It’s that time of year again. It’s time to bite the bullet, buckle down, and tackle the task of filing your taxes. Some people dread it, but keep in mind that this process does not need to be as complicated as you may imagine. In fact, to make it as smooth as possible for you, we’ve compiled a list of helpful tax tips for 2012.
When it comes down to it, doing your taxes is all about knowing the rules and regulations, and following them exactly. If you can do that, tax time becomes much less intimidating. No one wants to deal with the problems that can arise from having unfiled tax returns, so start early this year and dedicate yourself to getting it done.
As you get started, here are some important tax tips to keep in mind:
- Start by going right to the source. Everything you need to know to effectively file your taxes can be found online at http://www.irs.gov/. Add this site to your bookmarks and use it to access timely and credible information.
- Get all your important paperwork in one place. This one seems like a no brainer, but many people become frustrated when they sit down to file and can’t find what they need. Start a folder as soon as you receive the first tax-related document, and add to it until you have all the paperwork you need.
- Make sure you know which forms you should be filing. Tax forms vary based on your marital status, income level, type of business, family size, etc. Investigate all the options and make sure you understand the consequences of each before you file. If you aren’t sure, reach out to a tax attorney. These professionals can quickly and easily direct you to the proper documents. And that leads us to number four, which is…
- Don’t be afraid to consult a tax attorney. If you are confused about anything at all as you file your taxes, reach out to a tax attorney to clarify. Doing your taxes correctly the first time will save you a ton of hassle down the road.
- Take advantage of direct deposit. Direct Deposit is a safe and fast way to receive your tax refund and who doesn’t want their reimbursement ASAP?
As you file your taxes, keep in mind that several rules have changed for 2012. For starters, the filing date is April 17th this year, instead of the traditional April 15th. Other changes have been applied to capital gains and losses, mileage rates, the standard deduction and exemptions, self-employed health insurance, Roth IRAs, first-time homebuyer credit and a few other items.
Filing your taxes doesn’t have to be a stressful situation. Follow our tax tips and update yourself on all relevant changes to make sure you master the process from start to finish.
