The IRS Web site - IRS.gov makes it
easy to get an answer to a tax question, anytime during the year. The
site is available 24 hours a day 7 days a week. Whether you need a form
or have tax questions, IRS.gov has a wealth of information.
Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal.
IRS TAX TIP 2011-01 lists five ways you may benefit from a visit to the IRS.gov:
- 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 income or deductions you're claiming on your
return.
- Be on the lookout W-2s and 1099s will be coming soon; you'll need these to file your tax return.
- Use Free File Let Free File do the hard work for you with
brand-name tax software or online fillable forms. It's available
exclusively at http://www.irs.gov. Everyone can find an option to
prepare their tax return and e-file it for free. If you made $58,000 or
less, you qualify for free tax software that is offered through a
private-public partnership with manufacturers. If you made more or are
comfortable preparing your own tax return, there's Free File Fillable
Forms, the electronic versions of IRS paper forms. Visit
www.irs.gov/freefile to review your options.
- Try IRS e-file After 21 years, IRS e-file has become
the safe, easy and most common way to file a tax return. Last year, 70
percent of taxpayers - 99 million people - used IRS e-file. Starting in
2011, many tax preparers will be required to use e-file and will explain
your filing options to you. This is your chance to give it a try. IRS
e-file is approaching 1 billion returns processed safely and securely.
If you owe taxes, you have payment options to file immediately and pay
by the tax deadline. Best of all, combine e-file with direct deposit and
you get your refund in as few as 10 days.
- 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.
- 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.
- Visit the IRS website again and again The official IRS
website is a great place to find everything you'll need to file your tax
return: forms, publications, tips, answers to frequently asked
questions and updates on tax law changes.
- Remember this number: 17 Check out IRS Publication
17, Your Federal Income Tax on the IRS website. It's a comprehensive
collection of information for taxpayers highlighting everything you'll
need to know when filing your return.
- 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.
- Don't panic! If you run into a problem, remember the IRS is here to help. Try http://www.irs.gov or call toll-free at 800-829-1040.
Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal.
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