to help. Start with www.irs.gov.
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