Wednesday, January 21, 2009

Top 5 Tax Season Tips

January 6th, 2009 IRS launched the new tax filing seasons. IRS wants people to know that they are providing assistance to those who owe back taxes. The type of assistance range from postponement of collection actions, added flexibility for missed payments, to additional review for offers in compromise on home values. In addition, IRS made new features to their website to make it more user friendly.

Tips to keep in mind for the 2009 tax season.
  1. Start collecting the necessary paper work early. For complex filers, sort receipts by type and then sort each type by date.

    Common documents include
    1098-E Tax Reporting Information for Account (Student loans)
    1099-INT Interest Income statement ( Savings accounts)
    Tax Return from last year (for reference)
    W2 for all jobs.

    If you have not received your W2 by January 31, call your company. Other documents and statement may also be available on the internet, if you have online accounts.

  2. Save money by E -filing for free.

    Visit IRS.GOV for a list of companies. Typically, you can file free federal online tax preparation and e-file if your adjusted gross income is $56,000 or less and you are age 50 or younger. You must link to the company through the IRS site.

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