As the middle of April draws near, and you still haven’t filed your federal income tax return, you may be feeling a bit "taxed" over taxes. Don't worry... start filing, as IRS offers some tips to reduce "tax-time stress."
Get Going
The April deadline is always closer than you think. Give yourself too little time and you’re more likely to overlook something. Gather the income reports you got from employers and financial organizations. Find the forms sent by mortgage companies, colleges, or financial institutions related to payments you made that may count towards a deduction or tax credit. Review your checkbook and credit card statements for other potential savings.
Get Organized
Once you’ve gathered your records, sort them out. Put items related to income in one folder, those for potential deductions in a second, and those for credits you might claim in a third. Use your federal and state tax instructions, along with your tax returns from last year, to help with this process.
Get Help
Once you’ve organized your tax records, decide whether you’ll be doing the forms yourself or looking for someone else to handle that job.
- If you use a paid preparer, choose someone whose expertise is a good match for your situation and who will be available to help if questions arise later.
- The IRS sponsors two programs – Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) – for taxpayers who need help but may not afford preparation services. These include low-income persons, students, military personnel, senior citizens and those for whom English is a second language. Call the IRS to see if there’s a volunteer site in your community.
- If you do your own return, IRS employees will answer your tax questions through a toll-free number – 1-800-829-1040 – or at walk-in offices around the country.
Get Online
The IRS Web site – www.irs.gov – has all the tax forms and publications for downloading, information on tax law changes, answers to frequently asked questions, interactive calculators, e-filing (online filing) details and links to private sector e-filing partners.
