Preparing Your Tax Return

Thanks for sharing this!

Even though you get an extra two days to file your federal income tax return this year, it’s never too early to learn about your options for preparing the forms.

Here are three.

Do it yourself. You have the option of filing electronically, for free, at the Internal Revenue Service web site, or you can opt to fill out paper forms. Yes, they still exist. Though the IRS stopped mailing tax packages, you can find forms at most libraries, post offices or your local IRS office. You can also download and print forms from the IRS website.

Go to a free preparer. The Volunteer Income Tax Assistance program offers free tax preparation and electronic filing if your income is less than $50,000. Tax Counseling for the Elderly clinics are available for tax preparation and e-filing if you’re over sixty. Check your local library or newspaper for information about where the clinics are in your area.

Hire a professional. Got a complicated situation this year? Take your neatly organized information to a Certified Public Accountant or Enrolled Agent. The cost of professional advice can easily be recouped in tax savings.

No matter which route you choose, be sure your return is postmarked or e-filed by April 17, 2012 to avoid penalties.

You might also like these posts

Article – Preparing for Hurricane Season Image source: By Nilfanion , via Wikimedia Commons. The map shows the tracks of all tropical cyclones which formed worldwide from 1985 to 2005.The Atlantic hurricane season begins June 1. While the 2014 season is expected to be a mild one, mild doesn’t mean storm-free. Getting ready early is a good idea—and early preparati...
Article — Locked Out Image source: UK, public domain, via Wikimedia Commons What’s on your computer? Your manuscripts? Work? Photos? What would you do if you were denied access to those files—if you were locked out by rogue hackers? If you’re shaking your head because you think nothing on your computer is of value to hackers, consider th...
Article — Tax Identity Theft Awareness Week Image source: Taxes are scary enough, without adding tax identity theft to the mix. The costs—$3.6 billion a year according to an estimate by the US Treasury Inspector General for Tax Administration—are scary, too. Unfortunately, both tax ID theft and the costs are on the rise. The US Federal Trade Commission...
Article — Your 2013 Federal Income Tax Return Image source: Whether you’re a part- or full-time freelancer, receiving income means filing a tax return. Here are three things to keep in mind as you look back at your 2013 business activity. Dates: The IRS will begin accepting 2013 business returns on Monday, January 13, 2014. For individual returns, the da...

We write. Visit us in Carpenter Country, a magical place that, like our stories, is unreal but not untrue.

Posted in Articles Tagged with: ,