You are in: Home > Taxes

Tips for Preparing Your Taxes

12th November 2009
By W. Connor Brown in Taxes
RSS Legal RSS    Views: N/A

There are many steps to take if you are filing your own taxes. Make sure you follow all these steps to ensure that your taxes are filed correctly.
Be Organized
The process of being organized isn't supposed to start when you start filing your taxes. It should be a year-long process of keeping your pay stubs, receipts and W2s in separate folders, and keep them somewhere that will not only be undisturbed by your daily routines, but also a place that you can easily remember.
Don't Procrastinate!
I know that it is easier said than done, but try to get your taxes done as soon as possible. That way, if there are any mistakes or missing documents, you will have plenty of time to correct them before you become late on your taxes.
The Paperwork
When you are employed, on the first day the company will hand you a W4. This tells the IRS how many deductions and exceptions you have, and whether you're filing as a single or joint tax return. In the beginning of the year, your company will send you a W2, stating how much money you've made the previous year and how much has been deducted for state and federal taxes. The 1040 form is used to file your federal income taxes. The first page contains information about the tax-payer, such as address, SSN, income, dependants, and adjustments. The second page calculates these adjustments. If you are filing a single tax return, and you have only one job and make under $100,000, you probably qualify to use the easiest 1040 form, called 1040EZ. If your taxes are a little more complex, you may want to choose the 1040A, which offers more questions to suit your specific tax needs.

Double Check!
Make sure to double and triple check your numbers, especially if you're getting close to April 14th. Mistakes could cause you to be late in filing your taxes, which can lead to fines and other punishments. Make sure you verify your work not only against a calculator, but also have another trusted person look over it as well.
Hire an Expert
From Washington to Maine to Louisiana, CPA firms are in business to help you with your taxes. If you want the guaranteed peace of mind of knowing that your taxes are being filed correctly, and also that you are getting the most money back from the government as possible.
This article is free for republishing
Bookmark and Share

Ask a Question about this Article

powered by Yedda