Can U Maks.One.Song Avaible.When.U Use.Cd.Baby Pro Smart Tips For Filing Your Tax Return

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Smart Tips For Filing Your Tax Return

The tax deadline is fast approaching and many people who have never done their own taxes before are nervous when they file their first return. According to the IRS, 25% of all taxpayers wait until the last two weeks before the deadline to prepare their tax returns. If you fit into this category, check out these helpful tips to help you get the job done right.

get organized

-Use a tax preparation checklist to make sure you have everything you need to file.

-Keep your forms, receipts and other documents nearby for easy access

– Be aware of your submission deadlines

-If you have filed before, have last year’s statement ready as a reference

Remember that knowledge is power

The tax process can be intimidating for anyone, especially those preparing for the first time. Did you know that the average American scores only 50% on personal finance matters related to their income tax return? It will be important to research your tax options, do your own research and understand which items are deductible and can give you a higher return. Don’t get shortchanged by doing your due diligence. There are programs available that can help. For example, The Volunteer Income Tax Assistance (VITA), provides free tax assistance to those making $54,000 or less who need help preparing their own returns.

Choose the correct IRS forms

The simplest form is 1040EZ. People with incomes under $100,000 use this form.

Choose your software or tax preparer

Tax preparation software is popular with do-it-yourselfers. You can find a multitude of cloud or desktop based preparation options. If you need the help of a professional tax preparer, it’s important to find a reputable option. Talk to friends, colleagues, or someone you know who has experience with tax preparation. Be sure to ask about their fees, and most importantly, get their preparer’s tax identification number.

Decide how you will file your return

There are two options available related to submitting your completed tax return. The first is to file electronically through an IRS authorized e-file provider. The other is to download the required forms, fill them out, sign them and mail them. If you’re expecting a refund, e-filing is sure to make sure you get your money faster.

Take safety measures

Be careful when filing your taxes. Make sure you are working on a secure network. Be sure to avoid using public Wi-Fi and remember to have a unique, secure password for any tax-related accounts.

Plan for your tax refund before you receive it

If you’re one of the lucky taxpayers who will be waiting for a refund, you need to have a plan for your money. Before you go out and spend your refund, remember that the IRS is not sending you a gratuity check. It’s money that should have been yours all along. So make sure you give your pending refund a special purpose.

Over 50% of Americans have no savings to speak of. Therefore, the best time to start saving is the tax refund. This can help you take a big financial step in the right direction. How about using the refund to consolidate bills or other savings goals? You can also consider investing your money in CDs, bonds or real estate. Whatever you decide, make the most of the money you’ll receive.

Set, set, file!

Now that you have all your documents gathered and IRS forms filled out, it’s time to take a deep breath and file your taxes.

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