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It’s Tax Time: Tips and Tricks to Help You Out with Your Taxes

by on February 7, 2012
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It’s that time of year again! Tax time is upon us. The more prepared we are, the less likely it is that we’ll have major surprises when we have to cut that check.

taxes 200x266 Its Tax Time: Tips and Tricks to Help You Out with Your TaxesHere are some tips to get through the process:

  1. You have until April 17, 2012 to file your taxes.  Think about your major life changes (did you get married or have a child?), your donations to charities (hold onto those receipts!), or if you’ve moved around at all in 2011 (you should make sure your employers or clients have your new address).
  2. Utilize IRS.gov. They have all of the latest forms and you can print them and fill them out from the comfort of your own home.
  3. Don’t want to fill out your own paperwork? There are TONS of online options. TurboTax, H&R Block, and TaxACT all have great alternatives and start as low as $13.95! Plus, when you file electronically, the IRS can check your returns immediately. No waiting!

I always take a day to organize before I take the plunge into the paperwork. Organize using folders and make sure you have a perfectly clean desk space. I always have a big bottle of water, a KeVita, and a snack bar to help me through the process!

There are three common errors some people make while they’re doing their taxes. Beware of overstating your charitable donations, making mistakes while deducting mortgage points, and forgetting about tiny interest payments.

So there you have it! A few tips and tricks to get you through tax season. The earlier you do it the better you’ll feel, so get them done now!

Do you have any tax tips that I’ve missed here? Are there any other ways you’ve found amazingly productive in the past? Let me know by leaving a comment below.

PS: Check out Business Insider’s “20 Tax Facts”… interesting facts about taxes in America!

Photo courtesy of Alykat’s Flickr

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Cindy Ambuehl is an Associate Partner at Partners Trust. She can be reached via email at cindy.ambuehl@thepartnerstrust.com

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