Credit Unions Online

Ten Tips For Tax Time

Ten Tips For Tax Time by STAFF WRITER
Published January 12, 2010
Credit Unions Online
Share This
Follow Us
Now that the holidays are over and the New Year stills seems shiny and new, we thought we'd mention you have to file taxes soon! It's that time of year again to start thinking about your taxes. Even though the tax filing deadline is more than three months away, it always seems to be here before you know it. Here are some tax time tips to help make your tax filing process run smoother than ever this year.

Tax Tips To Get You Started

  1. 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 an item of income or a deduction you’re taking on your return.
  2. Be on the lookout W-2s and 1099s will be coming soon from your employer; you’ll need these to file your tax return.
  3. Try e-file When you file electronically, the software will handle the math calculations for you. If you use direct deposit, you will get your refund in about half the time it takes when you file a paper return. E-file is now the way the majority of returns are filed. In fact, last year, 2 out of 3 taxpayers used e-file.
  4. Check out Free File If your income is $57,000 or less you may be eligible for free tax preparation software and free electronic filing. The IRS partners with 20 tax software companies to create this free service. Free File is for the cost conscious taxpayer who wants reliable question-and-answer software to help them prepare a return. Visit IRS.gov to learn more.
  5. Consider other filing options There are many different 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 an IRS office or volunteer site. Give yourself time to weigh all the different options and find the one that best suits your needs.
  6. 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.
  7. Visit IRS.gov again and again The official IRS Web site is a great place to find everything you’ll need to file your tax return: forms, tips, answers to frequently asked questions and updates on tax law changes.
  8. Remember this number: 17 Check out Publication 17, Your Federal Income Tax on IRS.gov. It’s a comprehensive collection of information for taxpayers highlighting everything you’ll need to know when filing your return.
  9. 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.
  10. Don’t panic! If you run into a problem, remember the IRS is available to help. Try IRS.gov or call our customer service number at 800-829-1040.

Popular Items

comments powered by Disqus
Previous Story:
Financial Fitness for 2010
Next Story:
Five Filing Facts for Recently Married or Divorced Taxpayers

Blog
Little Baby, Big BucksLittle Baby, Big Bucks
How to Get the Best Deal On Your MortgageHow to Get the Best Deal On Your Mortgage
Credit Unions Helping Members Keep the FUN in SummerCredit Unions Helping Members Keep the FUN in Summer
How to Bounce Your Boomerang Young Adult from HomeHow to Bounce Your Boomerang Young Adult from Home
Money Tips: How to Save Money and Energy During Summer MonthsMoney Tips: How to Save Money and Energy During Summer Months
Should the Wealthy Be Denied Credit Union Membership?Should the Wealthy Be Denied Credit Union Membership?
Calculators

|   Home   |   Find a Credit Union   |   Blog   |   Holiday Closings   |   Top 100 Credit Unions   |   Calculators   |

Share This
Share Facebook Share Twitter Share Google Plus
Follow Us
Follow Facebook Follow Twitter Follow RSS Feed Follow email

Privacy Policy   About Us   © 1995-2014, All Rights Reserved.