The United States Tax Code is about 18,500 pages long, filled with enough "ifs", "ands", and "buts" to make your head spin. So, to make things easier I put together a list of my top tax tips to help you have a stress free filing experience this year.
File electronically. According to IRS.gov, last year nearly 100 million taxpayers submitted their taxes online. When you file electronically through one of the IRS approved e-file providers or for free with Free File, you decrease the chances of making many common errors that can negatively affect your return. Free federal online filing is the easiest way to do your taxes and is the fastest way to get your return. The software takes you step-by-step through the e-filing process, asking you the questions many accountants ask to help maximize your potential deductions.
Take your time and most importantly double check your math. Software prevents many common math errors when filing, however, if you are filing with a paper return I urge you to sit down, take your time, and double check your numbers. This is important because if you do make a mistake in your taxes, you will need to amend it (with Form 1040X) which will take an additional 8 to 12 weeks from the IRS receipt date until the amendment is processed.
Be sure that your Form W-2 and all Form 1099s are correct. When you receive these forms go over them and make sure all of the info is correct. If you find an error, have it corrected as soon as possible so that the IRS's records agree with the amounts you show on your return. (Contact your employer to get these issues resolved.)
Double check that your social security number has been correctly written on the return. This seems so simple, but still so many people do not do it. If you are filing a paper return, make sure to include your social security number on each page of your return in case the IRS loses a page, it can be reattached quickly and easily. If you are married, check that your spouse's social security number is properly listed, whether filing a joint or separate return.
CLICK HERE to read my last three tips. My tax tips are quick and simple--so make sure you take action and do them. They will save you a lot of time and aggravation when it comes to filing.
Leave a message on my BLOGletting me know how you did filing your taxes this year! Hearing from you makes my day!
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David Bach Founder, FinishRich Media, LLC. www.finishrich.com 9 Time New York Times Bestselling Author Author, #1 New York Times Best-Seller, The Automatic Millionaire Author, #1 New York Times Best-Seller, Start Late, Finish Rich Join our community of smart empowered consumers at www.facebook.com/davidbach
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