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Filing Tips
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April 15.
A date that most people dread - and for an unfortunate few,
the date that they actually begin preparing their taxes.
However, it's time to face the music. Your taxes will never
file themselves. Nor will you send the IRS the least amount
possible unless you plan ahead. In that case, here are a few
tips that can help you find and file the forms you've likely
been avoiding. |
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1.
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Get moving.
The single, biggest mistake
people make is waiting until the last minute. Ideally, tax
planning is a year-round process. However, there are plenty
of steps you can take in the last few months to minimize
your liability to the IRS - and they all require immediate
action.
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2.
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Gather your
papers. Once the holidays
are over and your W-2, 1098 & 1099 statements start
pouring in, you'll have to gather everything together and
store it in a safe place. Then, carefully go over everything
with a fine toothcomb as those numbers are not always right.
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3.
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Organize and
categorize. The next
step is to add all of the numbers you've gathered since
the IRS won't do it for you. You'll need totals for income
and deductions, medical expenses, charitable contributions,
job expenses, interest paid, etc. Then, find all of the
receipts and/or statements that support these numbers and
place them all in an envelope.
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4.
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Analyze
this.
Occasionally, your numbers will be incorrect. That's why it's
important to carefully account for any and all income that
you may have overlooked, including: |
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Tips and other cash income,
- Social Security or unemployment income,
- Prizes or gambling winnings,
- Alimony payments received,
- Jury duty payment, and
- Bank interest or dividends. |
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In addition, it's important
to review any legitimate deductions that you may have overlooked,
including: |
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Medical and dental expenses,
- Charitable contributions,
- Any expenses associated with work that aren't reimbursed,
and
- Alimony payments, as awarded by the court. |
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| If you
have any additional questions or concerns, please do not hesitate
to call us toll-free at 1-800-801-4444.
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