For those still working on their federal tax return, Tax Tip 2010-61 lists 10 tips that you may find helpful as the filing deadline draws nearer:
1. E-file your return
Don't miss out on the benefits of e-file. Your tax return will get processed quickly if you use e-file. If there is an error on your return, it will typically be identified and can be corrected right away. E-file is available 24 hours a day, seven days a week, from the convenience of your own home. If you file electronically and choose to have your tax refund deposited directly into your bank account, you will have your money in as few as 10 days. Two out of three taxpayers, 95 million, already get the benefits of e-file.
2. Review tax ID numbers
Remember to carefully check all identification numbers on your return. Incorrect or illegible Social Security Numbers can delay or reduce a tax refund.
3. Double-check your figures
Whether you are filing electronically or by paper, review all the amounts you transferred over from your Forms W-2 or 1099.
4. Review your math
Taxpayers filing paper returns should also double-check that they have correctly figured the refund or balance due and have used the right figure from the tax table.
5. Sign and date your return
Both spouses must sign a joint return, even if only one had income. Anyone paid to prepare a return must also sign it.
6. Choose Direct Deposit
To receive your refund quicker, select Direct Deposit and the IRS will deposit your refund directly into your bank account.
People sending a payment should make the check out to "United States Treasury" and should enclose it with, but not attach it to, the tax return or the Form 1040-V, Payment Voucher, if used. Write your name, address, SSN, telephone number, tax year and form number on the check or money order. If you file electronically, you can file and pay in a single step by authorizing an electronic funds withdrawal. Whether you file a paper return or file electronically, you can pay by phone or online using a credit or debit card. Visit IRS.gov for more information on payment options.
8. File an extension
Taxpayers who will not be able to file a return by the April 15 deadline should request an extension of time to file. Remember, the extension of time to file is not an extension of time to pay.
9. Visit the IRS Web site anytime of the day or night
IRS.gov has forms, publications and helpful information on a variety of tax subjects.
10. Review your return...one more time
Before you seal the envelope or hit send, go over all the information on your return again. Errors may delay the processing of your return, so it's best for you to make sure everything on your return is correct.
Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal
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