Welcome to the time of the year most people hate – the tax filing season 2010.
Remember, the deadline is on April 15 – and although it’s not a fun thing to think about preparing your taxes for filing, it’s a must-do activity. You still have about 3 weeks to file for your taxes – it’s not too late!
You might be interested to watch the one-minute official tax tips video from the IRS:
If you have a job, your employer will handle your paperwork. All you need to know is your deductions. Taking the standard deduction might cause you to pay too much – often significantly. If you are not sure, consult to your accountant. If you DIY your taxes, you could go to the IRS.gov or TurboTax.com site for tax preparation and filing tips.
If you have a home business, you have to more paperwork to take care and deductions to make. This is a main reason why many home businesses hire an accountant to do the taxes. Hiring one relief some of your tax anxiety – so your CPA fee is well worth it. You can deduct many things for your home business, i.e. business supplies, business travels, etc. You should consult with a tax professional and make sure you keep all your receipts if you are ‘lucky’ enough to be audited.
After you have done your taxes and find out you are getting a quite amount of refund, you need to claim it from the government (you do need the money more than they do! Not doing this means the government is having an interest-free loan.) Next, you need to keep it into savings account (or something similar) and do your best NOT to touch it by any means for any purposes – get a hold of yourself!
Controlling and managing your taxes can save you from future problems. Getting yourself to have a good tax filing habits can avoid you audit problems and help you claiming any deductions occurred. Again, consult with a tax professional to do your tax due diligence well, as well as to get any tax returns that the government owed to you.
Happy tax filing!