Tax-Definition.org
(
http://www.tax-definition.or
g) is happy to share the following Tax Tips -
Tax Tips
for Individual Filers:
http://www.tax-defi
nition.org/tax-tips
As the financial year comes to an end, long queues at the Post
Office are a sight all of us despise. We all know that, as good
American citizens, we should file our tax returns by April 15.
The real thing is that we need to keep a track of the amount
that we will be left with. The last minute hassles create a lot
of confusion.
You can also review
Tax
definitions here :
http:/
/www.tax-definition.org/Define-Form-1040.html
In fact, if you are a first timer or an individual tax payee
there are a lot of things that can be done to make sure that
your taxes are filed in the right way and at the right time. The
reality is that if proper planning is done in advance, the
procedure for filing taxes can become very smooth. It is
important to remember that the tax due date is April 15 whereas,
the actual tax return is supposed to be filed before June 15.
These dates can be confusing, but your tax payments get decided
on the basis of the taxes that you have been paying off all
through the year.
There are many things that can help you in paying off
your taxes on time. And here's listed a 7-point last-minute
checklist to make sure your tax paperwork is error-free:
A. Entering your correct Social Security Number. The IRS will
not go ahead with your tax formalities if the requisite
information is not given on the box, or the label provided for
it. In case of a joint tax return with your spouse, both of you
need to fill up your Social Security Numbers.
B. You can use a rough label to fill up the information and can
strike it off in case it becomes wrong. Otherwise, you need to
be very cautious about the information that you fill up in your
form.
C. It is advantageous for you to fill up just one filing status
that gives you the maximum benefit on tax.
D. Staple your 1099 forms and wage/salary statements in case you
got your tax withheld at any time on the mentioned accounts.
E. If you have more dependents on you, then you get more direct
tax exemption. Make sure that you fill up the maximum exemptions
that you are eligible for. There is a certain amount that gets
reduced from your gross income that is used by the IRS for
calculating your taxes.
F. Assembling all you documents in order and sequence will help
in faster processing. It is important to mention a telephone
number that can be used by the IRS in case they need to get to
you to satisfy their queries.
G. Remember to mention the telephone and tax ID numbers of your
joint filers and the professionals whom you've hired to fill up
your forms and documentation.
Other than the above-mentioned things, you must remember to file
your declaration for the repayments of the amount that went
above your tax limit. This completes your procedure for doing
your taxes in time.
Stay tuned for our next report on what tax payers / electronic
filers need to watch out for:
ht
tp://www.tax-definition.org/Define-File-a-return.html
About the author:
Howard Schwartz is a partner in several business strategy
groups, including HJ Ventures International, Inc.For more
information:
http://www.tax-definition.or
g
